Income Tax & ITR Filing Services in Mohali
Expert income tax planning, ITR filing, capital gains, NRI taxation, and notice handling — CA Ankush Garg , your trusted income tax consultant in Mohali.
Income tax in India is not just about filing a return once a year — it involves choosing the right tax regime, claiming every eligible deduction, correctly reporting capital gains, staying compliant with advance tax deadlines, and responding to notices from the Income Tax Department. A single error can result in tax demands, interest, penalties, and scrutiny.
CA Ankush Garg provides comprehensive income tax services in Mohali — from individual ITR filing and tax planning to corporate tax advisory, capital gains computation, NRI taxation, and representation before income tax authorities. With 11 years of hands-on experience across thousands of returns, we ensure your taxes are filed correctly, on time, and with maximum legally available savings.
Who We File ITR For
- Salaried individuals - ITR-1 / ITR-2 — salary income, house property, other sources, capital gains
- Freelancers & consultants- ITR-3 / ITR-4 — professional income, presumptive taxation (Section 44ADA)
- Business owners - ITR-3 / ITR-4 — business income, presumptive scheme (Section 44AD)
- Companies (Pvt Ltd) ITR-6 — corporate income tax, MAT computation, ICDS adjustments
- LLPs & firmsITR-5 — partnership and LLP tax returns
- NRIsITR-2 — rental income, capital gains, DTAA benefits, TDS refund claims
- HUFITR-2 / ITR-3 — Hindu Undivided Family tax returns
- Trusts & societies ITR-7 — charitable trusts, NGOs, Section 11 and 12 exemptions
Income Tax Filing Services
1. ITR filing — individuals and businesses
We handle ITR filing under the correct ITR form for every category of taxpayer — ensuring all eligible deductions are claimed, the correct tax regime is selected, and the return is filed before the due date. Our process includes:
- Identifying the correct ITR form based on your income sources
- New tax regime vs old tax regime analysis— we compute tax under both and recommend the option that saves you the most
- Claiming all deductionsunder Section 80C, 80D, 80CCD, 24(b), HRA, LTA, and other applicable sections
- TDS reconciliation— matching Form 26AS, AIS, and TIS with your income
- Verification and e-filingon on the Income Tax portal with UDIN for audited returns
- ITR-V acknowledgement sent to you immediately after filing
2. New tax regime vs old tax regime — which saves you more?
- New regime (default from FY24) Lower slab rates. No deductions under 80C, 80D, HRA, LTA, home loan interest. Standard deduction of Rs. 75,000 for salaried.
- Old regime Higher slab rates but allows all deductions. Better if total deductions exceed Rs. 3.75–4.5 lakh depending on income level.
- Who should prefer old regime? Taxpayers with home loan interest (Rs. 2L), 80C (Rs. 1.5L), NPS (Rs. 50K), health insurance, and HRA — deductions that together exceed the tax savings from lower slabs.
- Who should prefer new regime? Taxpayers with minimal investments, no home loan, or early in career — the lower slab rates give better outcomes without relying on deductions.
We compute your tax liability under both regimes with your actual numbers — and recommend the option that puts more money in your pocket.
3. Capital gains taxation
Capital gains is one of the most misunderstood areas of Indian income tax — and one of the most commonly misfiled. Different assets attract different rates, holding periods, and exemptions.
- Listed shares & equity mutual funds LTCG (held 12+ months): 12.5% on gains above Rs. 1.25 lakh. STCG (held under 12 months): 20%. Grandfathering for pre-January 2018 cost.
- Residential property LTCG (held 24+ months): 12.5% without indexation (post-July 2024). STCG: at applicable slab rate. Exemption under Section 54 on reinvestment.
- Unlisted shares LTCG (held 24+ months): 12.5% without indexation. STCG: slab rate. Complex for ESOPs and startup equity — needs careful computation.
- Debt mutual funds (post-April 2023) All gains taxed at slab rate regardless of holding period — no LTCG benefit.
- Gold & digital gold LTCG (held 24+ months): 12.5%. STCG: slab rate. Physical gold and Sovereign Gold Bonds have different treatment.
We compute your capital gains from broker statements and property documents — correctly claiming exemptions under Sections 54, 54EC, 54F, and 112A wherever applicable.
4. Tax planning — proactive strategies to reduce your tax
The best tax planning is done at the beginning of the financial year — not in March. We review your income, investments, and structure at the start of each year and recommend a personalized tax plan.
- Section 80C— PPF, ELSS, life insurance, NSC, home loan principal (up to Rs. 1.5 lakh)
- Section 80D— health insurance for self, spouse, children (Rs. 25,000) and parents (Rs. 25,000–50,000)
- Section 80CCD(1B)— additional NPS contribution (Rs. 50,000 over and above 80C limit)
- Section 24(b)— home loan interest deduction (up to Rs. 2 lakh on self-occupied property)
- HUF planning— creating a Hindu Undivided Family to split income and utilize separate basic exemption
- Section 54 / 54EC— capital gains exemption through property reinvestment or NHAI/REC bonds
- Advance tax planning— computing and paying advance tax in 4 instalments to avoid interest under 234B/234C
- Loss carry-forward— booking losses in equity to offset gains and reduce tax outgo
5. Advance tax computation and payment
If your total tax liability exceeds Rs. 10,000 in a year, advance tax must be paid in 4 instalments — June 15, September 15, December 15, and March 15. Non-payment attracts interest under Sections 234B and 234C. We compute your advance tax liability before each instalment date and send you a reminder with the exact amount to pay.
