Income Tax Advisory & Filing Services
Income tax compliance in India requires careful interpretation of evolving statutory provisions under the Income-tax Act, 1961. Whether you are an salaried professional, high-net-worth individual, proprietary business, or corporate enterprise, timely reporting and tax strategy ensure full regulatory adherence while preventing penal notices.
What This Service Entails
Income tax advisory encompasses calculating total taxable income across all five heads (Salaries, House Property, Profits and Gains of Business or Profession, Capital Gains, and Other Sources), determining eligibility under the Old versus New Tax Regime, claiming statutory deductions, advance tax computations, and electronic filing of annual income tax returns with the Centralised Processing Centre (CPC).
Who Needs This Service?
- Salaried individuals with multiple form 16s, capital gains, or foreign assets
- Freelancers, consultants, and professionals opting for presumptive taxation (Sec 44ADA)
- Small and medium enterprises, partnership firms, and LLPs
- Private limited companies and corporate taxpayers liable for regular income tax or Minimum Alternate Tax (MAT)
- High-Net-Worth Individuals (HNIs) managing diverse asset classes, equities, and real estate transactions
Key Benefits & Strategic Advantages
- Rigorous calculation of advance tax installments to avoid interest under Sections 234B and 234C
- Optimal regime analysis (Old vs New Regime) based on actual deduction portfolio
- Accurate disclosure of Foreign Assets Schedule (Schedule FA) and Foreign Source Income (Schedule FSI)
- Systematic reconciliation with Annual Information Statement (AIS) and Taxpayer Information Summary (TIS)
- Preparedness for e-Verification, defective return notices (Sec 139(9)), or intimation mismatches (Sec 143(1))
Step-by-Step Advisory & Execution Process
Collection of bank statements, investment proofs, Form 16/16A, and AIS/26AS reconciliation.
Side-by-side computation comparing Old Regime vs New Tax Regime provisions.
Detailed review of schedule entries, capital gains indexing, and loss carry-forward balances.
Submission on the Income Tax e-filing portal and guidance for Aadhaar OTP or net banking e-verification.
Tracking CPC processing, intimations under Section 143(1), and refund status tracking.
Required Information & Documents
- PAN and Aadhaar Card
- Form 16 / Form 16A / Form 26AS
- Bank Account Statements for the entire financial year
- Capital Gains statements from stockbrokers, mutual funds, or sale deeds of real estate
- Deduction proofs (Life insurance, health insurance, tuition fees, home loan interest certificates, NPS)
- Foreign bank account statements and overseas asset details where applicable
The Finance Act frequently modifies slab rates, rebate thresholds under Section 87A, surcharge ceilings, and deduction caps. Filing past the July 31 deadline (for non-audit assessees) attracts late filing fees under Section 234F and prohibits the carry-forward of business and capital losses.
Common Pitfalls to Avoid
- Ignoring mismatches between AIS/TIS and declared gross receipts
- Failing to report interest earned on savings bank accounts or fixed deposits
- Miscalculating short-term versus long-term capital gains tax rates
- Omitting high-value transaction disclosures or foreign shareholdings (RSUs / ESOPs)
- Missing statutory deadlines for advance tax installment payments
Frequently Asked Questions
Which tax regime is more beneficial: Old or New?
The answer depends entirely on your eligible deductions (such as HRA, 80C, 80D, home loan interest). The New Tax Regime offers lower slab rates and a higher basic rebate threshold, but restricts most exemptions. A comparative computation is essential before selecting your regime upon return filing.
What happens if I fail to file my ITR by July 31?
You can file a belated return up to December 31 of the assessment year subject to a late fee under Section 234F (up to ₹5,000) and interest under Section 234A. However, business and capital losses cannot be carried forward.
How does NTaxSolution assist with AIS and 26AS reconciliation?
Our team cross-examines every transaction reported in AIS, TIS, and Form 26AS against your source bank statements to ensure full reconciliation before submission.
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