Income Tax

Income Tax Filing & Advisory Services

Income tax is a direct tax levied by the Government of India on the income earned by individuals, businesses, and other entities. Every person or organization earning income during a financial year is required to file an Income Tax Return (ITR) as per the Income Tax Act, 1961. Filing an ITR not only ensures compliance with law but also helps individuals and businesses claim refunds, carry forward losses, and build financial credibility.

At Lexlivo, we provide comprehensive Income Tax Filing, Advisory, and Compliance Services for individuals, professionals, and companies across India. Our team of tax experts and legal professionals ensures your return is filed accurately, on time, and in full compliance with Indian tax laws.

Who Should File Income Tax Returns?

As per Section 139(1) of the Income Tax Act, the following are required to file ITR:

  • Individuals with an annual income above the prescribed exemption limit.
  • Salaried employees receiving Form 16 from their employer.
  • Business owners, freelancers, and professionals earning income from self-employment.
  • Companies, LLPs, and partnership firms, regardless of income or loss.
  • Individuals with foreign assets or income from abroad.
  • Taxpayers who wish to claim a refund of TDS (Tax Deducted at Source). 

Types of Income Tax Returns (ITR Forms)

Different ITR forms are applicable depending on income type and taxpayer category:

  • ITR-1 (Sahaj): For salaried individuals earning up to ?50 lakhs.
  • ITR-2: For individuals/HUFs with multiple income sources, including capital gains.
  • ITR-3: For professionals and business income.
  • ITR-4 (Sugam): For presumptive business income under sections 44AD, 44ADA, or 44AE.
  • ITR-5: For Partnership Firms, LLPs, AOPs, and BOIs.
  • ITR-6: For Companies (except those claiming exemption under Section 11).
  • ITR-7: For Trusts and Charitable Institutions.

Our Income Tax Services

We provide a wide range of tax-related legal and filing services to meet all individual and business needs:

1. Income Tax Return Filing

We handle return filing for salaried employees, self-employed professionals, partnership firms, companies, and NPOs. Our experts ensure timely filing, accurate computation, and maximum tax savings.

2. Tax Planning & Advisory

Strategic planning helps reduce tax liability legally. We analyze your income, deductions, and exemptions to structure your finances efficiently.

3. TDS Compliance & Filing

Assistance in filing TDS returns, correcting mismatches, and managing quarterly compliance for employers and contractors.

4. Business Tax Compliance

Comprehensive tax solutions for corporates, LLPs, and firms — including audit reports, MAT/AMT calculations, and advance tax advisory.

5. Responding to Income Tax Notices

Expert assistance in replying to scrutiny, demand, and defective return notices issued by the Income Tax Department.

6. Tax Audit Services

We conduct detailed tax audits under Section 44AB, ensuring all business accounts and books comply with statutory requirements.

7. PAN & TAN Registration

Quick and hassle-free assistance in applying for PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number).

8. Capital Gains & Investment Advisory

Expert guidance on capital gains tax planning, exemptions, and reinvestment under Sections 54, 54F, and 54EC.

Benefits of Filing Income Tax on Time

  • Legal Compliance: Avoid penalties and interest for delayed filing.
  • Easy Loan Processing: Filed returns act as income proof for home, car, and business loans.
  • Claim Refunds: Receive excess TDS or advance tax refunds directly to your account.
  • Loss Carry Forward: Claim and carry forward business or capital losses for future years.
  • Visa & Financial Proof: Necessary documentation for visa applications and global business verification.
  • Avoid Tax Notices: Minimize the risk of receiving notices from the Income Tax Department.  

We are a professional legal and tax consulting firm offering personalized Income Tax solutions for individuals, professionals, and businesses across India. From return filing to representation before tax authorities, our experts handle everything with precision and confidentiality.

Income Tax is a tax levied by the government on the income earned by individuals and businesses during a financial year. It helps fund public services and development programs.

Every individual or business whose income exceeds the basic exemption limit prescribed by the Income Tax Act must file an ITR. Even if your income is below the limit, filing may still be beneficial for loan or visa applications.

If you miss the due date, you can still file a belated return before December 31, but you may have to pay a late fee and interest on any unpaid tax.

Yes, if you discover any mistake or omission after filing, you can file a revised return before December 31 of the relevant assessment year.

You can check your refund status on the Income Tax e-Filing Portal or the NSDL website using your PAN and assessment year.

Yes. Freelancers, consultants, and small business owners must file returns if their income exceeds the basic exemption limit or if TDS has been deducted.