Harchandani & Associates: Your Trusted Income Tax Advisor in Ahmedabad Welcome to Harchandani & Associates, your one-stop solution for all your Income Tax needs in Ahmedabad! We are a team of experienced and qualified tax professionals dedicated to providing individuals, High Net Worth Individuals (HNIs), companies, and firms with comprehensive and reliable Income Tax services. Our goal is to minimize your tax burden, ensure compliance, and navigate complex tax situations with ease.
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Any individual whose gross total income exceeds the basic exemption limit (₹2.5 lakh below 60, ₹3 lakh for senior citizens, ₹5 lakh for super senior citizens) must file an ITR. Companies and LLPs must file regardless of taxable income. Filing is also mandatory if you hold foreign assets, want to claim a TDS refund, or have carried-forward losses to claim.
Individuals and HUFs not subject to audit: 31st July. Businesses requiring a tax audit: 31st October. Companies and transfer-pricing cases: 30th November. Missing the deadline attracts a late filing fee under Section 234F (up to ₹5,000) and interest under Section 234A on unpaid tax.
Key documents: PAN and Aadhaar, Form 16 (from employer), Form 26AS and AIS/TIS (from the income tax portal), bank statements, investment proofs under Section 80C/80D, capital gains statements from brokers/mutual funds, and rental income receipts. For business income, audited financials or books of accounts are also required.
A CA uses legitimate strategies: optimal use of deductions under Sections 80C (up to ₹1.5 lakh via PPF, ELSS, LIC), 80D (health insurance), 80G (donations), and HRA exemptions. For business owners and HNIs, strategies include HUF formation, salary structuring, timing capital gains, and selecting the optimal tax regime. All strategies are fully compliant with the Income Tax Act.
Do not ignore any notice. Notices are issued under various sections — 143(1) for processing discrepancies, 148 for reassessment, 156 for tax demand, or 131 for verification — and each has a specific response deadline. A Chartered Accountant can interpret the notice, gather required documentation, and represent you during proceedings, significantly reducing your penalty risk.