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 »
Books and Stationery Traders File Their ITR The specific category under which books and stationery traders file their ITR is “Profit and Gains from Business or Profession”. This is the default category for all businesses, and it is also the category that most books and stationery traders will fall under. However, there are some… Read More »
Dedline of ITR for Traders & Stores The dedline of ITR for (income tax return) Traders & Stores is July 31st of the assessment year that follows the financial year. For instance, if you’re filing for the financial year 2022-23, the due date is July 31, 2023. Yet, there are situations where the ITR… Read More »
Deadlines for ITR Filing for Books and Stationery Traders The deadlines for ITR filing for books and stationery traders vary depending on their income and filing status. 1. Individuals with income up to ₹5 lakh: The deadline for filing ITR is July 31, 2023. 2. Individuals with income between ₹5 lakh and ₹10 lakh: The… Read More »
ITR Deductions for Books and Stationery Certainly, there are ITR deductions available for books and stationery stores when filing your income tax return (ITR). However, the deductions you can claim will hinge on your business’s nature and the expenses you’ve incurred. Here are potential deductions you might qualify for: 1. Books and Stationery Expenses:… Read More »
Penalty ITR Late Filling for Traders Penalty ITR late filling for Traders yes ,Late filing of ITR (income tax returns) by traders and stores does incur penalties as per Section 234F of the Income Tax Act, 1961. For traders and stores, the penalty for late ITR filing is Rs. 5,000. However, there’s a concession… Read More »
Trader ITR Threshold Trader ITR Threshold: Indeed, there are threshold limits for income tax return (ITR) filing for traders and stores. The threshold limits are different for different categories of taxpayers. For traders and stores, the threshold limits for ITR filing are as follows: Individuals: If the total income of an individual trader or store… Read More »
ITR Revenue Categorization ITR Revenue Categorization, Restaurants and hotels need to categorize their earnings as either ‘business income’ or ‘professional income’ when filing for ITR. Business income is the income that a business derives from its operations, while professional income is the income that a professional derives from their services. In general, restaurants and… Read More »
Tax Implications for Physiotherapists Tax Implications for Physiotherapists Yes, physiotherapists need to file an income tax return (ITR) if their gross total income exceeds the basic exemption limit. The basic exemption limit for individuals below 60 years is Rs. 2.5 lakh, for individuals above 60 years but below 80 years is Rs. 3 lakh, and… Read More »