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Overview - Direct and Indirect Tax

In India, our duty structure is isolated into two sections best direct and indirect tax services in Delhi. It is pivotal to comprehend the outline of Direct and Indirect Tax. While direct charges are imposed on earnings procured by people and corporate substances, the weight to pay charges is on the actual citizens. Then again, aberrant assessments are forced on the offer of merchandise and arrangement of administrations where the weight to gather and store charges is on the venders rather than the citizen straightforwardly. Be that as it may, roundabout assessments are borne by a definitive shoppers of merchandise or administrations.

Focal Governments and State Governments demand critical Taxes in our country. In any case, Local Authorities, for example, Municipality and Local governments have likewise been given a few forces for duty and assortment of assessments and charges in their purviews.

In the course of the most recent couple of years, the Central and many State Governments have embraced numerous changes in arrangement detailing and executions for the goal of Ease of working together and normal endeavors on disentanglement of cycles towards incredible consistency, straightforwardness and robotization. Presentation of GST is one of such changes to dispose of the falling impact of charges and to defeat the intricacies in different aberrant assessment systems in India.

As a firm of Chartered Accountants, we at Lex N Tax center around giving the best consultancy to meeting your duty compliances on schedule. Tax collection is a particular and tremendous space where right translation and investigation abilities are required. Our group of specialists have the essential information and specialized aptitude to do burden arranging, organization, documentation and portrayals. Lex N Tax Associates is known for the best Direct Tax and Indirect Tax services in Delhi.
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Corporate Tax

Corporate expense is required on the organizations, regardless of whether homegrown or unfamiliar. In India, the Income Tax Act, 1961 administers the arrangements of charging corporate expense to organizations. The worldwide pay of the organizations enlisted in our nation is covered for tax assessment under this. Though on account of unfamiliar organizations, just the pay got or gathered in India is available under the corporate duty. Lex N Tax Associates provides Best Corporate Tax Services In Delhi.

What Is A Homegrown Organization?
Any organization whose business is begun in India or any unfamiliar organization whose successful administration and control are totally arranged in India is the homegrown organization. The organizations enlisted under the Companies Act, 1956 or Companies Act, 2013 are supposed to be started in India.

What Is An Unfamiliar Organization?
Any organization that has not begun in India and whose viable control and the board is arranged external India. Assisting Companies with decreasing Taxable Income In the confounded spaces of expense monetary revealing, charge authority consistence, and duty arranging – corporate assessment specialists are regularly tested to meet persistently evolving conditions. Extra insight and industry skill can assist with enhancing existing expense office assets, and give the true serenity expected to allow customers to address concerns influencing organizations at long last, presently and into what’s to come. Monetary detailing investigation in charge zones requires a gigantic degree of culmination, rightness, and inner controls.

Lex N Tax Associates, Best Corporate Tax Experts work with our customers as depended consultants and partners to show a profound established information on their organizations – incorporating organizations that fight in worldwide business sectors and across state and regional purviews.

A corporate assessment is a toll on an organization’s benefit by the public authority. The cash gathered as corporate expenses is utilized as a nation’s kind of revenue. An organization’s working pay is determined by deducting costs, including the expense of merchandise sold or benefits secured and devaluation from incomes. Then, pertinent duty rates are applied to make a legitimate commitment that the organization owes the public authority.
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Income Tax Return Filling Services

Income Tax Return Filing Services

ITR means or stands for Income tax return. It is an economic-legal compliance and also a document for every adult who has a source of income one way or the other. The government of India needs the statistics of income generated by everyone for two reasons i) firstly a levy of tax on income must reasonable and fixed as its source of funds for the government and ii) the right stats are the databased, relying on which they prepare economic and social welfare policies for us citizens. This applies to all natural and legal persons.

