You can leave a message or call us; our team will contact you.

Our team will understand your case.

You will provide all the required details over email.

You will pay the applicable fees.

Our team will compute income and convey the applicable taxes or refunds (if any) to you.

After getting confirmation from you, our team will upload your ITR.

According to the Income Tax Act, income tax has to be paid only by individuals or businesses who fall within certain income brackets. Mentioned below are entities or businesses that are required to compulsorily file their ITRs in India: 

All individuals, up to the age of 59, whose total income for a financial year exceeds Rs 2.5 lakh. For senior citizens (aged 60-79), the limit increases to Rs. 3 lakh and for super senior citizens (aged 80 and above) the limit is Rs. 5 lakhs. It is important to note that the income amount should be calculated before factoring in the deductions allowed under Sections 80C to 80U and other exemptions under section 10. 

All registered companies that generate income, regardless of whether they’ve made any profit or not through the year.

Those who wish to claim a refund on the excess tax deducted/income tax they’ve paid.

Individuals who have assets or financial interest entities that are located outside India.

Foreign companies that enjoy treaty benefits on transactions made in India.

NRIs who earn or accrue more than Rs. 2.5 lakh in India in a single financial year.

NRI Who buy any assets or investments in India

1. File Income Tax (Last date 31st July) on incometax.gov.in
2. e Verify your return
3. ITD will check / process your return and issue refund / notice for mismatch in their calculation with you or if their is a mismatch in the income reported.

E-Verification of ITR is an essential step in tax filing and needs to be completed online or offline. You can do it by entering a simple OTP. This step is done after your return has been submitted by yourself or anyone else (e.g. finaux) and it ensures the Income Tax Department (ITD) that you have checked the return and confirmed the contents of it.

To check if you have received any notice, follow these steps. First, login to the Income-tax portal –  incometax.gov.in. Then after you login, from the top menu, select Pending Actions > e-proceedings. You will find the list of all the years for which you have filed. You can check each year to see if you have received any Income Tax Notice.

Notice in Income Tax means any communication or letter issued by the Department of Income Tax informing you about the error or omission or misrepresentation or evasion or misreporting done by you. It can be for incorrect reporting or non-reporting.

How many types of notice are there?

You can primarily receive the following kind of notices.

Section 139(9): Defective Income Tax Return.

Section 142(1): Notice for Preliminary Enquiry before an assessment (non filers) & documentary proof (Filers).

Section 143(2): if assessee fails to comply with the notice received u/s 142(1).

Section 148: Income escaped assessment.

Section 156: Notice of Demand

Section 245: Refund adjusted against the tax demand.

You might have also got a notice for some non compliance.To check that follow these steps. Login to Income-tax portal incometax.gov.in. Once you login, from the top menu, select Pending Actions > compliance portal. Select the year to check if you have any compliance pending from DIT.

1. Login to Income-tax portal – incometax.gov.in
2. From the top menu, select e-File › Income Tax Return › View Filed Returns.
3. You will find the list of the years when you have filed your Income-tax return.

It usually takes anywhere between 20-45 days from your e-verification date to complete the income tax refund. However, it might take a bit longer than that as well. Thus, you must first file your return and then verify the return to enable any refunds.

Penalties: The IT Department can impose late fees  Rs. 1000 to 10000 for not filing an ITR on time.

Interest: If you have any tax liability and you do not file an ITR, you will be charged monthly 1% interest per month on the unpaid tax.

Non-Carry Forward of Losses: You will be unable to carry forward any losses from a previous year if you do not file an ITR.

Best judgment assessment: If you do not file an ITR, the assessing officer of the Income tax department will be obligated to make an assessment to the best of his judgment U/S 144 of the Income Tax Act.

Refund of taxes: You will be able to claim a refund only if you have filed ITR.

An individual requires to file ITR if he has investments in foreign assets. However, he must disclose the details of these assets in Schedule FA of his ITR. This is mandatory for all residents and ordinarily resident Indians who hold any asset located outside India.

The following are some of the foreign assets that an individual need to disclose in Schedule FA: 

Foreign depository accounts

Foreign equity and debt interest

Foreign cash value insurance contracts

Financial interest in any entity outside India

You must disclose the following information about each foreign asset:

The name of the asset

The country in which the asset is located

The value of the asset

The date on which you acquired the asset

The source of the funds used to purchase the asset

In India, the Income Tax Law has divided all types of income into 5 different categories –

Income from Salary: All income received by an employee from his/her employer is categorised under the head income from salary.

Income from House Property: Income earned by letting out a house property on rent is treated as income from house property.

Income from Capital Gains: The revenue and income from the sale of assets held by the assessee are known as income from capital gains. It includes stocks, bonds, debentures, etc.

Income from Business/Profession: All the income earned from carrying out any business, profession, or freelancing is taxable under this head

Income from Other Sources: Income from all the other sources not covered in the above heads are taxed under this category, like lottery winnings, dividends, etc.

A systematic investment plan(SIP) is an investment vehicle offered by many mutual funds, allowing investors to invest small amounts periodically instead of lump sums. The frequency of investment is usually weekly, monthly or quarterly

Simply drop a message or call us. Our expert will help you in doing your financial planning and start your SIP investment to achieve your goals.

SIPs help investors save consistently over time. This regular investment can help investors to build wealth and reach their financial goals.

The power of SIP is that it allows investors to reach their goals even with small monthly investments. The trick is to maintain consistency over time.

SIP, or systematic investment plan, allows you to invest a fixed amount in your preferred scheme periodically. It is mainly used to achieve long-term financial goals.

Yes, SIP is a good idea for achieving financial goals. It allows you to start investing in small amounts and build your wealth over time.

You need to decide on the amount that you require and when you will require it. Then, you can use an SIP calculator to narrow down the exact amount that you need to invest every month.

To set an SIP goal, you need to decide what you are saving for and how long it will take. Then, choose your mutual fund scheme and set the monthly amount required to reach that goal.

SIP harnesses the power of compounding. It also reduces the impact of market volatility and helps generate higher long-term returns for investors.

 SWP or systematic withdrawal plan is a mutual fund investment plan, through which investors can withdraw fixed amounts at regular intervals, for example – monthly/ quarterly/ yearly from the investment they have made in any mutual fund scheme.

It is an open-ended scheme designed primarily for child-specific needs like educational expenses, relocation, higher studies, healthcare, marriage, etc. These funds generally come with a 5 year mandatory lock-in period or until the child becomes an adult, whichever is earlier.