Personal Tax Services
Introduction
Personal tax refers to the tax you pay on the income you earn, as well as the returns generated from your investments. This includes salary, business profits, rental income, and capital gains. Personal tax is a significant contribution to public services, ensuring your financial obligations are in line with your earnings. At TAXASTRO ADVISORS, we offer expert guidance to help you manage your taxes effectively, ensuring compliance while optimizing your financial health.
Personal Tax Deadlines
Our expert team at TAXASTRO ADVISORS provides a comprehensive tax calendar to ensure you meet deadlines and avoid penalties. We send timely reminders for filing returns, making tax payments, and submitting required documents.
Personal Tax Guidance
Understanding your personal tax obligations can be complex, but our experienced consultants will help you navigate through it with ease. Tax rates vary depending on the regime you choose.
Old Tax Regime Slab Rates
| Income Slab | Tax Rate |
|---|---|
| Up to ₹2,50,000 | Nil |
| ₹2,50,001 to ₹5,00,000 | 5% |
| ₹5,00,001 to ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
New Tax Regime Slab Rates
| Income Slab | Tax Rate |
|---|---|
| Up to ₹3,00,000 | Nil |
| ₹3,00,001 to ₹7,00,000 | 5% |
| ₹7,00,001 to ₹10,00,000 | 10% |
| ₹12,00,001 to ₹15,00,000 | 20% |
| Above ₹15,00,000 | 30% |
Advance tax is a system that allows taxpayers to pay their liability in installments rather than a lump sum at the end of the fiscal year. It applies to individuals, HUFs, salaried employees, freelancers, and businesses, whose tax liability exceeds ₹10,000 in a year.
Advance Tax Installments
| Due Date | Installement Amount |
|---|---|
| June 15 | 15% of total advance tax liability |
| September 15 | 45% of total advance tax liability minus the first installment |
| December 15 | 75% of total advance tax liability minus the first two installments |
| March 15 | 100% of total advance tax liability minus previous installments |
Heads of Income
Income is classified under specific heads for tax purposes. Each head has its own set of rules and provisions for tax computation.
| Head of Income | Description |
|---|---|
| Income from Salary | Earnings from employment, including salary, wages, bonuses, and allowances. |
| Income from House Property | Rental income from residential or commercial properties. |
| Business/Profession | Profits derived from self-employment or business activities. |
| Capital Gains | Profits or losses from the sale or transfer of capital assets like stocks or real estate. |
| Other Sources | Other income, such as dividends, interest, and gifts. |
Tax Planning: Exemptions & Deductions
Strategic tax planning is vital for reducing your tax liability and maximizing savings. At TAXASTRO ADVISORS, we help identify eligible exemptions, deductions, and credits available under tax laws to minimize your taxable income. We tailor our tax planning services based on your financial goals, ensuring that your tax strategy aligns with your future objectives.
Personal Tax Litigation Support
Navigating tax disputes can be challenging, but TAXASTRO ADVISORS offers expert guidance in handling tax litigation. Our team will assist you in dealing with audits, assessments, and appeals, ensuring you can manage any potential issues with the tax authorities effectively. We specialize in complex tax matters, including transfer pricing, international tax issues, and the interpretation of tax laws.
Why Choose TAXASTRO ADVISORS for Personal Tax Services?
- Expertise: Our tax consultants are highly experienced and stay updated with the latest tax laws, ensuring accurate and reliable advice.
- Personalized Service: We understand that every individual's tax situation is unique. Our services are customized to fit your specific needs and financial goals.
- Proactive Approach: We anticipate changes in tax legislation and offer proactive advice to help you manage your taxes efficiently.
- Comprehensive Support: From tax return filing to strategic tax planning and dispute resolution, we provide end-to-end personal tax services.
- Client-Centric Focus: Your satisfaction is our priority. We are committed to delivering exceptional service and building long-term relationships.
At TAXASTRO ADVISORS, we simplify personal tax management, ensuring compliance while optimizing your tax benefits. Let us help you navigate the complexities of personal taxation with expert advice and tailored services.