ITR Filing


ITR filing is the process of declaring your income, expenses, and tax payments to the government. The Income Tax Department of India requires individuals and legal entities i.e. companies HUFs, LLPs, MSMEs, Startup, OPC and Sole Proprietors as well to file returns annually. Filling out an income tax return does not always mean paying income tax. One only must pay the tax if as per the ITR the income is under the taxable slab. Thus, the process helps the government assess and collect taxes and ensures that taxpayers pay the correct amount of tax. 

ITR is filled via a form, which is based on the taxpayer’s category, such as individuals, companies, or partnership firms, and the nature of income, such as salary, business income, or capital gains. Based on the person, type of company, and nature and turnover of business the income tax department has rolled out forms suitable to each category.



Essentials of ITR Filing


Determining the Eligibility:  As mentioned above Not everyone is required to file an ITR or pay income tax. The requirement to file depends on the income threshold set by the government, which may change annually. For the financial year 2023-2024, individuals below 60 years of age with income exceeding ₹2.5 lakh must file an ITR.

Choose the Correct ITR Form: Selecting the appropriate form is crucial. Forms vary based on the source of income, residential status, and other factors. Using the wrong form can lead to rejections or errors.

Maintaining Accurate Records throughout the year: you are supposed to maintain detailed records of all income sources, expenses, investments, and the applicable deductions. 

Deductions are a form of subsidy given by the government by virtue of which you can save on income tax. For example- investing in certain government schemes saves that amount of your income from being taxed as it is deducted. Thus, Accurate record-keeping simplifies the filing process and ensures compliance.

On-time filing the Due Date**: The due date for filing ITR for individuals is typically July 31st of the assessment year. Filing on time avoids penalties and interest on taxes due.

Verify the ITR:  the last step of ITR filling is verification. After filing, one has to verify the ITR either electronically or by sending a signed physical copy to the Income Tax Department. Unverified returns are considered incomplete.

Documents Required for ITR Filing


PAN Card: Your Permanent Account Number (PAN) is essential for filing ITR.
Aadhaar Card: Linking your Aadhaar with PAN is mandatory.
Form 16/16A: Provided by employers, this form contains details of salary income and tax deducted at source (TDS).
Form 26AS: This consolidated tax statement includes details of all taxes deducted, paid, or refunded during the financial year.
Bank Statements: Statements from all your bank accounts help in reporting interest income and other financial transactions.
Investment Proofs: Documents related to investments, such as PPF, NSC, mutual funds, and insurance policies, for claiming deductions.
Rent Receipts: If you claim House Rent Allowance (HRA), keep rent receipts as proof.


Benefits of ITR Filing


Proof of Income: ITR serves as proof of income, which is crucial when applying for loans, scholarships, or visas or opening businesses and claiming social welfare schemes. 
Claiming Refunds: If by mistake excess tax has been levied on you then, filing an ITR allows you to claim refunds.
Carrying Forward Losses: You can carry forward losses from business or investments to offset future income, thereby reducing your tax liability.
Loan and Credit Card Applications: Banks and financial institutions require ITRs as proof of income when processing loan and credit card applications.
Compliance and Avoiding Penalties: Filing ITR ensures compliance with tax laws, avoiding penalties and legal issues.
Contribution to Nation Building: Paying taxes and filing returns contribute to the country's development and infrastructure.

Mistakes to Avoid


Incorrect Personal Information: Make sure that all your personal details such as name, PAN number, and address are correctly spelled and that there are no clerical or spelling errors. Errors can lead to processing delays or rejections.

Selecting the wrong ITR Form: Choosing the incorrect form for your income type can result in filing errors. Carefully select the form that matches your income sources. Thus, it's always better to get help from experts and avail of their services. 

Misreporting the Income: Miss reporting or falsifying all the sources of income, including interest from savings accounts, would result in penalties and fines or legal proceedings against you. 

Miscalculating Deductions: Claiming incorrect deductions or not claiming eligible ones can affect your tax liability. Using appropriate calculations and understanding all the deductions that apply to you is very important. To understand the deduction better it is always advised to seek the help of experts. 


