Income Tax Services
Strategic Tax Planning, ITR Filing, Assessment & Litigation Support
Last Updated: February 2026
Income tax planning is not merely about filing returns—it's about strategic financial management that minimizes tax liability while ensuring complete regulatory compliance. At Neo Consulting Private Limited, we provide comprehensive income tax services for individuals, businesses, and corporations across Delhi and beyond. Our team of qualified tax professionals brings decades of experience in navigating India's complex tax landscape.
Why Choose Neo Consulting for Income Tax Services?
- Expert Team: Qualified professionals with deep taxation expertise
- Strategic Planning: Proactive tax optimization, not just compliance
- Technology-Driven: Advanced software for accurate computations
- Transparent Pricing: Clear, upfront fee structures
- Complete Support: From planning to litigation, we handle everything
Comprehensive Income Tax Services
1. Individual Income Tax Services
We serve salaried employees, business owners, professionals, and investors with tailored tax planning and compliance solutions.
Salaried Individuals
Maximize your take-home salary through proper tax planning:
- Salary Structure Optimization: Restructuring components (HRA, LTA, special allowances) to minimize tax
- Investment Planning: Strategic allocation under Section 80C (PPF, ELSS, NSC, life insurance)
- Section 80D Health Insurance: Medical insurance premium deductions
- NPS Contributions: Additional ₹50,000 deduction under Section 80CCD(1B)
- Home Loan Benefits: Interest deduction (Section 24b) and principal (Section 80C)
- Form 16 Verification: Ensuring accuracy of employer TDS certificates
- ITR-1 (Sahaj) Filing: For salary income up to ₹50 lakhs
- Old vs New Regime Analysis: Determining which regime saves you more tax
Business & Professional Income
For self-employed individuals, consultants, freelancers, and professionals:
- Presumptive Taxation: Section 44AD (businesses with turnover ≤ ₹2 Cr), Section 44ADA (professionals ≤ ₹50 lakhs)
- Regular Books Maintenance: When opting out of presumptive scheme
- Business Expense Optimization: Legitimate deductions for travel, office expenses, depreciation
- ITR-3 & ITR-4 Filing: For business and professional income
- Advance Tax Calculation: Quarterly tax payment to avoid interest (Section 234C)
- Tax Audit Compliance: When turnover exceeds ₹1 Crore (businesses) or ₹50 lakhs (professionals)
Capital Gains Taxation
Expert guidance on taxation of investments and asset sales:
- Property Transactions: Long-term capital gains (Section 54), indexation benefits, stamp duty valuation
- Equity Investments: LTCG above ₹1 lakh @10%, STCG @15%
- Mutual Funds: Debt vs equity fund taxation
- Cryptocurrency: Virtual Digital Assets (VDA) taxation @30% under Section 115BBH
- Exemptions: Section 54 (property), Section 54EC (NHAI/REC bonds), Section 54F (other assets)
2. Corporate & Business Taxation
Private Limited Companies
Comprehensive tax compliance for private companies:
- Corporate Tax Filing (ITR-6): Complete return preparation with detailed schedules
- Rate Selection Advisory: Analysis of 25.17%/22%/15% tax rate options under Sections 115BA/115BAA/115BAB
- Book Profit Computation: Minimum Alternate Tax (MAT) @15% under Section 115JB
- MAT Credit Utilization: Carry forward and set-off planning
- Transfer Pricing Documentation: For related party transactions
- Advance Tax Payments: Quarterly computation and payment
Partnership Firms & LLPs
- Partnership firm taxation @30% plus surcharge
- LLP taxation (similar to companies)
- Partner remuneration and interest deductions
- ITR-5 filing for partnerships and LLPs
3. NRI Taxation Services
Non-Resident Indians face unique tax challenges. We provide specialized NRI tax services:
Residential Status Determination
Critical for tax liability assessment:
- Resident: In India for 182+ days OR 60+ days in FY + 365+ days in preceding 4 years
- RNOR (Resident but Not Ordinarily Resident): Special category with limited tax scope
- Non-Resident: Does not meet resident criteria
- Deemed Residency (New): For Indian citizens with income > ₹15 lakhs not paying tax anywhere
Taxation of Various Incomes for NRIs
- Salary Income: India-sourced vs foreign salary, tax treaty benefits
- Property Rental: 30% standard deduction, TDS @31.2% by tenant
- Capital Gains on Property: LTCG @20% with indexation, STCG as per slab
- Interest Income: NRE account (tax-free), NRO account (taxable), FCNR account
- Foreign Pension: Tax treatment under DTAA
