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Meet our Tax Experts in Hyderabad
Tax Advisor Rakesh Yadav comes with an experience of 4 years. His core expertise is India Taxes. He is passionate about learning new things everyday and his life mantra is life is short, smile while you still have teeth.
Tax Advisor Komal Mistry comes with an experience of 5 years. Her core expertise is in India taxes. She is passionate about traveling to new places and her life mantra is be happy and keep smiling. Believe in yourself.
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Frequently Asked Questions
Our basic charges and increase based on the time, complexities and number of heads of income in your tax return.
Yes. We do tax planning and provide advice that will minimize capital gains tax liability and help you plan better in order to optimize taxes. In property sale transactions we would advise our clients to consult us before they do so since we can help them minimize their tax liability.
Few Important documents that one must have while e-filing tax returns are as follows:
- Form 16 – Issued by the employer
- Form 16A – Tax deducted by banks on interests
- Form 26AS
- Bank statements
- Home loan and/or HRA receipts
- Documents of investments for tax saving
There are few more documents that will be applicable depending on the complexity of the return
You may take an appointment with our tax experts on phone/email and we will be happy to assist you and guide you regarding the documents that you need to carry when you come to us for filing your taxes. You may also walk into any of our offices in Gurgaon, Hyderabad, Bangalore, Mumbai, Pune & Ahmedabad and our tax advisors will be happy to assist you.
As per income tax law, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of “advance tax”. However, income tax section gives relief from payment of advance tax to a resident senior citizen unless the income is earned from business or
profession. Otherwise Senior citizen is not liable to pay advance taxes.
Any gift received amounting more than Rs.50,000/- from relatives who are not covered under the definition of relatives under section 56 of income tax act will be liable for taxes. However there are few exceptions to the same. For example : On the occasion of Marriage, Gift received from closed relatives who are covered under the definition of income tax act etc.
Yes, Return can be revised if any correction needs to be done. Original return can be revised multiple times within a period of one year from the end of assessment year or before completion of the assessment whichever is earlier. However, previously there was a condition that the return needs to be filed within the due date then only it will be eligible for revision. But now even the belated return can be revised. Further, the same mode or revision should be used i.e. if the return is filed manually it can be revised with the same mode of filing.
Deriving residential status of a person is really important as based on the same the taxability of the income will be decided in India.
For a Resident and Ordinary Resident global income of India will have tax impact in India considering the relief to be claimed on the portion of income on which taxes are already paid outside India.
However for a Non-resident, the income earned in India will only have taxable impact.
If the property purchase amont is more than 50lakhs, one should deduct a TDS @ 1%, by filing Form 26QB. The TDS should be deducted and paid at the time of making the payment to seller of the property. If the payment is made in installments, the TDS should be paid in installments @1% of amount payable.
No, as for claiming such benefit, the donee trust should be registered under section 80G with Income Tax Act in India. The foreign bodies will not be registered under such provisions. Hence, the foreign donation can not be claimed as deduction u/s 80G.