Income Tax Services

Comprehending how to file income tax return in India. Really, filing your income tax return is a legal obligation and a means to form a good habit and advantages of filing. It does not matter to your status of income individual whether it be salaried, self-employed, etc. Knowing how to file your income tax returns accurately will keep you compliant and out of trouble. The qualified and professional team at Vrinlegal are here to assist individuals and enterprises in filing their ITR's without hassle. We can help with determining which ITR form to use or identify whether you have correctly claimed each tax deduction that is open to you or gone through the twists and turns of filing your income tax return in a labyrinth of laws. We can assist too by considering the opportunity to prepare all documentation on your behalf and file your return in a timely manner for you - making accommodation for your income tax right at the start - this will assist with cash flow management and lessen your level of surprise at the end of the return once filed.

Navigating Income Tax Rates in India

Income tax rates in India will differ depending on the taxpayer's income, their age and under what tax regime or otherwise (old/new).

In under the new tax structure, the Government provides taxpayers the flexibility to choose. Different 'regimes' have their pros and con. Given that, the old regime has all available deductions available (like 80C, 80D, HRA etc.); the new regime has lower tax slabs but available lesser deductions/dependents.

It can be difficult for a taxpayer to choose the right tax regime for their circumstances. At Vrinlegal we help taxpayers assess their financial profiles and identify and recommend the tax regime that would be most beneficial in minimizing tax outgo and overall tax planning. We undertake analysis of income, deductions expected tax outgo and potential tax benefits. We frequently assistance and guide clients with any tax planning mechanisms that apply to their overall financial goals.

Comprehending Capital Gain Tax: Short-Term vs Long-Term

Capital gain tax can be a complicated matter for many taxpayers. Whether you've disposed of a residential property, equity shares, or units of mutual funds, it is a good idea that you understand capital gains tax and how it applies to your specific situations.

Short-Term Capital Gains (STCG): Any gain from any asset that is held for a period of less than 36 months will be STCG (36 months can be lower in some cases depending on the asset type: ie 12 months for shares, mutual funds and PPPs (personal use property); 24 months for property and plant & equipment (PPE); and 36 months for all other assets).

The STCG is taxed at your current income tax rate or flat with tax (i.e. 15% on listed shares).

Short-Term Capital Gains (LTCG): Your asset has possession for a time period greater than the holding period

LTCG generally prisons for longer than STCG but will still generally be taxed at 10% or 20% depending on indexation and asset type.

Our income tax services would be happy to help you calculate capital gains, what exemptions you might be eligible for (under ss.54, 54EC, etc.) and where to file it upon filing, as we hope to maximize your exemptions, and minimizing your overall tax liability, by taking advantage of all provisions of the Income Tax Act.

How to Estimate Income Tax for More Intelligent Planning.

If you can accurately estimate your tax liability, you are financially ready, and surprises will be 'less'. Understanding how to estimate income tax early means you will be saving and investing with better knowledge and leveraging tax supported opportunities.
At Vrinlegal, our advisors use tax calculators, income sources when relevant, deductions and exemptions for all allowable expenses to estimate a realistic tax projection. We provide estimates for salaried employees, freelancers, founders and investors; we build a unique tax estimation roadmap based on your specific needs and circumstance. We help you arrange your investments in PPF, ELSS, NPS and other investments that may help to lower your tax liabilities under sections 80C, 80D, etc.
The 4 Reasons to choose Vrinlegal for Income Tax Services

We offer Income tax services to all types of clients, whether you are an individual, a small business owner, a startup or a corporation. Here are the reasons you can trust us to be your tax partner:
1. Full Service

We will manage everything from collecting your documents to filing your returns to attending to any issue you are having with the CRA, so we only need you to provide some base information.
2. Experienced Executives

Our team will include qualified charatered accountants, tax consultants and legal practitioner who are up to date with tax law and the latest court decisions.
3. Compliance and Accuracy

Mistakes can happen on tax returns, which can lead to Notices and/or a penalty. We ensure your returns are filed accurately and in compliance with current provincial and federal tax provisions.
4. Real time help


If you need help with understanding income tax rates, or if you're dealing with any capital gain tax as a result of your recent sale of an investment, our professionals are only a phone call away.
5. Personal tax planning

We won’t just file returns for you, but we will develop specific tax-saving strategies for you and ensure that they will be relevant and effective for your changing financial circumstances.
Categories of Income Tax Services

We help our clients with filing income tax return (ITR) and compliance for all the major types of income:

Salary income

Business and professional income

Income derived from property owned within the household

Capital gains from selling shares, mutual funds, real estate

Income earned from other sources (interest, dividends, gifts)

And we offer income tax services for international income reporting, double taxation relief under a double tax agreement (DTAA) and for non-resident Indians (NRIs) for tax compliance.

Additional Assistance for Capital Gain Tax Computation

Are you in the business of leasing or marketing real estate or high-value items? We can help with the following: We will calculate the indexation benefit for you.

We are going to verify your exempt eligibility(Sections 54, 54F, 54EC etc.)

We will complete and lodge Form 10E for you.

We can help reinvest your gain in eligible asset and shield you from having to pay capital gain tax.

Even if you are disposing of inherited property or mutual funds, we will help you with tax effective decisions based on income tax rates.

Properly and simply take care of your Income Tax obligations

Whether you are an individual receiving a regular salary, or a business or self-employed person earning income from multiple sources, with Vrinlegal the process to file your returns is simple, easy and clear. We have developed a process which is seamless, secure and we fast track the turnaround time.

The following is included in our filing process:

Identification of financials

Establish applicable ITR form

Identify sources of income and deductions

Comply with all legal formalities

Timely e-filing and acknowledgement of submission (and more)

We also provide advice with amendments, filing amended returns and anything to do with an income tax notice.
Affordable, Safe and Transparent Tax Services

Vrinlegal prides itself in its legal; it is all about how it is adicated from beginning to end, and very much understands the cost to you; information received from you is secured. Whether a simple e-file return, a complicated tax assessment we would give you honest advice and honest effort without regard to.
We would also seek to prepare for future assessments to estimate your income tax estimate to the best of our ability, keep records and reduce the chances limit of any notices, assessment reviews or assess an auditor breaching a client.

In conclusion

The Indian tax system can be complicated, and little mistakes in your tax return can result in penalties or sometimes even worse trouble. With Vrinlegal's income tax services, you have a partner who will assist you in being efficient, correct, and advantageously compliant with regard to tax requirements.
Do not wait until the deadline. Proper planning allows you to minimize the complexity or tax liability of your tax return, and when you are ready to approach your income tax return preparation, it is nice to have as little stress as possible. Your level and type of stress may vary, capital gain tax stresses you out, you are worried about income tax rates, or you do not know how to estimate your income tax, we are here to help.
Need assistance right away? Come and speak to Vrinlegal about income tax services.

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