How can salaried employees save income tax?

Under the old regime, which has to be chosen, deductions such as section 80C (up to Rs.1.5 lakh), NPS under section 80CCD(1B) (Rs.50,000), HRA, home-loan interest under section 24(b) and health insurance under section 80D reduce tax. The new regime, now the default, has lower slab rates with few deductions - mainly the standard deduction and the employer's NPS contribution. From tax year 2026-27 these provisions sit under renumbered sections of the Income-tax Act 2025.

New tax regime vs old regime - which is better?

It depends on your income level and how much you actually claim in deductions - home loan interest, HRA and 80C tilt the comparison towards the old regime, while low-deduction profiles usually pay less in the new regime. We compute both before filing.

What is the ITR filing due date?

For non-audit taxpayers the due date is 31 July following the financial year, with belated returns allowed until 31 December. Tax-audit cases run to 31 October. Dates can be extended by CBDT notification in a given year.

Can CA Vijay Singh file ITR for NRIs?

Yes, we file NRI returns for all income types and handle DTAA claims to avoid double taxation.

Simplified Tax Planning & Filing Services – CA Vijay Singh & Co.

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.

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)

TAX TREATMENT - TWO PRESUMPTIVE SCHEMES

Section	Applies To	Deemed Income
Section 44AD	Business income (non-profession) - turnover <= Rs 2 cr (Rs 3 cr where cash receipts within 5%)	8% of turnover (6% for digital receipts)
Section 44ADA	Specified professions - gross receipts <= Rs 50 lakh (Rs 75 lakh where cash receipts within 5%)	50% of gross receipts
Section 44AB Audit	Business turnover above Rs 1 cr (Rs 10 cr where cash receipts and payments are each within 5%); professional receipts above Rs 50 lakh	Tax audit + Form 3CD

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

Process Name	Description	Typical Timeline
Document Collection	Form 16, Form 16A (Form 131 from 1 April 2026), bank statements, broker statements, 26AS (Form 168 from tax year 2026-27)/AIS/TIS	1 week
Income Aggregation	Salary, capital gains, other sources, business / profession	1 week
Deduction Optimisation	Sec 80C/80D/80G/24(b) etc.	2-3 days
Regime Comparison	Old vs New computation	1 day
Draft Review	ITR walkthrough with client	1 week
Filing + ARN	ITR filed, ARN tracked	Per filing window
Refund Follow-up	If refund pending, correspondence with CPC	As needed

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.

Our research on the presumptive-taxation regime under the Income-tax Act, 2025 — “Parliament’s Closed List: Specified Professions under Section 62(4)” — is published on SSRN.