• BENEFITS OF FILING INCOME TAX RETURNS

You can save money literally; as non filing of returns attracts a penalty with minimum Rs. 5,000 and interest under section 234A.

Luxury of reducing taxable income in forth coming years by the option of carrying forward losses on various heads of income.

Submitting income tax returns of past three years even if it is a NIL return to banks or financial institutions for smooth processing of Loans like housing, education, vehicle etc.

Foreign travel is possible only through VISA and VISA is possible only through submission of IT returns as one of the documents.

Quick registration of immovable properties in some of cities of India.

It is a standard proof of income of a person which establishes record with the tax department.

You can use the amount donated as deductions which are tax friendly, thereby reducing your taxable income.

You can even claim the amount of LIC premiums paid as deduction and reduce the tax liability.

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WE PLAN YOUR TAX …YOUR BENEFIT IS OUR AIM

• Our primary goal in managing your wealth isto help you achieve your financial goals,which is why tax planning is so important. Taxplanning considers the implications ofindividual, investment, and businessdecisions, usually with the goal of minimizingtax liability. While decisions are rarely madebased solely on their taxable impact, we arealways cognizant of the income, capital gains,estate, and business tax issues involved in anyparticular situation. Attention to taxes ofteninfluences the timing of investment purchasesand sales, and it can have a great influence onestate planning. We undertake gift and estatetax planning, life event planning, business taxplanning, income tax planning, andinvestment tax planning.

•

The taxable consequences of any actionwe take are carefully weighed. Whilefinancial professionals can performmany functions of the tax planningprocess, some activities require theexpertise of an accountant or a CPA. Wehave taxation specialist to focus on yourtax planning. Tax planning is a criticalcomponent of wealth management, anda good taxation strategy will be well-coordinated with your overall plans forbusiness,Investments, risk management,estate, and retirement.

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PENSION IS TAXABLE!!

As a thumb rule pension is always taxable. It is taxed under the head ‘income fromsalary’ in your income tax returns. Sometimes a taxpayer may choose to ‘commute’ aportion of their pension. When pension is paid as a lump sum it is called commutedpension.

• Commuted pension or lump sum received may be exempt

in certain cases.

• For a government employee, commuted pension is fully exempt.

• For a non-government employee, it is partially exempt.

• Uncommuted pension or any periodical payment of pension

is fully taxable like salary

• Uncommuted pension or any periodical payment of pension is fullytaxable like salary

• Pension that is received from UNO by its employees or their family isexempt from tax. Pension received by family members of ArmedForces is also exempt.

LAW & TAX CONSULTANTS since1948

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What to do when you get an Income Tax

Notice???

LAW & TAX CONSULTANTS since1948

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