Income Tax
Strategic Tax Planning, Return Filing & Scrutiny Assessment Defense.
Complete direct tax e-filing for ITR-1 to ITR-7, Old vs New Tax Regime advisory, AIS/26AS reconciliations, and faceless scrutiny assessment defense.
Income Tax in India is governed by the Income-tax Act, 2025 for Tax Years commencing on or after 1 April 2026. Under Section 263, companies and firms are required to file an annual Income Tax Return irrespective of their income or loss. Other taxpayers are generally required to file a return where their total income exceeds the maximum amount not chargeable to tax, subject to other prescribed mandatory-filing conditions. For Tax Year 2026–27, the general due date is 31 July for individuals and other non-audit cases, 31 August for taxpayers having business or professional income whose accounts are not required to be audited, and 31 October where accounts are required to be audited.
✦ Practice Scope & Regulatory Overview
Direct taxation in India requires rigorous attention to regulatory shifts, Annual Information Statement (AIS) data tracking, and dynamic comparison between the Old and New Concessional Tax Regimes under Section 115BAC.
Our practice provides full-lifecycle direct tax solutions: from personal ITR filing for salaried professionals, high-net-worth individuals (HNIs), and non-resident Indians (NRIs) to complex corporate tax returns (ITR-6) for manufacturing, technology, and service companies.
We also provide specialized direct tax representation: drafting evidence-backed responses to e-Assessment notices under Section 142(1), faceless scrutiny notices under Section 143(2), reassessment notices under Section 148, and handling CIT(Appeals) submissions.
Key Deliverables & Scope of Work
Documents Required Checklist
Statutory PreparationStep-by-Step Execution Methodology
Data Ingestion & AIS/26AS Reconciliation
Collecting income vouchers, bank statements, and performing automated cross-matching against AIS, TIS, and Form 26AS.
Regime Optimization & Computation
Simulating Old vs New tax regimes under Section 115BAC to determine maximum legitimate tax savings and compute liability.
Draft Verification & Client Sign-off
Sharing a detailed Computation of Total Income sheet with verified tax credits for client review and formal approval.
E-Filing & Acknowledgment Generation
Uploading statutory JSON/schema to the Income Tax Portal, generating ITR-V acknowledgment, and assisting with e-verification.
Frequently Asked Questions (FAQs)
Statutory & Practice GuidanceWhat are the consequences of missing the ITR filing due date (July 31 / October 31)?
Filing after the due date requires submitting a Belated Return under Section 139(4) by December 31. This incurs a late filing fee under Section 234F (up to ₹5,000, or ₹1,000 for income under ₹5 Lakhs), interest under Section 234A at 1% per month on unpaid taxes, and forfeits the right to carry forward business and capital losses (except house property loss).
Which tax regime should I choose: Old Tax Regime or New Tax Regime (Section 115BAC)?
The New Tax Regime under Section 115BAC offers lower slab rates and a higher basic rebate (up to ₹7 Lakhs net taxable income under Section 87A), but disallows most exemptions like HRA, LTA, and deductions under Section 80C, 80D, etc. The Old Regime is beneficial if you have substantial housing loan interest (Section 24b), insurance, tuition, and medical deductions. We calculate both side-by-side to ensure you pay the absolute lowest tax.
Why does my income tax computation not match my Form 26AS or AIS?
Form 26AS reflects only TDS/TCS deposited by deductors, whereas the Annual Information Statement (AIS) tracks all high-value financial transactions reported by banks, stock brokers, mutual funds, and registrar offices (e.g. share trading, high credit card spends, property transactions). Inconsistencies must be resolved or reported in the return to avoid Section 143(1)(a) discrepancy intimations.
What should I do if I receive an Income Tax Notice under Section 143(2) or 142(1)?
Do not ignore it. A Section 142(1) notice requests specific financial documents, while a Section 143(2) notice initiates formal scrutiny assessment. You have a limited statutory window (usually 15–30 days) to submit an evidence-backed written response and audited ledgers on the e-filing portal. We review the notice reasons and draft factual submissions.
Who is required to pay Advance Tax in India?
Any taxpayer whose estimated total tax liability for the financial year (after deducting TDS/TCS) is ₹10,000 or more is mandated to pay advance tax in four quarterly installments: 15% by June 15, 45% by Sept 15, 75% by Dec 15, and 100% by March 15. Default attracts interest under Sections 234B and 234C.
Can a revised return be filed if an error is discovered after filing?
Yes. Under Section 139(5), an assessee who discovers any omission or incorrect statement in an original or belated return can file a Revised Return on or before December 31 of the relevant Assessment Year, or before completion of assessment, whichever is earlier.