ITR Deadline ITR Deadline, The deadline for technical consultants to file their ITR for the assessment year 2023-24 is July 31, 2023. However, if you are a technical consultant who is subject to tax audit under section 44AB, then the last date for filing your ITR is October 31, 2023. Section 44AB of the Income… Read More »
ITRFiling for InteriorDesigners Here’s a breakdown of the situation: 1. Total Income Calculation: The first step is to calculate the total income, which includes both the salary from the full-time job and the income earned as an interior designer. This income can come from consultation fees, project earnings, or any other relevant sources. 2.… Read More »
Penalty for not filing ITR on time Yes, there are penalties for interior designers in India if they fail to file their ITR on time. The penalties depend on the amount of time the ITR is late and the total income of the interior designer. The followings are the penalties for late filing of ITR… Read More »
Technical consultants documentation for ITR Technical consultants documentation for ITR, Technical consultants should maintain a thorough set of documentation to support their Income Tax Return (ITR) filing. This documentation helps validate their income and expenses, ensuring compliance with tax regulations. Essential documents to maintain Technical consultants documentation for ITR include: 1. Income Records: Maintain… Read More »
Tax Exemptions for Interior Designers Yes, there are certain Tax Exemptions available for interior designers based on their income level. One such exemption is provided under Section 44ADA of the Income Tax Act. This section is applicable to professionals, including interior designers, whose gross receipts do not exceed ₹50 lakhs in a financial year.… Read More »
E-filing ITR E-filing ITR: The process for e-filing ITR for a technical consultant is as follows: 1. Go to the Income Tax e-filing portal (www.incometaxindiaefiling.gov.in). 2. Create an account or log in if you already have an account. 3. Select the assessment year for which you want to file your ITR. 4. Choose the ITR… Read More »
ITR for Technical consultant The ITR filing requirements for technical consultants who also have a full-time job will depend on their total income, sources of income, and deductions claimed. If the technical consultant’s total income is less than ₹2.5 lakhs, they are not required to file an ITR. However, if their total income is more… Read More »
Tax Filing Tax Filing Yes, there can be penalties imposed on a technical consultant if they fail to file their Income Tax Return (ITR) on time. The penalties serve as a way to enforce timely compliance with tax regulations. The penalties for late filing of ITR can include: 1. Late Filing Fee: If a… Read More »
Tax Exemptions Tax Exemptions , “Yes, there are some tax exemption available for technical consultants based on their income level. Here are some of the tax exemption available for technical consultants. 1. Standard deduction: All taxpayers are eligible for a standard deduction of ₹50,000. This means that the first ₹50,000 of your income is tax-free.… Read More »
Technical Consultants Technical Consultants, Yes, technical consultants are required to file an income tax return (ITR) if their total income exceeds the basic exemption limit. The basic exemption limit for the assessment year 2023-24 is Rs. 2,50,000 for individuals. In addition, technical consultants are also required to file an ITR if they have: 1. Total… Read More »
