Case Study: Raghavan in Bangalore saves ₹1,00,000 and secures loan approval with TaxBuddy

Raghavan in Bangalore saves ₹1,00,000 with TaxBuddy

Raghavan, a freelancer in Bangalore, faced challenges securing a bank loan due to inadvertently filing his income tax return with the wrong ITR form. He also needed guidance on GST registration and understanding his tax obligations. He sought assistance from TaxBuddy to align his financial goals with tax regulations.

TaxBuddy introduced Raghavan to Section 44ADA of the Income Tax Act, which simplified his tax filing by allowing him to declare 50% of his gross receipts as income. This guidance, combined with help on GST compliance, resulted in substantial tax savings of ₹1,00,000 for Raghavan and successfully enabled his loan approval.