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Tax Troubles in Delhi? We Can Help!

Taxfiniti, your one-stop shop for Chartered Accountants (CAs) in Delhi, offers 5 services to simplify your finances:

Stress-Free Tax Filing: Our CAs handle everything, maximizing your deductions.
Proactive Tax Planning: Save money in the long run with a personalized tax strategy.
Expert GST Compliance: Navigate GST registration, filing, and claiming benefits.
Company Setup & Accounting: Get help registering your business and managing finances.
Dedicated Client Support: Get consultations, fast responses, and stay informed.
Free Consultation Available!

Contact Taxfiniti today to untangle your finances and achieve your financial goals.

Successfully filing your Income Tax Return (ITR) electronically is just half the battle. Securing the acknowledgement receipt is crucial. This seemingly simple document confirms your ITR’s arrival with the Income Tax Department (ITD) and offers several benefits, like aiding in e-verification and future reference. Ensure a smooth tax filing experience by saving both a digital and physical copy of your acknowledgement.

Understanding Income Tax Income tax is an annual levy by the Indian government on income earned by residents during a financial year (April 1 – March 31). This revenue supports public infrastructure, social programs, and development initiatives. Types of Taxes in India Direct Taxes: Levied directly on income, including income tax and corporate tax. Indirect Taxes: Levied on goods and services, such as GST (Goods and Services Tax) and VAT (Value Added Tax). Who Should Pay Income Tax? The obligation to pay income tax depends on your age and income level: Individuals below 60 years: Must pay if their annual income exceeds Rs. 2.5 lakhs.Senior Citizens (60-80 years): Must pay if their annual income exceeds Rs. 3 lakhs.Super Senior Citizens (above 80 years): Must pay if their annual income exceeds Rs. 5 lakhs.Entities: This includes companies, businesses, Hindu Undivided Families (HUFs), and Association of Persons (AOPs). Types of Income Taxable The Income Tax Department classifies income into five categories: Salary Income: Earnings from employment, including salaries and pensions.House Property Income: Rental income from residential properties.Business or Profession Income: Profits earned from business activities or professional services.Capital Gains Income: Profits from selling capital assets like stocks or real estate.Other Sources Income: Earnings such as interest from savings accounts or lottery winnings. Income Tax Slab Rates (FY 2023-24) New Tax Regime Income Range Tax Rate Up to Rs. 3 lakh Nil Rs. 3 lakh – Rs. 6 lakh 5% Rs. 6 lakh – Rs. 9 lakh 10% Rs. 9 lakh – Rs. 12 lakh 15% Rs. 12 lakh – Rs. 15 lakh 20% Above Rs. 15 lakh 30% Old Tax Regime (Below 60 years) Income Range Tax Rate Up to Rs. 2.5 lakh Nil Rs. 2.5 lakh – Rs. 5 lakh 5% Rs. 5 lakh – Rs. 10 lakh 20% of amount exceeding Rs. 5 lakh Above Rs. 10 lakh 30% of amount exceeding Rs. 10 lakh Note: An additional cess of 4% applies to all slabs. Senior and Super Senior Citizen Tax Rates Income Range Rates (60-80 years) Rates (above 80 years) Up to Rs. 3 lakh Nil Nil Rs. 3 lakh – Rs. 5 lakh 10% Nil Rs. 5 lakh – Rs. 10 lakh 20% 10% Above Rs. 10 lakh 30% 20% Advance Tax Advance tax allows you to pay your tax liability in installments throughout the year. Here are the deadlines: Due Date Advance Tax Payable June 15 15% September 15 45% December 15 75% March 15 100% Income Tax Return (ITR) Filing Steps to File ITR Online: Gather Documents: Collect Form 16 from your employer and proof of investments.Download Software: Obtain IT preparation software from the Income Tax Department website.Compute Tax: Calculate your tax payable and any applicable refunds.File Return: Log on to the Income Tax e-filing portal and complete the filing process. Demystifying Your Income Tax Deadlines: A 2024 Calendar This table provides a clear and concise overview of key income tax deadlines for individuals and businesses in India for the financial year 2023-24 (Assessment Year 2024-25). Remember, these are general deadlines, and specific situations may require earlier action. Date Task Who It Applies To Description 15 March 2024 Fourth Instalment of Advance Tax Taxpayers with estimated tax liability This is the final instalment of advance tax for FY 2023-24. Pay any remaining tax liability to avoid interest charges. (Flexible) Submission of Investment Proof Individuals claiming deductions under Section 80C and other sections While there’s no fixed deadline, submit investment proofs (like receipts for ELSS, PPF contributions) before filing your ITR to claim deductions. 15 June 2024 First Installment of Advance Tax Individuals and businesses with estimated tax liability for FY 2024-25 Start paying your advance tax for the new financial year to avoid penalties. 31 July 2024 ITR Filing for Individuals (No Audit Required) Individuals with income from salaries, pensions, one house property, and other sources (ITR-1, ITR-2) This is the standard deadline for most individual taxpayers to file their income tax returns. 15 Sept 2024 Second Installment of Advance Tax Individuals and businesses with estimated tax liability for FY 2024-25 Pay your second installment of advance tax for the current financial year. 30 Sept 2024 Submission of Audit Report (Tax Audit Required) Businesses and individuals with mandatory tax audits If your tax audit is complete, submit the report to the Income Tax Department by this date. 31 Oct 2024 ITR Filing for Businesses Requiring Audit Businesses and individuals with mandatory tax audits Businesses that underwent a tax audit need to file their ITRs by this extended deadline. 30 Nov 2024 ITR Filing for Businesses with Transfer Pricing Report Businesses with international transactions exceeding specified limits If your business requires a Transfer Pricing (TP) report, file your ITR by this specific deadline. 15 Dec 2024 Third Installment of Advance Tax Individuals and businesses with estimated tax liability for FY 2024-25 Pay your third installment of advance tax to ensure you’ve met your tax liability for the current financial year so far. 31 Dec 2024 Revised/Belated ITR Filing All taxpayers Missed the original deadline? You can still file a revised or belated ITR by this date, but late filing fees may apply. The Income Tax Department, under the Central Board of Direct Taxes (CBDT), is responsible for direct tax collection and enforcement. The department’s operations include tax collection, policy planning, and detecting tax avoidance. Income Tax Refund Think you paid more taxes than you owe? You might be due a refund! The Income Tax Department website lets you easily check if you’re getting money back.” Income Tax Department website. Tax-Saving Investments Several investment options can help reduce taxable income: Equity Linked Savings Schemes (ELSS): Tax deduction under Section 80C.Unit Linked Insurance Plans (ULIP): Market-linked insurance schemes with tax benefits.Life and Health Insurance: Premiums are deductible under Section 80C.Education Loan: Interest paid is deductible under Section 80E.Home Loans: Deduction up to Rs. 1.5 lakh for financial year. Other Tax-Saving Instruments Fixed Deposits (FD): Lock-in period of five years qualifies for tax deductions.National Saving Certificate (NSC): Safe investment

