Welcome to Tax Magics

Your trusted partner in Income Tax, GST, Accounting and Compliance Solutions.

We make tax, accounts and compliances simple, accurate and stress‑free so that you can focus on running your business while we take care of the numbers.

About Us

Tax Magics is a professional tax and accounting firm dedicated to serving individuals, professionals and businesses of all sizes. We specialize in Income Tax filing, GST, accounting, audits and end‑to‑end compliance support. With a strong focus on accuracy, transparency and timelines, we act as your extended finance team, guiding you at every stage – from basic bookkeeping to complex tax planning and regulatory reporting.

our goal is to provide accurate, transparent, and affordable financial solutions to help you stay compliant and stress-free.

Our Services

Documents Required for Income Tax Filing

PAN Card and Aadhaar Card
Form 16 from your employer
Bank Statements / Passbook
Investment Proofs (LIC, PPF, etc.)
Home Loan Interest Certificate
Details of Other Income (Rent, Interest, etc.)

Penalties for Late Income Tax Filing

Penalty Amount (Section 234F): A maximum of ₹5,000 is charged if the return is filed after
the due date but before December 31 of the Assessment Year (AY).
Small Taxpayers: If the gross total income does not exceed ₹5 lakh, the maximum late fee is
restricted to ₹1,000.
Interest on Late Payment: In addition to the penalty, 1% interest per month is charged on
the unpaid tax amount under Section 234A.
Belated Return Deadline: A belated return for a financial year can be filed only up to
December 31 of the corresponding assessment year.
Consequences: You cannot carry forward certain losses (business/capital) if the return is filed
after the due date.

Documents Required for GST Return Filing

Sales Invoices: Total sales invoices issued (B2B, B2C, Exports).
Purchase Invoices: Invoices for purchases where ITC is claimed.
Input Tax Credit (ITC) Details: GSTIN of suppliers, invoice numbers, dates, and tax amounts for ITC.
Bank Statements: For reconciling transactions.

Penalties Involved Under GST Act

Late Filing of Returns (Late Fees):Generally ₹50 per day , capped at ₹5,000. For nil return filers, it is ₹20 per day.
Interest on Delayed Payment:Interest is charged at 18% per annum on the outstanding tax amount.
Non-Payment/Short Payment of Tax (No Fraud): Penalty of 10% of the tax due, subject to a minimum of ₹10,000.
General Penalty: Any violation for which no specific penalty is mentioned can attract fines up to ₹25,000.
Detention/Confiscation of Goods: ransporting goods without documents leads to detention, with a penalty of 100%
of tax or 2% of the value of goods .
Fraud/Tax Evasion (Intentional): Penalty of 100% of tax evaded or ₹10,000, whichever is higher. In severe cases,
this can go up to 300%.

Benefits of Partnering with Tax Magics

Timely and accurate filings that protect you from penalties and notices.
Expert guidance available year‑round, not just at due dates.
Better tax savings and cash‑flow planning through structured advice.
Single point of contact for accounting, GST, Income Tax, payroll and audits.
Clear reports that help you understand your finances in simple language.

Why TaxMagics?

Recognized and Compliant with Indian Tax and Regulatory Standards.

Super Fast and Deadline Focused Service For All Filings.

Quick Response Team For Notices, Queries and Clarifications.

Trusted Data Security with Confidential Handling Of All Records.

In Depth Expertise In GST, Income Tax, Audit and ROC Matters

Tech Enabled Processes with Online Document Collection and Tracking

Strategy

91%
That’s how many 1st time users save tax with TaxMagics

Happy Users

5,000+ Trusted by Happy Users
Across India Join thousands who trust TaxMagics for Fast, Reliable, and Secure Tax filing.

Incorporate Your Company With Our Experts In Just 1 Week

Step-1:

Gather & validate all required documents

Step-2:

Initiate the Incorporation process

Step-3:

Get Certificate of Incorporation

Step-4:

Open a Current bank Account