ITR Form for Service Providers ITR Form for Service Providers, A Computer Sales & Services business should use ITR-4S to file their income tax return. ITR-4S is a simplified income tax return form that is designed for small businesses with a turnover of up to Rs. 3 crore. This form is easy to fill and… Read More »
ITRFilling for ComputerSales Yes, there are some threshold limit for ITRFilling for ComputerSales and services: 1. If your total income (gross receipts) is more than ₹2,50,000, you are requir to file an ITR, irrespective of whether you have any tax liability or not. 2. If your total income is less than ₹2,50,000 but more… Read More »
Dedline for Fuel Dealers The dedline for fuel dealers to pay their taxes depends on the type of tax and the dealer’s registration status. ♦ Goods and Services Tax (GST): The due date for GST payments for fuel dealers is the 20th of the month following the month in which the supplies were made.… Read More »
Tax Regulations for Fuel Dealers Here are some point related to Tax Regulations for Fuel Dealers: 1. Excise tax: Coal dealers required to pay excise tax on the coal they sell. The excise tax rate typically based on the weight or quantity of the coal sold. 2. Sales tax: Coal dealers may also required… Read More »
ITR for Computer Sales & Service When filing your ITR (Income Tax Return) for a Computer Sales & Service business, you should report various types of income that your business has earned. These may include: 1. Sales Revenue: Report the income generated from selling computers, computer hardware, software, and other related products. Include both… Read More »
ITR Filling for Restaurants or Hotels The due date of ITR filling for restaurants or hotels depends on their turnover. For restaurants or hotels with a turnover of up to 1.5 crore rupees, the due date for filing ITR is 31st July of the following year. For or hotels with a turnover of more… Read More »
ITR Penalties for Restaurants or Hotels Yes, there are ITR penalties for restaurants or hotels if they fail to file their Income Tax Returns (ITR) on time. The penalties vary depending on the amount of tax due and the length of the delay. For individuals, the penalty for late filing of ITR is 5%… Read More »
ITR Filling Deductions for Restaurants Here are some ITR filling deductions available for restaurants and hotels: 1. Cost of goods sold: This is the cost of the food and beverages that are sold by the restaurant or hotel. It includes the cost of raw materials, packaging, and freight. 2. Employee salaries and wages: This includes… Read More »
Input Tax Credit (ITC) The answer is not always. Restaurants and hotels can claim input tax credit (ITC) under the GST regime for ITR filing if they registered under GST and charge 18% GST on their food and beverage services. However, restaurants and hotels that charge 5% GST on their food and beverage services cannot… Read More »
Specific ITR Forms for Restaurants There are no specific ITR forms for restaurants and hotels. However, there are some specific schedules that they may need to complete, such as Schedule C for sole proprietorships or Schedule E for partnerships and S corporations. These schedules provide additional information about the business’s income and expenses. In… Read More »