Navigating the GST Maze: Why Partnering with a GST Consultant is Essential for Success in Delhi Overcoming the Challenges of GST Compliance The Goods and Services Tax (GST) has transformed the Indian tax landscape, but navigating its intricacies can be daunting, especially for businesses operating in the dynamic Delhi region. Here’s where partnering with an experienced GST consultant becomes a strategic imperative. Demystifying the Registration Process Obtaining GST registration is the first crucial step. Our team of seasoned GST consultants at Taxfiniti possesses in-depth knowledge of the ever-evolving documentation requirements and can ensure a smooth and error-free registration process. We meticulously handle all aspects, from document verification to regulatory compliance, saving you valuable time and resources. Staying Ahead of the Regulatory Curve The GST regime is subject to frequent modifications. Taxfiniti consultants act as your trusted advisors, staying abreast of the latest amendments and interpretations. We leverage our expertise and access to official communications to keep you informed and compliant. This proactive approach minimizes the risk of penalties and ensures your business operates within the legal framework. Optimizing Compliance with Technology Gone are the days of manual, time-consuming tax processes. Taxfiniti leverages cutting-edge technology solutions like GST compliance software and automation tools. These tools streamline filing procedures, minimize human error, and guarantee adherence to current regulations. Our team seamlessly integrates these solutions into your existing workflows, minimizing disruption and maximizing efficiency. Unlocking Growth Potential through GST Registration Expanding your business horizons in Delhi? GST registration serves as a key enabler. By registering, you unlock a gateway to new markets, establish a stronger regional presence, and tap into the vast potential of the Delhi economy. Whether you’re a local business poised for growth or a national player seeking to solidify your position, GST registration is a strategic decision that facilitates expansion. Benefits Abound: A Recap For businesses in Delhi, GST registration offers a multitude of advantages: The Power of Partnership While the GST landscape may appear intricate, partnering with Taxfiniti experienced GST consultants empowers you to navigate the complexities with confidence. We provide the expertise, technology, and support to ensure smooth registration, ongoing compliance, and ultimately, the success and growth of your business in Delhi. FAQs: Expert Insights A: While not mandatory for all, it offers significant benefits that make it highly recommended. A: We’ll guide you through the specific documents needed, such as PAN card, identity and address proofs, and bank account details. A: The timeframe can vary, typically ranging from 7-15 working days. A: No, registration is a prerequisite for claiming ITC benefits. A: Yes, non-compliance can result in fines and legal consequences. Partner with Taxfiniti today and unlock the full potential of GST for your business in Delhi. Feel Free to Reach out at Taxfiniti………