Income Tax Refunds In January 2021

Personal Income Tax

Arpitha & Associates has a team of personal income tax consultants, who help individuals in their income tax calculations. We remain updated with the Income Tax Act and related rules and regulations that may affect the personal taxation of an individual and keep our clients informed of the same to comply with the legal provisions. We also deal with dispute resolutions on your behalf.

We provide tax planning services where we ensure the protection of family wealth, personal financial management, and identification of tax-saving opportunities. With our tax planning services, you can make informed decisions about your income and investment to minimize the impact of taxation and achieve your personal goals. Our team of personal tax consultants’ aids individuals in the calculations of the following:

Allowable deductions from salary

Income from house property and related deduction

Long-term and short-term capital gains

Principal and interest amount deductions related to home loan

Interest income from various possible sources

Any other income from other sources

Deductions applicable under Chapter VI A

Income Tax Return (ITR) e-filing

You think you need a professional to carry out the entire exercise for your tax returns from preparation to filing, then this service is just right for you. If you don’t have time or knowledge then you should choose this service. Hire us to provide you the complete tax returns solutions for you. We validate your complete income tax return information in sync with 26 AS Tax Credit Statement with Department of Income Tax and hence minimizing the chances of any errors in return. We Prepare, Validate and then E-file your Income Tax Return. 

Benefits of filing Income Tax Returns

Avoid Tax Notices

Avoid IT Scrutiny

Build Financial Documentation

Carry Forward Of  Losses

Tax Refund

Quick Visa Processing

Filing IT returns every year is a task that most of the individual’s dread. With Arpitha & Associates at your side, you need not fear this anymore. We provide e-filing of tax return service for salaried employees, sole proprietor, partnership firms, Companies and other entities. We assure you an accurate and easy filing of IT returns online.

Our expert CAs and income tax consultants can suggest ways to save more on your taxes by effective tax planning. We provide tax advisors for accurate filing of IT returns and determining the right advice and measures to save taxes.

Not only income tax filing, but we also assist in the filing of TDS returns. TDS is a way employed by the government to prepone collecting tax such that it is a source of revenue for the government and an easier and simpler mode of payment for the Assessee. Our team of expert income tax consultants ensures accurate filing of TDS returns.

Our services include:

Tax Advisory

Advance tax calculations

Self-assessment tax computation

Online payment of taxes

Challan status inquiry

Filing of income tax returns

Income tax refund services

Income tax assessment

Obtaining lower tax deduction certificates

Filing of e-TDS/TCS return services

PAN/TAN services

We provide income tax advisory services to individuals. Our tax advisors provide income tax consultancy services, forming tax strategies, and ensuring compliance with these strategies. Our extent of income tax advisory services includes:

Taxation of individuals, partnership firms

Taxation of NRIs, foreign companies

Taxation matters of expatriates

Taxation of trusts and AOP

Specific advice as per the facts of the case

Tax Audit

Advisory in TDS matters

To file an Income Tax Return is an obligation placed on every citizen of India by the Government. However, besides this, there are various reasons, why you should file your Income Tax Return.

When you file Income Tax Return, you create your Financial Record with the Income Tax department. This financial  history is positively viewed and favorably used by most agencies with whom you may need to interact, such as when you avail of any kind of loan (home, personal, vehicle loan) or when you apply for a VISA, etc.

Failure to file an Income Tax Return within one year from the end of the relevant financial year, attracts a penalty of Rs.5, 000/-, even though tax payable is Nil- Section 271F. 

Every Individual whose gross total income is more than the Basic Exemption limit is required to file Income Tax Return, even if there is no tax due pending. – Section 139 (1)

Basic Exemption Limit for Financial year: 2019-2020

Resident Individuals above the age of 80 years Rs.5,00,000/-

Resident Individuals above the age of 60 years Rs.3,00,000/-

Other Individuals Rs.2,50,000/-

Irrespective of the basic exemption limit, if during the year, you – 

a) Paid Electricity Bill more than 50,000/- during the year; or

b) Owning a residential house exceeding the specified floor area; or

c) Is owning a motor vehicle (other than a two-wheeler); or

d) Have traveled to any foreign country; or

e) Hold a Credit card issued by any bank or institution or

f) Is a member of a club where entrance fees are more than 25,000/-

You are mandated to file an Income Tax Return, even though you may not have any taxable income. - Proviso to Section 139 (1). 

It is mandatory to file your Income Tax Return, if you have any Foreign Assets, even though you may not have any taxable income.

If you have a refund due, you need to file your Income Tax Return, to claim this refund.

Income Tax Return is essential for making any investment and goes to prove that you have a valid source of income to make such investment.