Income Tax

Why to do tax evasion? When you can save it legally. We explore over 50 deductions. Reducing income tax liability and increasing the ability to make contributions towards retirement plans are critical for success.

Tax planning plays an important role in the financial growth story of every individual as tax payments are compulsory for all individuals who fall under the Tax bracket. With tax planning, one will be able to streamline his/her tax payments. Also, effective tax planning will help in reducing a person’s tax liability.

1. Tax planning is the process of analysing finances from a tax angle, with an aim to ensure maximum tax efficiency.
2. Considerations concerning tax planning will include timing of income, timing of purchases, planning for expenditures, and size.
3. Tax planning is vital for small as well as large businesses since it will be helpful for achieving business-related goals.

Tax planning is different for every Income structure like businessmen can claim expenses of electricity paid for running the business whereas a salaried person cannot claim electricity expenses.

Example of Tax planning which can suits some taxpayers.

Tax consulting is now easier than ever available at an affordable price using technology, and the convenience of online collaboration. With this plan, you can connect with our top experts CA and Tax experts to solve any problem on Income Tax or GST.

Once you buy the plan, we will allot you our expert based on the convenient time you agree during office hours. The standard timelines are 30 mins, however, we understand sometimes things might require more time & we are flexible in that sense.

About This Plan

you may have, our experts will assess your case and guide you on the right course of action. Consultancy will be provided to salaried individuals, freelancers, financial traders. Book your Tax Consultation appointment today to receive a call from an BabaTax Tax Expert consultant at Rs 999. For Capital Gains, Foreign Income, NRI related consultations the price would be Rs. 1999.

Various types of cases where an BabaTax Consultant can help you over a phone.
1. Income Tax Declaration,
2. New vs Old tax regime,
3. Tax Savings,
4. Late Income Tax Filing,
5. Revised Income Tax Filing,
6. Optimal Salary Structure,
7. Capital Gains,
8. Re-investment Options,
9. Virtual Digital Assets (Cryptocurrencies),
10. Undisclosed Income,
11. Tax Investigations,
12. IT Audit,
13. GST Audit,
14. GST Filing,
15. GST Audit,
16. Export,
17. Import Businesses
are some examples where we can help you with ease.

Income tax notices are sent by the Income Tax Department for various reasons like not filing income tax return, defect in filing of tax return or other instances where the tax department requires additional information or documents. On receiving an income tax notice, there is no reason to be alarmed or frightened. However, the taxpayer must take steps to understand the nature of notice, the request or order in the notice and take steps to comply.
In case you receive an income tax notice, get in touch with a Tax Expert at BabaTax Consultant to better understand the income tax notice and determine a course of action. You can send a copy of the tax notice and question to [email protected] or whatsapp at +917024984925. Our Tax Experts can then advice you on the type of notice received and provide support in helping you comply with the tax notice or order.

Types of Income Tax Notice

Notice u/s 143(1) – Intimation
This is one of the most commonly received income tax notice. The income tax department sends this notice seeking a response to the errors/ incorrect claims/ inconsistencies in an income tax return that was filed. If you want to revise the return after receiving this notice, it must be done within 15 days. Else, the tax return will be processed after making necessary adjustments mentioned in the 143(1) tax notice.

Notice u/s 142(1) – Inquiry
This notice is addressed to the assessee when the return is already filed and further details and documents are required from the assessee to complete the process. This notice can also be sent to necessitate a taxpayer to provide additional documents and information.

Notice u/s 139(1) – Defective Return
An income tax notice under Section 139(1) would be issued if the income tax return filed does not contain all necessary information or incorrect information. If tax notice under Section 139(1) is issued, you should rectify the defect in the return within 15 days.

Notice u/s 143(2) – Scrutiny
An income tax notice under Section 143(2) is issued if the tax officer was not satisfied with the documents and information that was submitted by the taxpayer. Taxpayers who receive notice under Section 142(2) have been selected for a detailed scrutiny by the Income Tax department and will have to submit additional information.

Notice u/s 156 – Demand Notice
This type of income tax notice is issued by the Income Tax Department when any tax, interest, fine or any other sum is owed by the taxpayer. All demand tax notice will stipulate the sum which is outstanding and due from the taxpayer.