Simplified Tax Planning & Filing Services – CA Vijay Singh & Co.
Simplified Tax Planning & Filing: Pay Your Fair Share, and Not a Rupee More
Maximize Your Take-Home Pay. Smart Tax Planning and Filing for India's Independent Professionals.
As a freelancer, every rupee saved on tax goes directly into your pocket. But income tax laws can be confusing. We demystify the process, providing clear, strategic advice and handling all the filing, so you can be confident you’re paying your fair share and not a rupee more.
What We Deliver:
- Presumptive vs. Regular Tax Advisory: We analyze your income and expenses to determine the most beneficial tax scheme for you. We provide a clear comparison to help you decide between the simplicity of the Presumptive Scheme (Section 44ADA) and the potential for higher deductions under the regular scheme.
- Expense Management & Deduction Maximisation: We provide a comprehensive checklist of all business-related expenses you can legally deduct if you opt for the regular scheme. This includes a portion of your home rent, internet and phone bills, software subscriptions, and travel costs, ensuring you minimize your taxable income.
- Timely ITR Filing (ITR-3/ITR-4): We prepare and file the correct income tax return (ITR-4 for presumptive, ITR-3 for regular) accurately and on time, saving you from penalties and last-minute stress.
- Advance Tax Management: We calculate your quarterly advance tax liability and send you timely reminders for payment, helping you manage your cash flow and avoid interest penalties.
Feature | Presumptive Scheme (Sec 44ADA) | Regular Tax Scheme |
Taxable Income | 50% of Gross Receipts is your income, regardless of actual expenses. | Gross Receipts minus Actual Allowable Business Expenses. |
Bookkeeping | Not required to maintain detailed books of accounts. | Mandatory to maintain detailed books and records of all expenses. |
Best For | Freelancers with low actual expenses (less than 50% of receipts) who value simplicity. | Freelancers with high actual expenses (more than 50% of receipts) who can benefit from claiming higher deductions. |
As a freelance developer, my income crossed the GST threshold, and I was lost. I didn't know how to register or what an HSN code was. The team handled my entire GST registration online, gave me a compliant invoice template, and now files my returns every quarter. It's a huge weight off my shoulders, and I can claim ITC on my software subscriptions, which I never knew was possible.
I was struggling to decide between the regular tax method and the presumptive scheme. The team did a simple analysis and showed me that with my low expenses, Section 44ADA was a no-brainer. I now pay tax on just 50% of my income, and I don't have to keep a shoebox full of receipts. The time I've saved is invaluable.
Frequently Asked Questions
Section 44ADA allows freelancers and professionals to declare 50% of gross receipts as taxable income, regardless of actual expenses. It simplifies compliance and reduces the need for detailed bookkeeping.
If your actual expenses are low (under 50% of receipts), the presumptive scheme is easier and often tax-efficient. If your expenses are high, the regular scheme usually results in lower taxable income. We help you decide based on real numbers.
Yes, if your tax liability exceeds ₹10,000 in a year, you must pay advance tax quarterly. We calculate and remind you of due dates to avoid penalties.
Absolutely, under the regular scheme you can claim a proportion of rent, electricity, internet, and maintenance costs for your home office setup.
Income Tax Filing for Individuals
Annual income tax filing for salaried professionals, business owners, freelancers, and HNIs – returns prepared and filed by a Chartered Accountant, not a do-it-yourself app.
By CA Vijay R Singh, FCA
ICAI Membership No. 153926 | FRN 136869W | Practising since 2013
Quick Summary
Most individuals filing through do-it-yourself apps miss the small things that cost them – capital gains computation errors, missed deductions, wrong regime selection, foreign asset non-disclosure. A CA-prepared filing catches what apps miss, surfaces opportunities like Sec 54EC bonds or HUF structuring, and lands the right ITR form for your situation.
Strategic Fit: Is this right for you?
Salaried Professional
Single or multi-employer income, perquisites, ESOP exercise, capital gains.
Business / Profession
Section 44AD/44ADA presumptive or regular books.
Freelancer / Consultant
Multiple client income, expenses, GST coordination.
