Tax Deductions Here are the tax deductions available for diagnostic centers during ITR filing in India: 1. Section 80D: This section allows a deduction of up to Rs. 50,000 on medical expenses incurred by the taxpayer, his/her spouse, children, parents, and dependents. This includes expenses incurred on hospitalization, surgery, consultation fees, diagnostic… Read More »
Tax Deductions for Automobile Here are some tax deductions for automobile dealers during ITR filing: 1. Depreciation on motor vehicles: Automobile dealers can claim depreciation on motor vehicles used for business purposes. The amount of depreciation that can be claimed depends on the type of vehicle and its age. 2. Interest on car loans:… Read More »
Tax Deductions for Hotels Here are some key Tax deductions for Hotels explore: 1. Depreciation: As an establishment in the hospitality sector, you can claim depreciation on assets such as furniture, fixtures, and equipment used for lodging services. This deduction accounts for the wear and tear of these assets over time. 2. Employee Costs:… Read More »
Tax Compliance for Hotels Failing to meet the deadline for submitting a Tax Compliance for Hotels – lodging, motels, and resorts sector comes with its financial repercussions. A late filing incurs a penalty of Rs. 1000 per month or fraction thereof, accumulating up to a cap of Rs. 5000. This is a significant consideration… Read More »
Tax Deductions for Furniture and Appliances Here is a list of potential Tax Deductions for Furniture and Appliances of Traders & Stores during the process of filing ITR: 1. Depreciation: You have the option to gradually depreciate the expenses related to furniture and appliances over a specific duration. This depreciation process assists in lowering… Read More »
Penalties for Textile There are penalties for textile traders if they fail to file their ITR on time. The penalties are as follows: 1. 5% of the tax due, Or Rs. 2,000, whichever is higher. This is the penalty for late filing of the return. 2. 5% of the tax due, and a late… Read More »
Penalties for Grocery & Merchandise Stores Yes, there are penalties for Grocery & Merchandise Stores if they fail to file their ITR on time. The penalties are as follows: 1. Late filing penalty: A penalty of Rs. 500 per day for every day of delay, up to a maximum of Rs. 5,000. 3. Prosecution:… Read More »
ITR For Textile and Clothes Here are the ITR for textile and clothes in India: 1. Turnover: Textile traders whose annual turnover is more than Rs. 20 lakh are require to file ITR. 2. Type of business: Textile traders who are register under GST are required to file ITR-3. Textile traders who are not… Read More »
Penalties for Printing Services There are no specific penalties for printing services if they fail to file their ITR on time. However, the printing service may be liable for penalties if they fail to file the ITR of their clients on time. The penalties for late filing of ITR are as follows: Up to… Read More »
Tax Return for printing services business Sure, here is the process for filing Income Tax Return for printing services business: 1. Gather all the necessary documents, such as your PAN card, Aadhaar card, income and expense statements, and proof of investments. 2. Choose the appropriate ITR form. The type of ITR form you need… Read More »
