Income Tax Filing and Planning: Individuals, Business Owners, and Companies
Income tax compliance in India is not limited to filing a return once a year. For salaried individuals, the choice between the old and new tax regime can mean a difference of tens of thousands of rupees. For business owners and professionals, advance tax instalments, TDS obligations, and accurate income computation require ongoing attention. For companies, the tax audit threshold, MAT provisions, and transfer pricing documentation add further layers.
The firm handles income tax compliance and advisory across all these categories, from ITR filing to notice representation, for clients in CSN (Aurangabad), across Maharashtra, and remotely across India.
ITR Filing for All Assessees
Filing of ITR-1 through ITR-7 depending on income sources and entity type. The firm identifies the correct form, computes taxable income, claims applicable deductions and exemptions, and files within the due date. For salaried individuals, this includes HRA exemption calculation, standard deduction, and Section 80C/80D claims. For business owners, it includes income computation under Section 44AD, 44ADA, or regular audit provisions.
New vs Old Tax Regime
The new tax regime (Section 115BAC) offers lower slab rates but removes most deductions and exemptions. The old regime retains deductions but has higher rates. The correct choice depends on the individual's specific deduction profile. The firm runs the comparison for each client annually, because changes in income, investments, or family situation can shift the optimal choice from one regime to the other. Use the free New vs Old Tax Regime Calculator on the Tax Tools page to run your own comparison.
Tax Planning for Business Owners and Professionals
Tax planning for business owners goes beyond claiming deductions. It involves choosing the right business structure (sole proprietorship vs LLP vs company), deciding on salary vs profit extraction from a company, timing of expense recognition, and structuring investments for maximum Section 80C benefit. The firm provides year-round tax planning advice, not just at filing time.
Capital Gains Taxation
Capital gains on sale of shares, mutual funds, property, and other assets are taxed at different rates depending on holding period and asset type. Short-term and long-term capital gains have different tax rates, exemption provisions (Sections 54, 54EC, 54F), and reporting requirements. The firm computes capital gains, advises on tax-saving reinvestment options, and ensures correct disclosure in the return.
TDS Compliance
Businesses and professionals making specified payments (salary, contractor payments, rent, professional fees, commission) are required to deduct tax at source and deposit it with the government within prescribed timelines. The firm handles TDS computation, quarterly TDS return filing (Form 24Q, 26Q, 27Q), and issuance of Form 16/16A. Late deduction, late deposit, and non-filing of TDS returns attract disallowance under Section 40(a)(ia) and penalties.
Income Tax Notices
Income tax notices can arrive for several reasons: mismatch between income reported in the return and information in the AIS (Annual Information Statement), non-filing of returns despite taxable income, high-value transactions reported by banks and registrars, or scrutiny selection. The firm handles responses to notices under Section 143(1), 143(2), 148, 156, and others, with a written reply supported by documentation.
Advance Tax and Self-Assessment Tax
Taxpayers with estimated tax liability exceeding Rs. 10,000 in a financial year must pay advance tax in four instalments (June 15, September 15, December 15, March 15). Failure to pay advance tax attracts interest under Sections 234B and 234C. The firm computes estimated income, determines advance tax liability, and ensures timely payment to minimise interest cost.