Income Tax Services in India

Income Tax Compliance

Navigating the complex landscape of income tax laws can be a daunting task, but with TaxSaathi, you can rest assured that your tax obligations are in expert hands. Our team of seasoned tax professionals, Chartered Accountants, and lawyers are dedicated to providing you with comprehensive income tax services, ensuring full compliance while maximizing your tax savings.

At Taxsaathi, we understand that every rupee counts, which is why we meticulously analyze your financial situation to uncover every legitimate opportunity for deductions, exemptions, and tax optimizations. From seamless ITR filing and TDS compliance to strategic tax planning and litigation support, we are your trusted partners in minimizing your tax liabilities and safeguarding your financial interests.

Income Tax Return Filing

Overview: We will assist you in the preparation and timely filing of your Income Tax Returns (ITR-1 to ITR-7), ensuring compliance with the provisions of the Income Tax Act, 1961. Our services cater to individual taxpayers, Hindu Undivided Families (HUFs), partnerships, corporations, AOPs, and BOIs under both the old and new tax regimes.

Key Services:

• Determination of the appropriate ITR form based on your income sources, tax profile, and the applicable tax regime (old or new).
• Accurate reporting of income from all sources - salary, house property, business/profession, capital gains, and other sources.
• Compilation of all relevant financial and tax-related documents, such as salary slips, investment statements, interest income records, and expense receipts.
• Accurate calculation of your taxable income, deductions, and tax liability, leveraging the applicable sections and provisions of the Income Tax Act, 1961.
• Guidance on the selection of the most beneficial tax regime (old or new) based on your specific circumstances.
• Reporting of assets/investments in compliance with foreign asset/income disclosure requirements (Section 139A).
• E-filing of the Income Tax Return with the tax authorities using the authorized e-filing portals and platforms.
• Assistance with the timely payment of taxes and obtaining the acknowledgment for the filed return.

TDS/TCS Return Filing

Overview: Our team will handle the complete process of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) compliance, including the calculation, deduction, TDS/TCS payment and timely filing of TDS/TCS returns, as per the requirements of the Income Tax Act, 1961 and the Income Tax Rules, 1962.

Key Services:

• Determining TDS applicability on various payments/collections, such as salaries (Section 192), interest income (Section 194A), payments to contractors/sub-contractors (Section 194C), professional/technical fees (Section 194J), rent payments (Section 194-I), sale (Section 206C) and other TDS/TCS categories.
• Addressing TDS defaults, short deduction, interest calculations on late payments, and other TDS-related issues.
• Preparation and filing of TDS returns (Form 24Q, 26Q, 26QB, 27Q and 27EQ) within the due dates specified by the tax authorities.
• Assistance with obtaining TDS/TCS certificates for your records and providing them to the respective payees.

Income Tax Assessment and Litigation Support

Tax Assessments

Overview: In cases where tax scrutiny assessment notices are issued by the Income Tax department under Section 143(2), we provide robust support throughout the assessment proceedings.

Key Services:

• Computing taxable income and justifying claims/deductions.
• Presenting supporting evidence and documents.
• Representing you during hearings with the tax authorities.
• Resolving any income additions or tax disputes raised by the tax officers.

Reply to Notices

Overview: Our tax experts analyze all statutory notices issued under various Income Tax provisions, such as:

• Scrutiny notices under Section 143(2)
• Outstanding tax demand notices under Section 156
• Any other notices issued by the tax authorities

Key Services: We then draft comprehensive, case-specific replies furnishing all requisite details, explanations, and statutory grounds to satisfactorily address and resolve the issues raised.

Appeals and Litigation

Overview: In the event of an unfavorable income tax assessment order, our team will guide you through the appeal process and provide comprehensive litigation support to challenge the order, as per the provisions of the Income Tax Act, 1961 and the Income Tax (Appeal) Rules, 1962.

Key Services:

• Evaluation of the assessment order and identification of the grounds for filing an appeal, such as incorrect interpretation of the law, factual errors, or procedural lapses.
• Preparation and filing of appeals at various levels, including the Commissioner of Income Tax (Appeals), Income Tax Appellate Tribunal (ITAT), and higher courts, such as the High Court and the Supreme Court.
• Representation before the appellate authorities, presenting your case effectively and marshaling the relevant evidence and arguments.
• Assistance in the collection and submission of all the required documentation, including financial records, legal precedents, and expert opinions, to strengthen your appeal.

We leverage our experience and knowledge of judicial precedents to strengthen your case and secure favorable outcomes.

Income Tax Planning

Tax Planning and Optimization

Overview: Our tax experts will work closely with you to develop a comprehensive tax planning strategy that minimizes your income tax liability while ensuring full compliance with the Income Tax Act and the relevant rules and regulations.

Key Services:

• Identification of tax-saving opportunities, such as eligible deductions, exemptions, and incentives, based on the provisions of the Income Tax Act, 1961.
• Evaluation of your financial and investment portfolio, including sources of income, asset allocation, and cash flows, to optimize your tax position.
• Advice on tax-efficient business and financial structuring, including the choice of legal entity, capital structure, and investment decisions.
• Scenario-based analysis to assess the tax impact of various financial and business decisions, helping you make informed choices.

Wealth and Estate Planning

Overview: Our tax planning services aim to legitimately structure business transactions, investments, corporate restructurings, and other financial arrangements to minimize the overall tax incidence in conformance with the Income Tax Act, 1961.

Key Services:

• Business Restructuring: Evaluating tax implications of demergers, mergers, acquisitions, slump sales, joint ventures, etc. under Sections 47, and other relevant provisions, and suggesting tax-efficient structuring.
• Cross-border Taxation: Advising on taxation of inbound/outbound investments and transactions involving India’s double taxation avoidance agreements and transfer pricing regulations.
• Investment Planning: Suggesting tax-efficient investment vehicles and wealth management strategies based on residential status, income streams, and applicable domestic tax laws.
• Family Asset/Estate Planning: Providing taxation and regulatory guidance on intergenerational succession, estate/trust creation, and asset transmission.
• Setup/Expansion Advisory: Assessing the tax impact and optimization for setting up new businesses, manufacturing units, or establishing presences in India/abroad.
• Remuneration Structuring: Designing tax-efficient employee compensation plans incorporating salary, allowances, perquisites, retirement benefits, and ESOPs.
• Tax-Efficient Profit Repatriation: Evaluating tax advantages and regulatory implications of repatriating or reinvesting profits out of or into India.

Our proactive, customized tax planning strategies help clients remain globally tax compliant while reducing tax costs and improving operational efficiency.

Whether it is tax compliance, scrutiny management, appellate support, or planning advisory you need - partner with the tax experts at TaxSaathi to seamlessly navigate complex tax landscapes. Contact us today!

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