Income Tax Return (ITR) Filing & TDS
Accurate direct tax filing, legal tax-saving structures, and complete TDS/TCS advisory.
Minimize Your Tax Liabilities Legally and File with Absolute Safety
Filing Income Tax Returns (ITR) is a statutory obligation for every individual, professional, and business entity whose income exceeds the basic exemption limit. Today, the Income Tax Department utilizes advanced artificial intelligence and data-mining engines to track financial activities. Every bank deposit, property purchase, stock market transaction, and credit card bill is recorded in your **Annual Information Statement (AIS)** and **Taxpayer Information Summary (TIS)**. Any mismatch between these records and your filed ITR will trigger computerized notices. Adv. Saurabh Sonar & Associates provides professional direct tax filing services that ensure absolute accuracy, match database declarations, and maximize your eligible deductions.
We work closely with salaried professionals, business owners, doctors, and real estate developers across Sangli and Miraj. We evaluate your financial records, advise on the best tax regime, compile required schedules, and securely file your returns, avoiding the risk of scrutiny.
Our Direct Tax Services Portfolio
Processing ITR-1 & ITR-2 for employees, incorporating Form 16, rental income, and interest savings.
Filing ITR-3 & ITR-4 for proprietary business concerns, retailers, doctors, and legal consultants.
Managing complex ITR-5 (Partnerships/LLPs) and ITR-6 (Companies) returns requiring tax audits.
Quarterly filings of Form 24Q (Salary TDS), Form 26Q (Non-Salary), Form 27Q, and Form 27EQ (TCS).
Tax calculation and exemption planning (Sec 54/54F/54EC) for property sale, stock trades, and gold sales.
Drafting professional replies to notices, representing cases in faceless assessments, and filing appeals.
Understanding ITR Forms & Categories
The Income Tax Department has structured returns into seven different forms. Using the incorrect ITR form makes your filing invalid, resulting in defective return notices. We ensure your files map to the correct categories:
- ITR-1 (Sahaj): For resident individuals having total income up to Rs. 50 Lakhs, originating from Salary, one house property, and interest/pension.
- ITR-2: For individuals and HUFs who do not have income from business or profession but have capital gains, multiple houses, foreign assets, or agricultural income exceeding Rs. 5,000.
- ITR-3: For individuals and HUFs having income from proprietary business or profession, including partners in firms.
- ITR-4 (Sugam): For resident individuals, HUFs, and partnership firms (excluding LLPs) with income up to Rs. 50 Lakhs opting for presumptive taxation under sections 44AD, 44ADA, or 44AE.
- ITR-5: For Partnership Firms, LLPs, Association of Persons (AOPs), and Body of Individuals (BOIs).
- ITR-6: For corporate companies other than companies claiming exemption under section 11 (charitable/religious trusts).
- ITR-7: For persons, trusts, and companies required to furnish returns under section 139(4A), 139(4B), 139(4C), or 139(4D).
Quarterly TDS/TCS Compliance for Employers and Businesses
If you make payments like salaries, professional fees, contractor payments, commission, or rent, you are legally required to deduct tax at source (TDS) under appropriate sections (192, 194J, 194C, 194H, 194I, 194Q) and deposit it with the government monthly. Additionally, you must file quarterly TDS returns (Form 24Q or 26Q) to issue Form 16/16A to your payees. Non-deduction, delayed deposit, or failure to file quarterly returns attracts heavy penalties and interest (1% to 1.5% per month), and the expenditure can be disallowed in your business accounts. We manage the entire TDS cycle, helping businesses maintain clean compliance sheets.
ITR Documents Checklist
Please compile the following documents to file your Income Tax Return:
- Form 16 (Part A & Part B)
- Salary Slips
- Form 26AS & AIS/TIS printouts
- PAN Card & Aadhaar Card
- Bank statements (All accounts)
- Home loan interest certificate (if any)
- Tax saving proofs (80C, 80D, etc.)
