Resident Custom Plan
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Salary Income
An income is termed to be Salary if an employer-employee relationship exists. The term salary includes wages and pension. The salary received by you may consist of various components, which have distinct treatments prescribed under the Indian Tax law.
- Salary income, from single or multiple employers
- Pension income
- Interest from savings bank accounts and fixed deposits
Incomes Covered in the Plan
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Rental Income (Up to 3 Properties)
Rental income from any property (residential or commercial) earned by a resident is taxable in India. Also, filing tax returns in India within the due date can help you claim and carry forward the losses resulting from any property.
- Residents owning up to 3 properties (residential or commercial), whether rented out or otherwise
Who Should Buy
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Rental Income (More than 3 Properties)
Rental income from any property (residential or commercial) earned by a resident is taxable in India. Also, filing tax returns in India within the due date can help you claim and carry forward the losses resulting from any property.
- Residents owning more than 3 properties (residential or commercial), whether rented out or otherwise
Who Should Buy
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Share Trading Income
An investor in the stock market may be engaged in different types of trading such as equity delivery-based trades, mutual funds or F&O trading. The Indian Tax Law prescribes different tax treatments for different types of investments in the stock market. Also, where you have incurred a loss through share trading, you can claim capital loss through filing your Income Tax Return.
- Residents engaged in any kind of trading / investing activityon a recognized stock exchange during the year
- Residents who have sold unlisted shares during the year (Private Limited Company shares)
- Residents who have earned dividend income during the year
Who Should Buy
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Property Sale
Gain on sale of immovable property (including land) situated in India is chargeable to tax in India. In certain cases, at the time of sale of the property, buyers are required to deduct tax (TDS) on the amount paid to the seller. Where TDS has been so deducted, individuals can submit their tax returns in India to claim the excess TDS amount as refund. For consultation on tax planning to claim the tax exemption and also to calculate capital gain portion in advance on the sale consideration for TDS purpose, you can avail our ‘Tax Consultation Plan’
- Residents who have sold their residential house property during the year
- Residents who have sold any land or building during the year
- Residents who have sold any agricultural land situated in an urban area during the year
Who Should Buy:
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Income from Firm / LLP
Share of profit received by a partner from partnership firm or LLP is exempt from tax. However, remuneration and interest received by a partner from a partnership firm / LLP is taxable in the hands of the partner as business income.
- Residents who are Partners in any Partnership Firm
- Residents who are Partners / Designated Partners in any LLP
Who Should Buy:
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Professional / Business Income
If you are a sole proprietor, the income from your business would need to be reported in your individual tax return. The income from your business / profession would need to be reported separately as business income in your personal Income Tax Return. Legal, Medical, Engineering, Architectural, Accountancy, Technical consultancy, Interior decoration etc are some of the professions specified under the Indian Tax law. These prescribed professionsand certain businesses also have an option of paying taxes on presumptive basis without the requirement of maintaining books of accounts.
- Resident individuals earning income from business or profession(excluding income covered under Income from Partnership Firm / Limited Liability Partnership Plan).
Who Should Buy
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Foreign Income
When you are a Resident, income earned by you anywhere in the world shall be taxable in India and has to be included in your total income.
- Residents who have earned any income from foreign sources.
Who Should Buy:
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Salary Income
An income is termed to be Salary if an employer-employee relationship exists. The term salary includes wages and pension. The salary received by you may consist of various components, which have distinct treatments prescribed under the Indian Tax law.
- Residents earning salary income, from single or multiple employers;
- Residents earning pension income.
Who Should Buy:
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Other Source
- Residents who have earned an income which is not specifically covered in any other Plan.
Who Should Buy:
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- Valuations
- CA Certifications and Tax Audit.
- PAN application / application for changes in PAN details
- Written opinions on taxability
- Submission of response to Income Tax notices / queries
- Handling tax assessments
- Tax planning
The above services may be availed separately based on discussions with your Tax Advisor.
Plan exclusions
Our Plans cover only services towards filing your Income Tax Return in India.
The below services are outside the scope of this Plan: