Income Tax returns

Vedkee AssociatesÂprovides personalized business solutions to its customers. Our team achieves high-quality services with its experience and determination. If you are looking for an experienced tax consultant in Gurgaon then an Income Tax Consultant in GurgaonÂis always there to help you out in a financial way. The team will take care of your finances. You can leave all your financial stress on us and we will take care of it properly.

An Income Tax ConsultantÂis a person who has a complete knowledge of the finances and taxes. With their skills and advanced financial knowledge, they help your business to meet all the tax obligations intelligently. They will solve all your problems related to finances and give accurate guidance related to investments.

Income Tax ConsultantsÂare an asset for your business and if you are in Delhi or Gurgaon and planning to hire an Income Tax Consultant then you are at the right place. We are here with the list of the best and most well-knownÂIncome Tax Consultants in Gurgaon.ÂWe have a team of highly skilled and knowledgeable consultants who can easily handle your complex tax matters. You can always consult a Tax Consultant if you want to make the right financial decision.

Our promising team will not only solve your problem but it will also provide satisfactory results to its customers. The Income Tax ConsultantsÂhave attained success in bringing out the best solution for your Tax-related matters. We will manage your Tax and remove all the complications related to it. If an accurate financial decision is your priority then you should not miss the opportunity of taking the consultation from an experienced Tax Consultant in Gurgaon.

What is the work of Tax Consultants?

The main role of an Income Tax ConsultantÂis to prepare and file tax returns accurately.

Income Tax ConsultantsÂknow tax acts and their regulations. An individual who is running a business but has no knowledge about the tax then

they can avail of the services from the Tax Consultant in Gurgaon and can relax. These consultants with their skills and awareness will make sure that not even a single penny gets wasted from your hard-earned money. A tax consultant apart from filing taxes and returns also provides various types of services.

Why call an Income Tax Consultant from Vedkee Associates in Gurgaon?

We are sure that you must be thinking about what is the need of a tax consultant. Here are some reasons that will throw light on the need for a Tax Consultant.ÂSo let’s have a look at the reasons and might be these reasons help you out in making the right decision.

Cost-Effective Services

If you want to manage your budget and have the desire to achieve your target in a predetermined amount then you need a tax consultant. By using years of experience we will manage your cash and cut all the unwanted or extra expenses. We will track all your spending habits. So, if you are looking for cost-effectiveservices then you are looking for a tax consultant.

Individualized Services

Our expert team has designed the services in such a way that each individual can drag the maximum number of benefits from it. Our team here will provide its expertise service that too at the personal level. We will look into your financial problems and give a perfect solution for it. If you want an individualized service for your business then you need to hire a tax consultant right now.

Final Words

We will help you to achieve your targets within a limited period. Our excellent quality of work speaks and with the help of our hard-working and fully determined team, we can serve a large number of clients that too with high-quality services.

You can contact us or can reach us through email. Our main focus is to reduce your stress and with our well-designed and tailored services, we can maintain our focus.

Income tax is a direct tax imposed by the government on the income of its citizens. The Income Tax Act of 1961 regulates that the central government will collect income tax.

Income Tax ReturnsÂ(ITR) form is a statement that shows the status of a person and their revenue.

The government of India has structured the Income Tax Laws of this country and requires every person, every family, and other people to pay tax on their taxable income.

Income Tax Slabs and Rates

In India, the Income Tax Slabs are announced by the finance minister every year. Tax-payer cannot avail of tax benefits under the new regime, whereas the old regime allows them to avail themselves of the tax benefits.

There are two alternative personal income tax regimes as of AY 2021-22 that are available for Individuals and HUFs. Such Individuals and HUF tax-payers can continue with the old regime or choose the new regime based on what is beneficial for them.

The new regime aims towards taxable income at lower rates with fewer deductions from the income. The new regime simplifies the income tax framework and makes it easier for individuals to calculate their tax liability and file income tax returns.

What is the Income Tax Slab?

Individual tax-payers are required to pay the income tax based on the slab system under which they fall depending on their income. Therefore, individuals with a higher income pay higher taxes. The slab system was introduced to maintain a fair tax system across the country.

The Income-tax Slab of India imposes taxes on individual taxpayers based on a slab system. It refers to the different tax rates that are prescribed for different ranges of income. The tax rates increase with an increase in tax-payer income. This type of taxation brings progressive and fair tax systems and also changes every budget.

There is a difference in different categories of tax-payers which are classified into three categories of individual tax-payers which include:-

• Individuals below the age of 60 years of age including residents and non-residents
• Resident senior citizens between 60 to 80 years of age
• Resident super senior citizens above 80 years

Income Tax Return

An income tax returnÂ(ITR) form is filled to provide information about your income and tax to the Income Tax Department. The tax liability of a taxpayer is calculated based on your income. You can also opt for an income tax refund from the Income Tax Department if you are eligible and the return shows that excess tax has been paid during a year.

According to the laws, income tax returns must be filed by all people and businesses that earn any income during a financial year. The income could be in the form of a salary, business profits, and from house property as rent. Tax returns need to be filed before a specified date by tax-payers.

Is It Mandatory to File Income Tax Return?

Individuals must file their income tax returns if the income exceeds the basic exemption limit as per the tax laws in India. The income tax rate is decided in advance for taxpayers and any delay can attract late filing fees.

Who Should File Income Tax Returns?

As per the Income Tax Act, income tax has to be paid only by individuals or businesses falling within certain income brackets.

Here is a list of businesses that require filing their ITRs in India:-

• Individuals up to the age of 59, whose yearly income exceeds Rs 2.5 lakh.
• Senior citizens between the ages of 60 and 79 years whose limit is Rs. 3 lakh.
• Super senior citizens above the age of 80 years whose limit is Rs 5 lakh.
• All registered companies that generate income.
• Individuals who wish to claim a refund on the excess tax deducted.
• Individuals who have assets or financial interest entities that are located outside India.
• Foreign companies that generate benefits on transactions made in India.
• NRIs who earn more than Rs. 5 lakh in India
• Income Tax Rates for Financial Year (FY) 2021-22 / Assessment Year (AY) 2022-23
• There are different tax rates provided for different categories of taxpayers and for different sources of income.

Here is a list of deductions that are not allowed for any taxpayer opting for the new income tax regime:-

• Leave travel concession under section 10 (5)
• House rent allowance under section 10 (13A)
• Some of the allowances under section 10 (14)
• Allowances to MPs/MLAs under section 10 (17)
• Allowance for income of minor under section 10 (32)

As per these laws, tax on a person is dependent upon his residential status. Every individual who qualifies as a resident of India needs to pay tax on his income. Tax-payers have to follow certain rules while filing their Income Tax Returns (ITRs) every financial year.