Penalties Related to ITR Filing


Late Filing Fee: If you file your ITR after the due date, a late fee of ₹1,000 to ₹10,000 may be levied, depending on the delay and income level.

Interest on Late Payment: Under Section 234A, interest at 1% per month or part thereof is charged on any unpaid tax amount from the due date until the actual filing date.

Penalty for Concealment of Income: If you conceal income or furnish inaccurate details, the tax department may impose a penalty of up to 200% of the tax evaded.

Prosecution: In severe cases, non-compliance can lead to prosecution with imprisonment ranging from three months to seven years, along with a fine.

Disqualification from Benefits: Failure to file ITR can disqualify you from various benefits, such as carrying forward losses and claiming refunds.

To avoid the risk of making mistakes and attracting penalties, one must utilize the expertise of Lex N Tax Associates. With Us, our clients get one one-stop solution for all their tax calculations, tax saving guidance, filling solutions, etc. We at Lex N Tax Associates provide umbrella services for all Tax related issues such as response to the various notices you may receive, as well as other forms of communication that typically accompany the filing. We offer the best Income Tax Return Services in Delhi. Our priority is to ensure that all our client’s income tax returns are filed accurately and on time, with all necessary documents submitted. We also support in responding to summons and appearing before authorities with the through our proficient team. 

Our services extend to representing clients in all matters related to income tax return filing in Delhi, including supporting clients in contesting disputed refund claims. Our focus is on facilitating e-filing of income tax returns in Delhi. Also, we help clients still navigating the old tax regime, particularly those dealing with taxes under previous laws. At Lex N Tax Associates, we are always available to address any queries you may have regarded ITR submission in Delhi, online income tax return filing, ITR filing due dates, e-filing of income tax returns, and more. When searching for ITR filing services near you, we are confident that we are the best choice.


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Income Tax Litigation Services

Confronting a serious debate, activity, or suit can be quite possibly the most difficult occasion for any association. These are the difficult stretches when it is exceptionally essential to have solid specialists you can trust. Lex N Tax Associates encourages associations to address a wide scope of activities, claims, assessments, and administrative issues at each level during the evaluation just as in the allure cycle. We are among the best assessment case firms in Delhi. Be it any personal duty prosecution matter; our group renders total portrayal and suit uphold in genuine or conceivable legitimate procedures before any expense authority. We help people and organizations in reacting to various protests by legal specialists, by utilizing our center abilities, specialized skill, and lawful information when dealing with every obligation. Lex N Tax Associates provides the Best Income Tax Litigation Services In Delhi.

Drawing on experience from assorted trains and foundations, our experts consolidate the best expectations of expert ability and skill to collect, look at and assess proof. Our group particularly ready to help customers explores questions productively – any place they might be.

Duty Litigation Services
The Indian Government has gotten fundamental changes in its assessment game plans to advance the simplicity of working together in India. In charge prosecution, huge change is conveyed as e-evaluations of cases and requests before annual duty specialists. E-appraisals are relied upon to convey better responsibility and straightforwardness nearby expense cases. Persistent positive endeavors like straightforwardness in charge compliances and digitization, by the Government, gives an exit plan to different organizations to play out their activity easily. We are in best Tax Litigation Services in Delhi  for the last numerous years and known for offering the best help to come out with potential arrangements.

Notwithstanding, the case in India has consistently been a touchy subject for new and existing organizations. Commonly, the prosecution in India is multi-layer in nature and requires a ton of cash and time utilization. Lex N Tax Associates is know for the Best Income Tax Litigation Services in Delhi.

Lex N Tax Associates offers the best GST litigation services in Delhi, providing expert legal representation for resolving complex GST disputes. Our experienced team ensures effective advocacy and strategic solutions, safeguarding your business interests. Trust us for comprehensive support and favorable outcomes in all your GST litigation matters.


