Applicable ITR Form for Architect The Applicable ITR Form for Architect generally relies on the specific characteristics of their earnings and the manner in which their business structured. Architects can have income from various sources such as professional fees, consultancy services, and potentially rental income or capital gains if they have property investments. The… Read More »
ITR form for Doctors There is no specific ITR form for doctors. However, there are certain ITR forms that are more commonly used by doctors. These include: 1. ITR-1: This is the simplest ITR form and is used by individuals with a simple income. Doctors who have a total income of less than Rs.… Read More »
ITR filing for chemists The documentation that a chemist should maintain to support their ITR filing for chemists depends on the specific circumstances of the chemist. There are some common documents that may be required include: 1. Business income and expenses: This includes documents such as invoices, receipts, and bank statements. 2. Salary income:… Read More »
ITR Filling Documents for Architect ITR Filling Documents for Architect in India, you’ll need several documents to file your Income Tax Return (ITR). These documents are crucial for accurately reporting your income and claiming deductions. Here are the list of documents you’ll need: 1. Form 16: This is provided by your employer and shows… Read More »
Income Tax Return for Editors Income Tax Return for Editors Yes, editors typically need to file an income tax return (ITR) if their income exceeds the specified threshold set by the tax authorities. An income tax return is a formal declaration of an individual’s income earn during a financial year and the taxes paid… Read More »
Deductions Under Section 80C/80D/80G Deductions Under Section 80C/80D/80G for Architects, like any other taxpayers, are eligible to claim deductions under various sections of the Income Tax Act in India. The eligibility for specific deductions depends on the individual’s circumstances, the nature of their income, and the expenses they have incurred. Here’s how architects might… Read More »
Architects Need to Pay Advance Tax Architects Need to Pay Advance Tax Yes, architects in India are required to pay Advance Tax if their estimated tax liability for the financial year exceeds Rs 10,000. Advance Tax is a system through which taxpayers are required to pay their income tax liabilities in installments during the financial… Read More »
Income Tax Return for Doctors Yes, doctors in India are required to file an Income Tax Return for Doctors if they meet certain income and/or profession-related criteria. These are: Total income exceeds Rs. 2.5 lakhs. Profit percentage is less than 50% and the total income exceeds Rs. 2.5 lakhs. Total receipts for the financial… Read More »
Necessary for New Doctors to File ITR Yes, it is generally necessary for new doctors in India to file an Income Tax Return (ITR) even if their income is low. The reason for this is that the Income Tax Act of India has specific provisions that require individuals, including doctors, to file an ITR if… Read More »
Tax Exemptions for Doctors Yes, there are some tax exemptions available for doctors based on their income level. These include: 1. Standard deduction: The standard deduction is a fixed amount that can be deducted from your taxable income. The standard deduction for doctors is Rs. 50,000 for the financial year 2022-23. 2. Medical expenses… Read More »