Income Tax Compliances

ITR-1 (Sahaj) is for salaried individuals with income up to ₹50 lakhs. ITR-2 is for capital gains or multiple properties. ITR-3 is for business/professional income. ITR-4 (Sugam) is for presumptive taxation. ITR-6 and ITR-7 apply to companies and trusts. Curioup selects the correct form based on your income profile.

Non-filing attracts penalty under Section 234F (up to ₹10,000), interest on unpaid tax under Sections 234A/B/C, and potential prosecution for willful evasion. Additionally, you lose the ability to carry forward capital losses and may receive a notice from the ITD.

TDS (Tax Deducted at Source) is tax withheld by the payer before payment. It applies to salary (Section 192), interest (194A), rent (194I), professional fees (194J), contractor payments (194C), and more. TDS must be deposited by the 7th of the following month and returns filed quarterly.

Capital gains tax applies on profits from selling assets (stocks, property, gold, mutual funds). Short-term capital gains (STCG) on equity held under 12 months are taxed at 20% (post-Budget 2024). Long-term capital gains (LTCG) above ₹1.25 lakh on equity are taxed at 12.5%. Debt instruments follow slab rates.

The New Tax Regime (default from FY 2024-25) offers lower slab rates but eliminates most deductions (HRA, 80C, 80D). The Old Regime allows deductions up to ₹3.5 lakhs+ but has higher base rates. Curioup runs a tax optimisation analysis for each client to determine which regime saves more.

Income Tax notices under Section 143(1) (intimation), 148 (reassessment), 139(9) (defective return), or 245 (demand adjustment) each require different responses within 15–30 days. Curioup's tax litigation team prepares factual replies, gathers supporting documents, and represents you before the Assessing Officer.

Form 15CA is an online declaration for remittances outside India. Form 15CB is a certificate from a Chartered Accountant certifying DTAA treaty provisions before the remittance. Required for payments like royalties, management fees, dividends, and salaries to non-residents above ₹5 lakhs.