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Tax Services

Don’t TAX your PLAN instead PLAN your TAX

  • Tax planning can be defined as the process of minimising your tax liabilities by taking advantage of the deductions, exemptions, allowances, rebates, and concessions available under tax laws. In other words, it is a legal method used by taxpayers to reduce their income tax liabilities.
  • For efficient tax planning, the income and financial activities of the taxpayer are closely analysed to look for various tax provisions under which the tax burden could be minimised legally.
  • For efficient tax planning, the income and financial activities of the taxpayer are closely analysed to look for various tax provisions under which the tax burden could be minimised legally.
  • Tax planning helps to take advantage of the tax-saving provisions & not only save money but to reap huge investment returns over a period of time.
  • Systematic planning of financial affairs to take maximum advantage of the available tax-saving provisions.
  • Income and investment planning to benefit from the various tax-saving provisions available under the tax laws.
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Tax Declaration

Employees are required to declare their income tax to employers at the beginning of a financial year. An income tax declaration is a document that contains all the tax-saving investments an employee plans to make in that year. The employer uses this information in the tax declaration to determine and deduct TDS from the employees’ monthly income.

According to the Income Tax Act, the employers must deduct tax at source, based on the estimated income, after calculating estimated expenses and investments for that financial year. If employees do not submit the declaration, they will then be required to claim a refund when they furnish the income tax return. However, the Income Tax Department will alarmingly examine the tax deduction.

Form 12BB is a document employees need to submit to avail of tax deductions, tax benefits, and or rebates on the investments and expenses made in a financial year. The document has to be submitted at the year-end. In addition, employees must also provide documentary evidence of such expenses and investments at the year’s end. Employees can download the 12BB Form Online.

Not submitting the income tax declaration may lead to a hassle for an employee while claiming a deduction when filing an income tax return. When an employee does not submit an Income Tax Declaration of expenses and investments, the employee's taxable income will increase, i.e., the employer turns out to be deducting higher TDS.

Download Tax Declaration Format & Form 12BB to click below

Tax Declaration Form 12BB
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Tax On Capital Gain

Any profit or gain that arises from the sale of a ‘Capital Asset’ is known as income from Capital Gains. Such capital gains are taxable in the year in which the transfer of the capital asset takes place. This is called Capital Gains Tax. There are two types of capital gains, Short Term Capital Gains (STCG) & Long Term Capital Gains (LTCG).

The capital asset may be defined as investments in Land, Building, House Property, Vehicles, Patents, Trademarks, Leasehold rights, Machinery, Jewellery and investments in Equity investments such as Shares & Mutual funds or in Debt investments such as investments in bonds.

The capital gain tax is complex and needs to be worked based on precise information and allows the benefit of indexation to the individual. Also, the loss if any on equity investments during any particular year can be adjusted in the subsequent years post accounting for the losses.

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We help you to get your capital gains computed precisely with the best tax benefits
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Filing Of Income Tax Returns

Filing income tax returns is an annual & must-do process most taxpayers are aware of. Yet, many make the mistake of postponing this exercise to the last minute. This can lead to delays due to traffic to the I-T portal closer to the due dates or omission of certain income or deductions as returns is filed in a hurry.

Taxpayers who have income from multiple sources such as salary, house property, capital gains, foreign income, crypto gains and so on or salaried taxpayers who missed out on selecting old tax framework as their regime of choice or those who have switched jobs during the financial year need to be more careful while filing returns due to the complexities involved. When in doubt, it is best to use the services of professional consultants.

Using our professional services helps the tax payers to ensure hassle free ITR filing, Processing and refunds. We help you in get the best of the provisions the tax laws allow to get the best tax benefit.

We offer personalised solutions to your tax related issues & help you to stay compliant of the tax laws and be a responsible citizen of the country.

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Filing Of GST Returns

Goods & Services Tax (GST) is a unified tax system that replaced multiple indirect taxes levied by both the Central and State Governments. Under GST, both the Central and State Governments share the authority to levy and collect taxes on revenue generated through sale of goods or the services that are offered.

GST operates under a dual structure, comprising the Central GST (CGST) levied by the Central Government and the State GST (SGST) levied by the State Governments. In the case of Inter-state transactions, Integrated GST (IGST) is applicable, which is collected by the Central Government and apportioned to the respective State. Import of goods or services would be treated as inter-state supplies and would be subject to IGST in addition to the applicable customs duties.

GST is a destination-based tax, levied at each stage of the supply chain, from the manufacturer to the consumer. It is applied to the value addition at each stage, allowing for the seamless flow of credits and reducing the tax burden on the end consumer. GST allows for the utilization of input tax credit, wherein businesses can claim credit for the tax paid on inputs used in the production or provision of goods and services. This helps avoid double taxation and reduces the overall tax liability.

GST Type

All business owners and dealers who have registered under the GST system must file GST returns according to the nature of their business or transactions. Small businesses with a turnover below a specified threshold (currently, the threshold is ₹ 20 lakhs for supplier of services/both goods & services and ₹ 40 lakhs for supplier of goods (Intra–Sate) in India) are exempt from GST. For some special category states, the threshold varies between ₹ 10-20 lakhs for suppliers of goods and/or services except for Jammu & Kashmir, Himachal Pradesh and Assam where the threshold is ₹ 20 lakhs for supplier of services/both goods & services and ₹ 40 lakhs for supplier of goods (Intra–Sate). This threshold helps in reducing the compliance burden on small-scale businesses. The composition scheme is available for small taxpayers with a turnover below a prescribed limit (currently ₹ 1.5 crores and ₹ 75 lakhs for special category state). Under this scheme, businesses are required to pay a fixed percentage of their turnover as GST and have simplified compliance requirements.

Certain sectors, such as healthcare, education, and basic necessities like food grains, are either exempted from GST or have reduced tax rates to ensure affordability and accessibility.

GST return is a document that will contain all the details of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). Once you file GST returns, you will need to pay the resulting tax liability (money that you owe the government)..