FAQs | TaxBuddy.com

Who needs tax planning?

Tax planning benefits everyone, from salaried professionals to business owners and large corporations. Anyone who wants to reduce their tax liability and save money can invest in it.

When is the apt time to start tax planning?

Tax planning should start at the beginning of a financial year, as it enables individuals and businesses to settle their financial affairs and take advantage of the best tax-saving opportunities. However, you can still benefit from it at any time during the year.

I know nothing about taxes; how can I start tax planning?

The best way to do it is by working with a seasoned tax planner who understands your financial situation and offers personalised advice.

How can you save tax in India?

Fortunately, there are several ways to save tax in India. You can claim tax deductions, invest in tax-saving instruments, and get legitimate credits. A tax planner can help you use these methods to get the lowest tax bills.

Why should I bother with Tax Planning?

Tax planning is crucial for optimizing your financial situation and reducing your tax burden. By strategically managing your finances, you can take advantage of various income tax rules and provisions to maximize your savings. Effective tax planning ensures that you make the most of available tax-saving options, leading to increased financial efficiency and long-term wealth accumulation.

Apart from 80C, what other ways can I save on taxes?

Beyond Section 80C, there are several avenues for tax savings. You can consider:

Claiming tax-deductible expenses such as insurance premiums, tuition fees for children, rent payments, home loan/stamp duty payments, interest on home loans, and medical expenses for dependent family members.
Exploring investment options like the National Pension Scheme (NPS) to optimize your income structure and minimize taxable income.

Diversifying your tax-saving investments across various asset classes and leveraging a mix of deductions and exemptions is key to comprehensive tax planning.

What are some common mistakes people make when trying to save on taxes?

Several common mistakes can hinder effective tax planning:

Relying Solely on Tax-saving Mutual Funds: While these are popular, limiting oneself to these funds may not optimize tax savings. Diversifying across different tax-saving instruments is advisable.

Procrastinating Investments: Delaying tax-saving investments until the last quarter can lead to hasty decisions. It's better to plan investments strategically throughout the year.

Lack of Diversification: Placing all tax-saving funds into a single asset class is risky. Diversification helps manage risks and potentially enhances returns.

What is Form 35?

If you are aggrieved by an order of an Assessing Officer (AO), you can file an appeal against the same before the Joint Commissioner (Appeals) or Commissioner of Income Tax (Appeals) by submitting duly filled Form 35 online on the e-Filing portal.

Is there a fee for filing Form35?

Every appeal is accompanied by payment of an appeal fee which is required to be paid before filing of Form 35. The quantum of appeal fees is dependent on the total income as computed or assessed by the AO.

Can an Appeal be filed after 30 days?

Income Tax Law has provided a period of 30 days for filing Appeal before CIT (A). However, in exceptional cases where assessee has reasonable cause, due to which he is not able to file Appeal within prescribed time, then CIT (A) has power to condone the delay.

Who can use Form 35?

Any assessee/ deductor who wants to prefer an appeal against the Order of an AO can use Form 35.

What is the time period within which Appeal can be filed before CIT(A)?

The assessee has to file Appeal within 30 days from the date of service of order or demand as the case may be.

What is the fee payable at the time of filing an Appeal with CIT(A)?

Fees to be paid before filing an Appeal to the CIT (A) depends upon total income determined by the Assessing Officer. Fees as under is to be paid and proof of payment of fee is to be attached with Form.

Appeal Filing Fee Amount

Assessed total income – Rs.1 lakh or less -Rs 250.00 Filing Fee

Assessed total income – more than Rs.1 lakh but not more than 2 lakhs – Rs 500.00 Filing Fee

Appeals involving total assessed income- More than Rs.2 lakhs – Rs 1000.00 Filing Fee

Appeals involving any other matter – Rs 250.00 Filing Fee

How can an online tax consultant help me?

Online tax consultants can assist you with tax preparation, planning, audit defense, notices, tax savings strategies, legal obligations, and more. Their expertise helps optimize your tax situation.

What types of tax services do online tax consultants offer?

Online tax services include individual and business tax return filing, tax planning, audit representation, tax debt resolution, startup/investor planning, expatriate taxes, and other specialized offerings.

Can online tax consultants assist with tax audits?

Yes, they can help you understand audit processes, gather documentation, communicate with tax authorities, and defend your tax positions during an audit.

How do I get started with an online tax consultation?

Getting started is easy - simply visit our website to schedule a session with a tax consultant specializing in your area of need. Consultations take place remotely via call or online video.

Are online tax consultation services suitable for NRIs and those with international tax concerns?

Absolutely. Through convenient virtual consultations, online tax consultants regularly assist NRIs and foreign clients with global tax reporting, planning, and compliance obligations.

How does TaxBuddy ensure the security of my financial and personal information during online consultations?

TaxBuddy’s Online Tax consultations are conducted through secure channels and encrypted platforms, giving you total peace of mind that your confidential data is protected.

Can TaxBuddy's online tax consultants help me with state-specific tax issues?

Our consultants have expertise in state tax regulations, enabling them to give specific tax advice geared at solving your tax problem.

What makes TaxBuddy's consultants qualified to handle complex tax situations?

The company's professionals, who have high-level certifications and vast experience, focus on resolving the most difficult tax problems with utmost precision and professionalism.

How can TaxBuddy assist with tax optimization for my small business?

TaxBuddy provides customized tax planning solutions to small businesses, enabling them to improve their tax strategies to obtain more savings and grow their businesses financially.

Does TaxBuddy offer ongoing tax planning and consultation services throughout the year?

Yes, TaxBuddy is continuously up and running, offering you tax planning and consultation services all year round to help you succeed financially.

Is my data safe and secure on the TaxBuddy platform?

Yes. Your data is completely safe and secure on the TaxBuddy platform. TaxBuddy is an ERI (e-Return Intermediary) certified platform recognized by the Income-tax Department and is ISO certified. We follow stringent data security and privacy protocols to ensure that your personal and financial information remains fully protected and confidential at all times.

What happens after I submit my ITR? Do I need to E-verify it?

Yes. E-verification is a mandatory step in the income tax filing process. After your ITR is submitted, it must be e-verified for the filing to be considered complete. TaxBuddy guides you through the entire e-verification process, making it simple and hassle-free.

What is the last date to file my Income Tax Return (ITR)?

The due dates for filing ITR are:

ITR-1 and ITR-2: 31st July 2026
ITR-3 and ITR-4: 31st August 2026

Based on our experience, most gig professionals, including drivers, riders, delivery partners, and other self-employed individuals, generally file ITR-4.

Do I need to download the TaxBuddy app or visit the website to file my ITR?

No. There is no need to download the TaxBuddy app or visit the website to file your ITR. The entire filing journey can be completed directly through WhatsApp, making the process quick, simple, and convenient.

Why should I file my ITR?

Every payout you receive as a gig professional includes a component called TDS (Tax Deducted at Source), which is deducted from your earnings. To claim a refund of the TDS deducted, filing your Income Tax Return (ITR) is necessary.

Based on our experience, the average TDS deducted from a gig professional over a year ranges between ₹2,500 and ₹4,500. By filing your ITR, you can claim the eligible refund, maintain a valid income record, and stay compliant with tax regulations.

Is there any data sharing between Swiggy and TaxBuddy?

No. There is no data sharing between Swiggy and TaxBuddy. Any information shared by you during the ITR filing process is used solely for filing your Income Tax Return and is handled securely in accordance with TaxBuddy's data privacy and security protocols.