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Certification and Attestation Services

Lex N Tax Associates offers Best Certification and Attestation Services in Delhi  One of the most fastidious and fundamental administrations of experts is the issuance of declarations to their customers required for a few purposes under various laws, rules, and guidelines. Extensively, organizations require declarations dependent on the nature of the element, the occasions being satisfied by them under the law, any monetary game plan with banks or the monetary foundations, getting the advantage and different allowances to under various sculptures and periodical compliances of appropriate standards and guidelines. We at Lex N Tax Associates, give certificate and validation administrations to each one of those reasons as needed by the customers.

For the most part, the accompanying kinds of authentications are needed to take on business exercises in India:

  • Declarations on the help of records and yearly budget summaries.
  • Declarations for keeping up legal records under Companies Act, 2013 and different laws as pertinent.
  • Confirmation for legal liabilities.
  • Accreditation of Fare Valuation of Shares of Companies with the end goal of consolidations and acquisitions or demergers, Buy-back of offers, Allotment and move of offers.
  • Accreditation for settlements abroad by an Indian occupant to unfamiliar elements outside India u/s 195 of the Income Tax Act, 1961.
  • Total assets Certificates needed for Bank accounts, outfitting of Bank assurances, and issuance of Visa by Embassies Best Certification and Attestation Services In Delhi at Lex N Tax Associates.

Best Certification And Attestation Services In Delhi

  • Affirmation of a safe distance value u/92 of the Income Tax Act, 1961.
  • Use authentications of different awards being released by Govt. of India to NGOs, Statutory Bodies, Autonomous Bodies, and magnanimous associations.
  • Endorsements for asserting different derivations and exclusion under different principles and guideline.
  • Endorsements under the Income-Tax laws for different enlistments, exceptions, allowances, and so forth.
  • Declarations identified with Transfer Pricing.
  • Affirmation for different matters under GST Law.
  • Accreditation under other Indirect Tax Laws.
  • Confirmation under Exchange Control enactment for imports, settlements, ECB, DGFT, EOU, and so on.
  • Confirmation for asserting GST discounts.
  • Accreditation for interest in plant and apparatus by MSMEs.
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TDS Return Filing

Best convenient TDS return filing services and have years of expertise to help you deal with the current rules and regulations that have come into practice when filing returns.

Paying taxes is the duty of most citizens. Over the years, policy changes and new governments have come to power, and the change in tax slabs make it difficult for the taxpayer to keep up with the changes incorporated. Filing taxes and TDS Return Filing require several procedures.



However, taxing has become complicated over time, and you will need to get a tax consultant’s help for this matter. You can now avail of the best convenient TDS return filing services and have years of expertise to help you deal with the current rules and regulations that have come into practice when filing returns. And how to obtain the tax deductions for your account. We know all the tax laws and help you when you receive the Income Tax notice and reply accordingly. Our job is to keep your taxation process comfortable and process it without worrying at all.

For those unaware of TDS, let us delve into knowing what it means and why a taxpayer must file TDS returns. Lex N Tax provides Best TDS return filing services.

TDS – Your taxes get deducted at the source of your income. The deduction occurs when the money gets credited to the payee’s account or at the time of payment. Whichever is earlier. This rule applies to transactions. However, the deduction requirement for salaries and insurance policies at the time of payment itself; is usually 10% in the range of deduction.

We put together a solid response for the various notices. Moreover, other forms of communication that you are likely to receive when you file a TDS Return.

We ensure that all your filing of TDS Returns is on time with accuracy in documents that needs submission.

Responding to the summons and the formality of appearing in front of the authorities with our team’s help.

We work on representing clients for all the matters relating to TDS Return.

Our firm also gives support services when the client is contesting disputed refund claims. Our major task will be to get your TDS Return.

For clients who still have been stuck with handling the old tax regime, we provide tax assessment assistance. Especially whose taxes stuck under those erstwhile laws that regulated them.

Lex N Tax Associates always ready to solve your doubts regarding TDS Filing, TDS Returns Filing Process, TDS Returns Filing due date, and TDS Returns Filing Services.
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