- P&L Statement & Balance Sheet
- GST return summaries
- Bank Ledger (Excel or PDF)
- Purchase & Sales registers
- Capital asset purchase invoices
- Cash book & stock details
Maximize Tax Savings?
We help you choose between Old and New tax regimes for the lowest liability.
Old Tax Regime vs New Tax Regime: Strategic Comparison for Taxpayers
Taxpayers in India now face a key choice: should they file under the Old Tax Regime or the default New Tax Regime? The Finance Act has progressively updated both regimes, making the decision more complex. Let's compare their structures, advantages, and drawbacks to help you make an informed choice.
1. The Old Tax Regime (With Deductions)
The Old Tax Regime maintains higher tax slab rates but allows taxpayers to reduce their taxable income by utilizing statutory deductions. It is highly beneficial for individuals who have structured investments, home loans, or pay premium medical insurance. The key tax deductions available under the Old Regime include:
- Section 80C: Deduction up to Rs. 1.5 Lakhs for investments in PPF, EPF, Life Insurance Premium, ELSS mutual funds, National Savings Certificate (NSC), school tuition fees, and home loan principal repayment.
- Section 80D: Deduction for medical insurance premiums paid for self, spouse, children (up to Rs. 25,000) and senior citizen parents (up to Rs. 50,000).
- Section 24(b): Interest paid on home loans for self-occupied properties is deductible up to Rs. 2,00,000 per year.
- House Rent Allowance (HRA): Partial or full exemption on rent paid, depending on salary structure.
- Section 80G: Deductions for donations made to charitable trusts and government relief funds.
2. The New Tax Regime (Without Deductions - Default)
The New Tax Regime (Section 115BAC) has lower slab rates and wider tax brackets. It is designed to simplify tax filing by eliminating most exemptions. From FY 2023-24 onwards, it is the default tax regime. Standard deduction of Rs. 75,000 for salaried employees is allowed, along with tax rebates under Section 87A, making total income up to Rs. 7 Lakhs completely tax-free. However, key deductions (80C, 80D, Section 24(b) home loan interest, HRA) are disallowed under this scheme.
Comparison Table: Slab Rates (FY 2025-26/2026-27 Updates)
| Taxable Income Slabs (New Regime) | New Regime Rates | Taxable Income Slabs (Old Regime) | Old Regime Rates |
|---|---|---|---|
| Up to Rs. 3,00,000 | Nil | Up to Rs. 2,50,000 | Nil |
| Rs. 3,00,01 – Rs. 7,00,000 | 5% | Rs. 2,50,001 – Rs. 5,00,000 | 5% |
| Rs. 7,00,001 – Rs. 10,00,000 | 10% | Rs. 5,00,001 – Rs. 10,00,000 | 20% |
| Rs. 10,00,001 – Rs. 12,00,000 | 15% | Above Rs. 10,00,000 | 30% |
| Rs. 12,00,001 – Rs. 15,00,000 | 20% | ||
| Above Rs. 15,00,000 | 30% |
How We Help You Choose the Best Regime
Choosing between the regimes depends on your total investments and home loan obligations. As a rule of thumb, if your total deductions (80C, 80D, HRA, home loan interest) exceed Rs. 3.75 Lakhs, the Old Tax Regime may result in a lower tax liability. If your investments are minimal, the New Tax Regime is more beneficial due to its lower slab rates. We perform comparative calculations using both models for every client, ensuring that you file under the most tax-efficient regime.
Capital Gains Tax Management on Property and Shares
For individuals in Sangli-Miraj who buy or sell agricultural land, residential plots, or stock market shares, understanding capital gains taxation is essential. Selling a property held for more than 24 months attracts Long-Term Capital Gains (LTCG) tax at 12.5% (or 20% with indexation benefits for older transactions, subject to recent amendments). The tax liability can be offset by investing the gain under Section 54 (buying another house property) or Section 54EC (buying NHAI/REC capital gain bonds). Our team structures these transactions to ensure full compliance and maximize tax savings.
File Your ITR Securely and Accurately
Don't risk tax notices. Let us audit your Form 26AS/AIS and file your returns professionally.