INDIVIDUAL INCOME TAX

Income Tax Services in Pune | Income Tax Consultant in Pune

Get the best income tax services with CA Amit Kasat, a trusted leader in Pune’s financial landscape. Our expert consultancy ensures maximum tax efficiency and compliance. Trust us to navigate the complexities of income tax with precision and expertise. Contact us today to optimize your tax strategy and achieve financial success.

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INDIVIDUAL INCOME TAX

Income tax is levied on income earned by the assesse. It is tax on person who has declared his income from all sources, such person is liable to pay the tax directly to the Income Tax Department. The constitution of India has empowers the Central Government to levy tax on Income earned by person who exceeds the maximum exemption limit.  As per Income Tax Act, the term income refers to a profits and gains of business or profession, salary, perquisites, any other amount received by employee from employer, allowances, any capital gains or winning lotteries, puzzles etc. 

In India the Income tax return also denoted as ITR is to be filed online, no paper work is needed. ITR is to be filed every year for a financial year (viz. April to March). An income while filing the income tax return has to be brought under the 5 heads which are; 

  • Income from Salaries
  • Income From capital gain
  • Income from House Property
  • Income from Business and Profession as Profits and Gains
  • Income from other sources

When the person files an ITR, all information filled is verified by Income Tax Department and if the excessive amount has been paid is refunded into the bank account of the assesse, whereas  in case of filing the ITR incorrect the person needs to file revise return within the Financial year. Income Tax Department of India has issued various forms for filing the income tax return, these forms ranges from ITR-1 to ITR-7

 Filing Income Tax Return is Important:

  • Being a responsible citizen of India every person whose income exceeds INR 2.5 Lakhs has to file income tax return. For the Companies, LLP’s, OPC, Partnership Firms it is mandatory to file Income Tax Return. 
  • Filing Income Tax Return gives a clear image of the total profits- gains, losses-expenses, assets, liabilities and taxable income to a person/firm it helps in knowing and understanding the financial capability and to map the growth.
  • Filing ITR increases or say add up to the creditability of person or firm as ITR stands as proof of your income. 
  • If ITR is filed on time and regularly you can apply for Bank loans such as home loans, education loan, business loan etc. Banks sanction loans on bases of ITR filed.
  • For VISA application ITR is considered as proof and mandatory document.
  • Heavy penalties and Interest could be avoided on filing ITR before due date on time.

Required Documents For Existing Client

  • If salaried ( Salary Slip, Form-16 )
  • Bank Statement / Pass Book ( 1st April 2019 - 31st March 2020 )
  • Loan Statement ( Any kind of loan like,Housing,Business,Personal etc. )
  • Investments ( U/S.80 C , Fixed Deposit,Equity Shares, Mutual Fund etc. )
  • Any Asset Purchased During the year (e.g. Land, Flat, Vehicle)
  • All documents must be self attested . Soft copies are Accepted.

Required Documents For New Client

  • Pan Card & Aadhar Card
  • Email ID
  • Mobile Number
  • Income Tax User ID & Password
  • Whether Directors/ Partner in any Company or Partnership Firm
  • Residential Status: Resident or Non Resident
  • Shop Act / Firm Registration Documents
  • All documents must be self attested . Soft copies are Accepted.

What You Get

  • Accounting Services (for month/yearly basis as per package)
  • Bank Statement Reconciliation
  • Preparation of Financial Statements
  • Accounting Services (for month/yearly basis as per package)
  • ITR Return Filing
  • GST  Return filing
  • TDS Compliance
  • Throughout Consultancy Service

Get Your Personal Assistant To Find The Right Solution, Just Sit Back And Relax.

One Person Company Registration in Pune

Steps for Individual Income Tax

Submit the Documents

Provide required information (fill in the excel sheet)

Appropriate ITR form is filled

Prepare Computation; It is mailed to you and asking your confirmation

ITR is Filed

Acknowledgement is Mailed

Still having queries about ITR then contact us immediately and get rid of queries, we understand, acknowledge and then provide our best solutions and services as per your requirements and need. I Connect Financial Solutions is backed with team of expertise having a wide base of clients who speaks as proof for our hassle-free, cost and time effective services.

JOIN IN NOW!! FOR HASSEL-FREE RETURN FILING PROCESS & CONTINUES LEGAL GUIDANCE JUST ONE CALL AWAY!!

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FAQ

Income tax services encompass a range of offerings aimed at helping individuals and businesses comply with tax regulations, minimize tax liabilities, and optimize tax planning strategies.

Income tax services help individuals and businesses navigate the complexities of tax laws, ensure compliance, and maximize tax savings opportunities.

Services may include tax return preparation, tax planning, tax compliance, tax advisory, representation during tax audits, and assistance with tax notices.

While it’s possible to handle basic tax matters independently, professionals such as Chartered Accountants or tax consultants can provide expertise and guidance, especially for complex tax situations.

 

Income tax services help businesses minimize tax liabilities, optimize tax planning strategies, ensure compliance with tax laws, and navigate changes in tax regulations.

Documents typically include income statements (such as salary slips, bank statements, and investment income), expense records, tax deduction proofs, and other relevant financial documents.

It’s advisable to avail income tax services well before the tax filing deadline to ensure ample time for tax planning, preparation, and compliance.

Non-compliance with income tax laws can result in penalties, fines, interest charges, tax audits, and legal consequences. It’s essential to stay compliant to avoid these issues.

Income tax services analyze your financial situation, identify tax-saving opportunities, and implement strategies to minimize tax liabilities while remaining compliant with tax laws.

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