Taxes are what we pay for civilized society.
Oliver Wendell Holmes, Jr., U.S. Supreme Court Justice

An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. At T Squad, we are not just number – crunchers; we are your financial allies. Our seasoned tax professionals ensure accurate filings and help you uncover every deduction and credit available. Whether you are an individual taxpayer or a small business owner, we have got your back. Do not stress about taxes let us handle the details while you focus on what matters most.

1. Preparation, review and filing of Returns

We have years of experience in providing tax assistance to Individuals and Corporate, Firms, Societies, Trusts. We make sure that tax filing for our clients is made in the most accurate and timely manner. Also, our experts ensure that there is maximum tax savings in terms of reliefs and exemptions provided under the latest tax rules of the country.

2. Tax Planning and Tax Advisory Services

We offer top-tier tax consulting services tailored to meet the unique needs of our clients in India. We specialize in providing personalized tax advisory and tax planning services to help you navigate the complexities of tax regulations. Whether you need assistance with income tax returns, tax-saving investments, or strategic tax planning, our team is here to ensure you make informed decisions and maximize your financial benefits

Overview on Income Tax Returns

An Income Tax Return (ITR) is an income tax form which you need to fill and submit it electronically to the Income Tax Department. In this form you need to give details of your income and taxes (taxes – that you may have paid or other people who may have deducted your tax). The income tax return forms are in various formats viz. ITR-1, ITR-2, ITR-3, ITR-4, etc. Each form depicts a separate category of income tax payers. You need not worry about your category as we handle it for you. The tax return formats are pre-defined formats by the Central Board of Direct Taxes (Income tax Department).

Some benefits of Filing Income Tax Returns in India. Shortly termed as ITR Filing.

Easily Available of Loans

You will get bank loans easily if you regularly file returns every year. It is easier to get loans for vehicle, home, personal etc

Claim Income Tax Refunds

If your income tax refund is pending with the department, you can easily claim for that amount by filing Income Tax Return within due date.

Valid as Identity Proof

Your Return Filed Copy can be used as an address proof or Identity Proof as it is certified & verified from a government body

Required While Processing of Visa

Most embassies ask for past 2 years of ITR copies to process your VISA application. It is useful for easier VISA processing.

Other Information About Income Tax

The tax returns must be filed every year and must be filed by a specific due date. If you have paid excess tax during a year, you are eligible for a ‘Income Tax Refund’, subject to the department’s interpretations and calculations. Non filing of Income tax Returns leads notices from the Income Tax Department asking you to file your return and may ask you to pay a penalty for not filing your income tax return. Government will not give you your refund. If they find you to owe the government taxes, the interest on the base tax keeps adding up till you pay.Department have inserted a new section 234F in Income Tax Act, 1961 with effect from Assessment Year 2018-19 (Financial Year 2017-18). Under this section, fee (penalty) is levied if the Income-tax return is not filed within due date.

At T Squad , we understand that income tax filing can be a complex and time-consuming process, especially for businesses and individuals with multiple sources of income. That’s why our expert team is here to help you prepare and file your income tax returns accurately and efficiently. Contact us today to learn more about our income tax filing services and how we can help you navigate the complex world of income tax.