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Tax Planning and Documentation

We Indians are known for frugal innovations (jugaad), from an illiterate mechanic making a car that can be run on water to IIM students making zero budget farming model, we are very frugal in all the aspects of life. From shopping groceries to traveling to buying a car, we save money without a smidge of compromise on quality. Then why not optimise our taxes as well?

Applicable Taxes on Individuals in India

    • Income Tax: It’s rate depends in which tax slab your income falls
    • Taxes on royalties (for writers, music composers, etc)
    • Property tax: The real estate owned by you 
    • Capital gain tax: On the appreciated value of real estate, shares, stocks, etc at the time of selling
    • Gift tax: If a specific category of people gifts you goods worth above INR 50k, you have to pay Gift tax.
    • Wealth tax: It is levied upon the net wealth of the person, also applicable on Joint Hindu Family

Benefits of Tax Planning

    • Estimating your taxable liability after considering all your income sources and categorising them in apt manner helps you in making growth prognosis from past records. If you know your taxable income in advance, you can opt for ways to reduce it.


    • Planning investment and expenses: After ascertaining the taxable income, you get an estimate of how much you can spare for expenses and investment purposes in order to save tax. Also, timely tax prognosis helps you make better choices of pre/postponing your expenditures and handpick best investment options resonating with those expenditures in terms of risk and liquidity. Ex: If you are expecting higher cash flow this year, you will start investing in advance or prepone some exempted expenses like buying a vehicle.


    • Assessing tax liability at regular intervals by keeping an eye on the income and expenses periodically so that you can mould your tax saving plans around it. By this regular assessment of tax liability, you don’t find it difficult to invest a hefty sum suddenly to save on taxes.


    • Avoiding penalties: When you plan taxes in advance you also file tax returns on time, avoiding penalties or any sort of scrutiny from the IT department. You also get Tax Deductible at Sources (TDS) refunds in a short time.

Tax Documents Required for Salaried Employee

    • PAN (must be linked with Aadhar)
    • Form-16 issued by your employer
    • Month wise salary slips


Also, it’s important to gather information pertaining to all the taxable allowances received and the sum claimed exempt from those allowances like house rent allowance, travel leave allowance etc as it needs to be disclosed the returns.

Ensuring Smooth Tax Documentation

With India progressing towards a digital tax assessment system, tax documentation is becoming increasingly important. Thus, having experienced professionals in your corner greatly helps in smooth tax compliance and documentation. For instance, if you are an NRI, then you are subject to different provisions of Income Tax Act or if you have invested in foreign assets, then you need to comply with certain provisions under FEMA.


Further, professionals assist in annexing all the relevant tax documents in your returns for ensuring that you get all the rightful exemptions like medical and travelling bills are pertinent documents which need to be annexed as a proof for claiming deductions under the eligible heads.

USAIndiaCFO Advantage

We are a confluence of CA, CSes and CMAs having 10+ years of experience in the arena of managing finance and taxations of individuals. We have worked with some remarkable HNWIs/UHNWIs including actors and top-notch corporate executives from Blackstone Group and like. We have a dedicated team for individual taxation issues, comprising experts for every kind of tax problem which can arise on various stages of filings and compliances. 


The taxation and regulatory framework is dynamic in India and internationally adding even more complexities to the already complicated and uncertain tax environment. But our team of experts make sure that you never ever have to worry about the words like “tax”, “permissions”, “documentation” and “compliances” again and you can monomaniacally focus on words like “business development”, “expansion” and “profits” by providing you one-stop solution for all your financial needs which includes but not limited to a thorough book-keeping, consolidation of funds and investments in India for reporting purposes.

We help you plan your taxes, along with providing a range of other services to take full accountability as your virtual CFO.


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