At Aftab & Associates, we provide comprehensive individual tax services to help individuals navigate the complex tax landscape in India. Our team of experienced tax consultants ensures that you remain compliant with all tax regulations while optimizing your tax position.
As one of the leading tax consultants for individuals in Bengaluru, we understand the nuances of Indian tax laws and stay updated with the latest amendments to provide you with accurate and timely advice.
Accurate and timely preparation and filing of income tax returns for individuals, ensuring compliance with tax regulations.
Strategic tax planning to help you minimize your tax liability through legal methods and maximize savings.
Ensuring compliance with all tax regulations and deadlines to avoid penalties and legal issues.
Assistance with tax assessments, scrutiny, and representation before tax authorities.
With Aftab & Associates, you get more than just tax filing services. Our approach is comprehensive and tailored to your specific needs:
In India, individuals are required to file income tax returns if their total income exceeds the basic exemption limit (currently ₹2.5 lakhs for individuals under 60 years, ₹3 lakhs for senior citizens aged 60-80, and ₹5 lakhs for super senior citizens above 80). Additionally, individuals may need to file returns if they have foreign assets, have deposited more than ₹1 crore in a bank account, or have spent more than ₹2 lakhs on foreign travel, among other criteria.
Common tax deductions available to individuals in India include Section 80C deductions (up to ₹1.5 lakhs for investments in PPF, ELSS, life insurance premiums, etc.), Section 80D deductions for health insurance premiums, Section 80E for education loan interest, Section 24 for home loan interest, and Section 80G for charitable donations. Our tax planning services help you maximize these deductions to reduce your tax liability.
The old tax regime allows various deductions and exemptions but has higher tax rates, while the new tax regime offers lower tax rates but eliminates most deductions and exemptions. The choice between the two depends on your specific financial situation and the deductions you can claim. Our tax consultants in Bengaluru can help you determine which regime is more beneficial for you.
Capital gains in India are classified as short-term (assets held for less than a specified period) or long-term (assets held for more than the specified period). The holding period and tax rates vary depending on the type of asset. For example, equity shares and equity mutual funds are considered long-term if held for more than 12 months, while real estate is considered long-term if held for more than 24 months. Our tax advisory services can help you understand and plan for capital gains tax.
Late filing of income tax returns can result in penalties ranging from ₹5,000 to ₹10,000, depending on the delay period. Additionally, you may lose the ability to carry forward certain losses and face interest charges on any unpaid tax. Our tax compliance services ensure timely filing to avoid these penalties.
Explore our comprehensive range of professional services:
Expert assistance with income tax filing, planning, and compliance for individuals and businesses.
Learn MoreComprehensive audit services ensuring compliance and providing valuable business insights.
Learn MoreAccurate and efficient bookkeeping services to maintain your financial records.
Learn MoreComplete GST compliance, registration, filing, and advisory services for businesses.
Learn MoreExpert guidance on corporate legal matters, compliance, and regulatory requirements.
Learn MorePersonalized tax planning and filing services for individuals to optimize tax positions.
Learn MoreSpecialized tax solutions for corporations to ensure compliance and minimize tax liability.
Learn MoreComprehensive internal audit services to improve operational efficiency and risk management.
Learn MoreContact Aftab & Associates today for professional individual tax services tailored to your needs. Our team of experienced tax consultants in Bengaluru is ready to help you navigate the complexities of tax regulations.
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