The Indian Income Tax department is governed by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue managed by Indian Revenue Service (IRS), under the Ministry of Finance, Govt. of India.

The government of India imposes an income tax on taxable income of individuals, Hindu Undivided Families (HUFs), companies, firms, co-operative societies and trusts (Identified as body of Individuals and Association of Persons) and any other artificial person. Levy of tax is separate on each of the persons. The levy is governed by the Indian Income Tax Act, 1961.

Under chapter 4 of Income Tax Act, 1961 (Section 14), income of a person is calculated under various defined heads of income. According to Section 14 of Income Tax Act, 1961, there are following heads of income under which total income of a person is calculated:

  • Salary
  • House Property
  • Profit in Business/Profession
  • Capital Gains
  • Other Sources

Handling of all kinds of Tax Matters

We, at Ashwani Gupta and Associates are engaged in delivering services related to all kinds of tax matters. Our aim is to help the client in paying optimum taxes according to the governing laws.

We also handle all kinds of cases related to tax matters. We pay special attention to every aspect of the case and we try to come to a solution after considering all the rulings of the tax authorities and present laws.

Services provided at Ashwani Gupta and Associates

The range of services provided at Ashwani Gupta and Associates include:

  • Tax Management Services, advisory services to minimise and manage tax liability under Indian Tax Laws
  • All matters relating to indirect tax and service tax
  • Calculation of Advance Taxes
  • Filing of returns of Income Tax, Wealth Tax, Tax Deducted at Source(TDS)
  • Representation before Tax Authorities for Assessments, Appeals, Search & Seizure Cases
  • Employee Tax Management and Salary Structure Designing Services
  • International Taxation & Transfer Pricing

In India, Individual income tax is a progressive tax with three slabs. About 10 per cent of the population meets the minimum threshold of taxable income.

From April 1, 2013 new tax slabs apply, which are as follows:

  • No income tax is applicable on all income up to Rs. 2,00,000 per year. (Rs. 2,50,000 for senior citizens( 60 to 80 years) and Rs 5,00,000 for senior citizens (above 80 years)
  • From 2,00,001 to 5,00,000 : 10% of amount greater than Rs. 2,00,000 (Rs 2,50,000 for senior citizens( 60 to 80 years); none for senior citizens above 80 years)
  • From 5,00,001 to 10,00,000 : 20% of amount greater than Rs. 5,00,000 + Rs 30,000 ( Rs 25,000 for senior citizens( 60 to 80 years) and Nil for senior citizens above 80 years)
  • Above 10,00,000 : 30% of amount greater than Rs. 10,00,000 + Rs 1,30,000 ( Rs. 1,25,000 for senior citizens ( 60 to 80 years) and Rs. 1,00,000 for senior citizens above 80 years)

Charge to Income Tax

Every Person whose total income exceeds the maximum amount which is not chargeable to the income tax is an assessee, and shall be chargeable to the income tax at the rate or rates prescribed under the finance act for the relevant assessment year, shall be determined on basis of his residential status.

Every Person whose total income exceeds the maximum amount which is not chargeable to the income tax is an assessee, and shall be chargeable to the income tax at the rate or rates prescribed under the finance act for the relevant assessment year, shall be determined on basis of his residential status.

 

Financing

  • Management Consulting
  • Office Duties
  • Payroll Services
  • Portfolio Management
  • Software Solutions

Tax and Audit

  • Strategic planning
  • Audit
  • FBT
  • GST
  • Taxation
  • Acquisitions & Mergers

Estate Planning

  • Charitable Trusts
  • Company Secretary
  • Farm Accounting
  • Forensic Accounting
  • Human Resources
  • Information Technology

Special Services

  • Acquisitions & Mergers
  • Charitable Trusts
  • Company Secretary
  • Estate Planning
  • Farm Accounting
  • Forensic Accounting