Income Tax

Income Tax

Income Tax is a tax levied by the government on the income earned by individuals, businesses, and other entities. It is one of the primary sources of revenue for governments to fund public services and infrastructure. Income tax can be progressive, meaning that higher income is taxed at higher rates. Additionally, there are various exemptions, deductions, and rebates available to reduce tax liability, such as deductions for investments in specified savings schemes, insurance premiums, and charitable contributions.

At P M Associates, we offer expert Income Tax Consultancy services to help individuals and businesses comply with tax laws and regulations in India. Our team of experienced professionals provides assistance in tax planning, filing returns, minimizing tax liabilities, and handling audits or disputes with tax authorities.

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Documents Required for Income Tax

For Individuals

  • PAN Card

  • Aadhaar Card

  • Salary Slips (for salaried individuals)

  • Bank Statements (for interest and other income)

  • Form 16 (TDS Certificate from employer)

  • Investment Proofs (e.g., PPF, ELSS, NPS, insurance premiums)

  • Other Income Documents (rent, freelance income, etc.)

For Businesses

  • PAN Card of the Business

  • Books of Accounts (Profit & Loss Statement, Balance Sheet, etc.)

  • GST Returns (for GST-registered businesses)

  • TDS Certificates (for payments made)

  • Financial Statements (Income & Expenditure, Balance Sheet)

  • Proof of Investments and Deductions (for claiming deductions like 80C, 80D, etc.)

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Avoiding Common Mistakes in Income Tax

  • Incorrectly reporting income

  • Missed tax deductions

  • Delayed filing of returns

  • Mismatched or incorrect TDS details

  • Not maintaining proper documentation

  • Ignoring tax notices from the Income Tax Department

  • Filing the wrong ITR form for your income type

  • Failure to disclose all sources of income

  • Not verifying the accuracy of tax calculations before submission

FAQ :-

What is the Income Tax filing process?

The process includes calculating your taxable income, applying eligible deductions, and filing the appropriate income tax return (ITR) form based on your income sources.

What are the benefits of income tax planning?

Proper tax planning helps minimize tax liabilities, ensures legal compliance, and helps you make the most of available exemptions and deductions.

How do I know which ITR form to use?

The ITR form depends on your source of income—ITR-1 for salaried individuals, ITR-2 for income from capital gains, and others for business or professional income.

How can I minimize my tax liabilities?

Tax planning, investments in tax-saving schemes (like PPF, NPS), and claiming available deductions (80C, 80D, 80G) can help reduce your tax burden.

What if I receive a tax notice?

Our consultants help you understand the notice, respond to the authorities, and resolve any issues to avoid further complications.

Can I claim refunds on excess tax paid?

Yes, if you've overpaid taxes, you can apply for a refund. Our team ensures the accurate filing of refund claims and helps track the process.

How often should I file income tax returns?

Income tax returns must be filed annually, and the filing deadline typically falls on July 31st for individuals and September 30th for businesses.