ITR Form for Engineers The applicable ITR form for engineers will depend on their sources of income and the total income. The following are the ITR forms that are commonly used by engineers: 1. ITR-1 (Sahaj): This form is for individuals with total income up to Rs. 50 lakh. It is the simplest form… Read More »
ITR Deductions for Dental and Medical ITR Deductions for Dental and Medical to reduce their taxable income and overall tax liability. Three key deductions that they might consider are: ◘ Business Expenses Deduction: Dental and Medical Laboratories can claim deductions for various business expenses incurred during the financial year. This includes expenses related to… Read More »
Documents Need to File ITR The Documents Need to File ITR as a fashion designer vary depending on the individual’s circumstances. There are some common documents for require filing ITR as follow: PAN card Aadhar card Bank account details Income from business or profession (Form 26AS) Income from salary (Form 16) Rent receipts (if… Read More »
Penality and Dadline of Tax Audit Report The Penality and Dadline of Tax Audit Report for hospitals in India can explain as follows: ◘ Due Date: The due date for filing the tax audit report for hospitals in India is typically September 30th of the assessment year. This means that if the financial year… Read More »
Hospitals Tax Deductions Hospitals in India can avail various tax deductions while filing their Income Tax Return (ITR). These deductions help hospitals reduce their taxable income, ultimately lowering their tax liability. Three important deductions that hospitals can consider are: ◘ Section 80IC: Under this section, hospitals located in specified backward areas can claim a… Read More »
Account Finalization Documentation For the Account Finalization Documentation, a wholesaler in India typically needs to provide specific documentation to ensure accurate financial reporting and compliance. This documentation helps in presenting a clear picture of the business’s financial transactions and ensures that all legal and tax requirements are met. Three key types of documentation required… Read More »
Balance Sheet for a Wholesaler To ensure accurate financial representation in the balance sheet for a wholesaler in India, follow these steps: 1. Maintain Detailed Records: Properly document all financial transactions, including purchases, sales, expenses, and overhead costs. This helps in accurately reflecting the financial position of the wholesaler. 2. Reconcile Inventory Regularly: Conduct regular… Read More »
Financial Compliances Financial Compliances yes, drafting a balance sheet is mandatory for a wholesaler in India. A balance sheet offers a glimpse into a business’s financial standing, comprising three key elements assets, liabilities, and owner’s equity at a specific moment. It consists of three main components: assets, liabilities, and owner’s equity. 1. Assets represent… Read More »
ITR Filing for Fashion Designers ITR filing for Fashion designers typically need to file their income tax returns using Form ITR-4 (Sugam) if they are running their design business as a sole proprietorship or as a partnership firm. Form ITR-4 is meant for individuals and Hindu Undivided Families (HUFs) who have opted for the presumptive… Read More »
Fashion Designer Need to Pay Advance Tax Yes, a fashion designer may need to pay Advance Tax depending on their income and tax liability. Advance Tax is a system in which taxpayers are required to pay their taxes in instalments throughout the financial year, rather than waiting until the end of the year. It… Read More »