Capital Gains
Property sale, equity sale, mutual fund redemption, F&O income.
Foreign Income / Assets
Schedule FA disclosure, FTC under Rule 128.
HUF/Family Trust
Optimised structures for family-held wealth.
Final Deliverables Checklist
Everything you receive at the end of the engagement.
- Correct ITR form selection (ITR-1/2/3/4)
- Old regime vs new regime computation comparison
- Capital gains schedule with cost basis verification
- Deductions optimised (Sec 80C/80D/80G/80E/24(b))
- Schedule FA for foreign assets (where applicable)
- FTC computation under Rule 128
- Annual ITR filed with ARN tracking
- Refund follow-up correspondence
- Notice handling (Sec 143(1)/143(2)/148)
TAX TREATMENT - TWO PRESUMPTIVE SCHEMES
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Section
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Applies To
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Deemed Income
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|---|---|---|
UNDERSTANDING THE OLD VS NEW REGIME CHOICE
Old Regime
Slab rates + deductions (80C, 80D, HRA, LTA, home loan interest u/s 24(b), 80G, etc.). Optimised by those with substantial deductions.
New Regime (default)
Lower slab rates + minimal exemptions (only Sec 80CCD(2) employer NPS, Sec 80JJAA). Default from FY 2023-24 unless opted out.
Choice Mechanics
Salaried can switch each year via Form 10-IE. Business/profession – one-time switch (with caveats). We model both before filing.
The Engagement Lifecycle
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Process Name
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Description
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Typical Timeline
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|---|---|---|
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Document Collection
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Form 16, Form 16A, bank statements, broker statements, 26AS/AIS/TIS
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1 week
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Income Aggregation
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Salary, capital gains, other sources, business / profession
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1 week
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If refund pending, correspondence with CPC
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As needed
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Transparent Pricing Structure
Statutory & Third-Party Costs – pass-through, NOT our fees
These are paid directly to government departments, certifying authorities, and banks. They are not VRS professional fees.
- ITR-1/2/3 filing: nil government fee (only late fees if applicable)
- Late filing fee: Rs 5,000 (Rs 1,000 if income < Rs 5 lakh) under Sec 234F
- Form 10-IE (regime opt-out): nil government fee
- Form 67 (FTC claim): nil government fee
- AIS/TIS/26AS portal access: nil (free at income tax portal)
Engagement & Fees
We handle your income-tax return end-to-end — data review, old-vs-new regime comparison, deductions, computation, and filing with post-filing support — mapped to your income profile during an initial scoping call.
Fees are confirmed per engagement after the scoping call, based on the scope and complexity involved. You receive a clear, written quote before any work begins — no hidden charges.
Quoted per Engagement
The final quote depends on the scope, volume, and statutory complexity of your specific engagement.
Frequently Asked Questions
Old regime or new regime - which one for me?
Depends on deductions. If you have housing loan interest, 80C limit, HRA, 80D, total deductions > Rs 4 lakh – old regime usually wins. If standard deduction + minimal deductions – new regime usually wins.
I have ESOP perquisite from my employer. How is it taxed?
Perquisite under Sec 17(2)(vi) at exercise. Form 16 captures it as salary. Cost basis for subsequent share sale = FMV at exercise (Sec 49(2AA)).
I traded in F&O. Which ITR form?
F&O income is business income, not capital gains. ITR-3 (with business income). Tax audit may apply if turnover crosses Sec 44AB threshold.
I sold my flat last year for Rs 1.5 cr. What forms?
ITR-2 (with capital gains). Long-term gains (>24 months held) at 12.5% (FA 2024) or 20% indexed (pre-23-Jul-2024 acquisition). Section 54 reinvestment exemption if applicable.
Schedule FA - when does it apply to me?
Resident with foreign assets – bank accounts, shares, mutual funds, immovable property, beneficial interest in foreign trust. Mandatory disclosure. Missing = Black Money Act penalty.
I missed the 31 July deadline. Can I still file?
Belated return under Sec 139(4) by 31 December with late filing fee (Sec 234F). Updated return under Sec 139(8A) for up to 24 months from end of AY with additional tax.