Income Tax Return Filing

 Personal Income Tax

Arpitha & Associates has a team of personal income tax consultants, who help individuals with their income tax calculations. To remain in compliance with the law, we stay updated with the Income Tax Act and related rules and regulations that may affect the personal taxation of individuals. We also deal with dispute resolution on your behalf.

We provide tax planning services where we ensure the protection of family wealth, personal financial management, and the identification of tax-saving opportunities. With our tax planning services, you can make informed decisions about your income and investments to minimize the impact of taxation and achieve your financial 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 amounts related to a home loan.

Interest income from multiple 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, you should choose this service. You can hire us to help you with your tax returns. The Department of Income Tax verifies your entire income tax return information in tandem with your 26 AS Tax Credit Statement, thereby minimizing the possibility of any errors. 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

Most individuals dread having to file IT returns every year. With Arpitha & Associates at your side, you need not fear this anymore. With our e-filing service, we provide tax return filing for salaried employees, sole proprietors, partnership firms, corporations and other entities. We assure you of accurate and easy filing of IT returns online.

Our expert CAs and income tax consultants can suggest ways to save more on your taxes through 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 do we file income tax returns, but we also assist with the filing of TDS returns. Governments use TDS to preempt 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

Our firm offers tax advisory services to individuals. Our tax advisors provide income tax consultancy services, forming tax strategies, and ensuring compliance with these strategies. 

Our portfolio of income tax advisory services includes:

Taxation of individuals, partnership firms

Taxation of NRIs and foreign companies

Taxation matters for expatriates

Taxation of trusts and AOP

Specific advice as per the facts of the case

Tax audit

Advisory in TDS matters

Filing 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

Your financial record is created with the Income Tax Department when you file your Income Tax Return. 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 an Income Tax Return. This is even if there is no tax due or 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) Owns 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.

Making any investment requires an Income Tax Return since it proves that you have a valid source of income from which you can make that investment.