4. Advance Tax Planning & Strategy
Proactive tax planning reduces liability legally and efficiently:
Advance Tax Calculation & Payment
- 15% by 15th June, 45% by 15th September, 75% by 15th December, 100% by 15th March
- Applicable when tax liability exceeds ₹10,000
- Interest penalty @1% per month for shortfall (Section 234C)
- Automated computation and reminders
Tax Saving Investment Strategies
Year-round planning for optimal tax efficiency:
- 80C Instruments: PPF (best for long-term), ELSS mutual funds (best returns), NSC, tax-saving FDs
- Health Insurance (80D): ₹25,000 for self + ₹25,000 for parents (₹50,000 if senior citizens)
- National Pension System (80CCD): Additional ₹50,000 deduction
- Home Loan: Interest ₹2 lakhs (Section 24b) + Principal ₹1.5 lakhs (Section 80C)
- Education Loan: Interest deduction under Section 80E (no limit)
- Donations (80G): 50% or 100% of donation amount
5. Assessment & Litigation Support
When facing income tax notices or disputes, we provide comprehensive representation:
Scrutiny Assessment (Section 143(3))
- Notice Response: Detailed reply to intimation under Section 143(2)
- Document Preparation: Bank statements, investment proofs, expense vouchers
- Personal Hearing: Representation before Assessing Officer
- Assessment Order Defense: Challenging additions and disallowances
Faceless Assessment
- Online response to queries through faceless portal
- Document upload and verification
- National faceless assessment center proceedings
- Challenging assessment orders through faceless appeal
Income Tax Appeals
- CIT(A) Appeals: First level appeal within 30 days of assessment order
- ITAT Appeals: Income Tax Appellate Tribunal representation
- High Court Writ Petitions: Constitutional challenges
- Supreme Court Appeals: Final level litigation
6. TDS & Withholding Tax Services
Tax Deducted at Source (TDS) compliance for businesses:
TDS Return Filing
- Form 24Q: TDS on salary (quarterly)
- Form 26Q: TDS on payments other than salary (quarterly)
- Form 27Q: TDS on payments to non-residents (quarterly)
- Form 27EQ: TCS (Tax Collected at Source) return (quarterly)
Frequently Asked Questions
Should I choose old or new tax regime?
It depends on your deductions. If you have home loan interest > ₹2 lakhs, investments in 80C instruments, and claim HRA, the old regime typically saves more tax. If you have minimal deductions and lower income, the new regime's lower rates may benefit you. We analyze your specific situation and recommend the optimal regime.
When is advance tax payment required?
Advance tax is mandatory when your final tax liability (after TDS) exceeds ₹10,000. This applies to business income, professional income, capital gains, and other income without adequate TDS. Failure to pay advance tax attracts interest @1% per month under Section 234C.
What triggers an income tax scrutiny assessment?
Scrutiny can be triggered by: high-value transactions reported in AIR/SFT, significant cash deposits, high TDS but low reported income, mismatch in Form 26AS and ITR, claiming excessive deductions, losses year after year, or random computer-assisted selection (CASS). Maintaining proper documentation and accurate reporting minimizes scrutiny risk.
How do NRIs claim foreign tax credit in India?
NRIs can claim credit for taxes paid in foreign countries on the same income taxed in India. You need to provide: Tax Residency Certificate (TRC) from foreign country, proof of tax payment abroad, Form 67 online filing, and computation of relief under DTAA. Credit is lower of: tax paid abroad or tax payable in India on that income.
What are the tax implications of selling property?
Property held > 24 months: Long-term capital gains @20% with indexation benefit. Property held ≤ 24 months: Short-term capital gains as per income tax slab. Exemptions available under Section 54 (reinvestment in another property), Section 54EC (investment in specified bonds up to ₹50 lakhs), or Section 54F (for non-property assets). Capital gains account scheme can be used if purchase/construction is delayed.
Can losses be carried forward if ITR is not filed on time?
No. Losses (except house property loss) can be carried forward only if the return is filed within the due date under Section 139(1). Due date is typically 31st July for individuals and 31st October for businesses requiring audit. Belated returns filed after due date cannot carry forward business or capital losses, though house property loss of ₹2 lakhs can be carried forward even in belated returns.