6. Income tax notice handling
Income tax notices are increasingly common due to AIS (Annual Information Statement) mismatches, high-value transaction reporting, and AI-based scrutiny. Most notices are routine — but they must be responded to correctly and on time.
- Section 143(1)— intimation and demand notices — most common, usually resolvable
- Section 143(2)— scrutiny assessment — serious, requires detailed response with documentation
- Section 148 / 148A reassessment / reopening — high-stakes, requires experienced CA
- Section 139(9)— defective return notice — ITR filed with errors, must be corrected
- Section 245— refund adjusted against demand — must be verified and disputed if incorrect
- Appeals before CIT(A) and ITAT— for disputed assessments and penalty orders
7. TDS compliance
- TDS deduction on salary— Form 16 review and TDS matching
- TDS on professional fees— Section 194J — applicable to consultants receiving payments
- TDS on rent— Section 194IB — tenant obligation when rent exceeds Rs. 50,000/month
- TDS on property purchase— Section 194IA — 1% TDS on property purchase above Rs. 50 lakh
- Form 26AS and AIS reconciliation— matching all TDS credits with your return
- Lower deduction certificate— Form 13 — for those with lower actual tax liability than TDS rate
Important Due Dates
- July 31– ITR filing for individuals, HUF, and non-audit cases
- October 31 ITR for businesses requiring tax audit (Section 44AB)
- October 31 Tax audit report (Form 3CA/3CB and 3CD) submission
- June 15 First advance tax instalment (15% of annual liability)
- September 15 Second advance tax instalment (45% cumulative)
- December 15 Third advance tax instalment (75% cumulative)
- March 15Final advance tax instalment (100% of liability)
- May 31TDS return for Q4 (Forms 26Q and 24Q)
Why Choose CA Ankush Garg for Income Tax?
- 11 years of tax experience Deep, hands-on expertise across individual, HUF, business, and NRI tax returns since 2014.
- Both regimes analysed We compute tax under old and new regimes for every client — never a guess, always the correct recommendation.
- Capital gains expertise Equity, property, mutual funds, ESOPs — we handle complex capital gains computations correctly every time.
- Notice handling - We handle all income tax notices including 148 reopening and scrutiny assessments — calm, professional, effective.
- NRI specialization DTAA analysis, 15CA/15CB, NRO/NRE advisory — we handle cross-border tax complexity end-to-end.
Process — How We File Your ITR
- Document collection— Form 16, salary slips, bank statements, investment proofs, broker statements, property documents
- Regime analysis— old vs new regime computation with your actual numbers
- Capital gains computation— broker statement reconciliation, property cost indexation, exemption planning
- Deduction review— ensuring all eligible deductions under Chapter VIA are captured
- ITR preparation— prepared and shared with you for review before filing
- e-Filing— submitted on Income Tax portal with immediate acknowledgement
- Follow-up— we track refund status and alert you to any subsequent notices
Frequently Asked Questions
Is it mandatory to file an ITR if my income is below the taxable limit?
Filing is mandatory if your income exceeds the basic exemption limit (Rs. 2.5L for below 60, Rs. 3L for 60–79, Rs. 5L for 80+). Even below these limits, filing is advisable to claim TDS refunds, get income proof for loans, and maintain a compliance record.
Which ITR form should I file?
The correct form depends on your income sources. Salaried with no other income → ITR-1. Capital gains or more than one property → ITR-2. Business income → ITR-3. Presumptive taxation → ITR-4. Wrong form means a defective return notice. We identify the correct form for your situation.
What is the penalty for late ITR filing
Rs. 1,000 if income is below Rs. 5 lakh; Rs. 5,000 if income is above Rs. 5 lakh (Section 234F). Interest under 234A on unpaid tax applies additionally. Loss carry-forward is forfeited for late returns (except capital loss and unabsorbed depreciation).
My employer deducted TDS — do I still need to file an ITR?
Yes — TDS deduction does not eliminate the obligation to file ITR if your income exceeds the basic exemption limit. Filing is also necessary to reconcile TDS, claim any refund, and report other income sources like interest, capital gains, or rent.
What is the Annual Information Statement (AIS) and why does it matter?
AIS is a comprehensive statement maintained by the Income Tax Department showing all your financial transactions — salary, interest, dividends, mutual fund transactions, property purchases/sales, and more. The department matches your ITR against AIS — mismatches trigger notices. We review your AIS before filing to ensure your return is consistent.
Can I revise my ITR after filing?
Yes — a revised return can be filed before December 31 of the relevant assessment year (or before completion of assessment, whichever is earlier). We file revised returns to correct errors, claim missed deductions, or incorporate income that was inadvertently omitted