Strategic Income Tax Filing Services

A business loss doesn't have to be a total loss. The Income Tax Act allows you to set off and carry forward losses to reduce your future tax liability. This infographic summarizes the key points for business, speculative, and capital losses. Filing your return on time is key to availing this benefit.

The offline Excel utilities for ITR-2 and ITR-3 have been released. This is particularly useful for taxpayers who have income from capital gains or crypto assets. I recommend preparing your returns early to avoid any last-minute rush and ensure accuracy.

For added security, the Income Tax portal will now require Aadhaar OTP for all profile updates like changing your email or mobile number. Make sure your Aadhaar is linked to your current mobile number to avoid any issues when you need to make changes.

The CBDT has provided an opportunity for an interest waiver under Sections 201(1A)(ii) and 206C(7). You can apply to the Chief Commissioner or Director General of Income Tax within one year from the end of the financial year. I can assist with the application process.

For trusts, proving that donations were for the corpus is essential to claim tax exemption under section 11(1)(d). This ITAT ruling highlights the importance of proper documentation for all donations received. I help trusts and NGOs maintain compliant records.

The presumptive taxation limit under Section 44AD has been raised, which is great news for small businesses and professionals. This infographic shows the new, increased turnover limits. I can help you determine if you are eligible for this simplified tax scheme.

This is a stern reminder from the ITAT: income earned fraudulently, even if it's recovered by the government later, is still taxable. It underscores the importance of ethical financial practices, a principle I strongly advocate for with all my clients.

If you are a cooperative society, the interest earned on Fixed Deposits with cooperative banks is eligible for deduction under Section 80P. This is a valuable tax-saving opportunity that I help my clients in the cooperative sector utilize.

The IT department is urging all taxpayers to link their PAN with their Aadhaar card before the deadline of December 31, 2024. Failing to do so will result in the deactivation of your PAN card, which can cause major disruptions.