Financial Records for Tax audit A wholesaler in India manages their financial records for tax audit through a structured process to ensure compliance with tax regulations. They follow these steps to maintain accurate records and be prepared for a potential tax audit: 1. Accounting Software or Systems: Wholesalers usually employ accounting software or systems… Read More »
Tax Audit Reports for Motion Picture The due date for filing tax audit reports for Motion Picture & Video: Studios & Theatres in India is typically September 30th of the assessment year, Which is the year following the financial year in which the audit is conducted. Failure to comply with this due date can… Read More »
Artist Need to Pay Advance Tax Yes, artists may need to pay Advance Tax depending on their projected income for the financial year. Advance Tax is a system in which taxpayers are required to pay their taxes in installments during the year, rather than in a lump sum at the end. This is especially applicable… Read More »
Tax Deductions During ITR Filing Tax Deductions During ITR Filing in India, businesses in the Motion Picture & Video: Studios & Theatres category can avail of several tax deduction to reduce their taxable income during the income tax return (ITR) filing process. Depreciation: Motion picture studios and theatres can claim depreciation on assets like… Read More »
Tax Audit Reports for Wholesaler The purpose of a tax audit reports for wholesaler in India is to ensure transparency, accuracy, and compliance with the tax regulations set forth by the Income Tax Act of India. This audit process involves a detailed examination of the financial records, transactions, and other relevant information of the… Read More »
Tax Audit penalties for wholesaler Yes, there can Tax Audit penalties for wholesaler in India. According to the Income Tax Act of India, businesses that meet certain financial thresholds required to have their accounts audited by a chartered accountant and submit a tax audit report along with their income tax return. This requirement is… Read More »
ITR for wholesaler Whether or not a ITR for wholesaler in India depends on a number of factors, including the wholesaler’s income, the type of business, and the location of the business. Here are the general income tax filing requirements for wholesalers in India: 1. Individual wholesalers: Individual wholesalers who are resident in India… Read More »
ITR Form for the Chemists The applicable Income Tax Return (ITR) form for chemists would depend on the nature of their income and the type of business they are engaged in. Chemists, often engaged in retail sales of pharmaceutical products, may need to consider the following options: 1. Form ITR-3: This form typically… Read More »
Chemists Need to Pay Advance Tax Whether a chemistS needs to pay advance tax depends on the following factors: The chemist’s total tax liability for the financial year Whether the chemist is a senior citizen Whether the chemist has opted for the presumptive taxation scheme If the chemist’s total tax liability for the financial… Read More »
Applicable ITR Form for Lawyer The applicable Income Tax Return (ITR) form for a lawyer depends on the nature of their income, the type of legal practice they can engag in, and their sources of income. Generally, a lawyer would likely need to file their return using the ITR-3 or ITR-4 form. 1. ITR-3… Read More »
