Category Archives: Technical Consultant

Is there any penalty for not filing of tax audit report for the technical consultant?

Penalty for not filing tax audit report Filing a tax audit report is a crucial requirement for businesses and individuals whose income exceeds certain thresholds. YouTubers, freelancers, and other digital content creators are no exception to this rule. Failing to file a tax audit report can lead to significant penalties that can impact your financial… Read More »

What documentation is typically required during a tax audit report for technical consultant?

Tax audit for a technical consultant Tax audit for a technical consultant, During a tax audit for a technical consultant, several types of documentation are typically required to provide a clear and accurate picture of their financial transactions and compliance with tax regulations. 1. Invoices and Contracts: The consultant should provide copies of invoices and… Read More »

What documentation should technical consultant maintain to support their ITR filing?

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 »

What are the ITR filing requirements for technical consultant who also have a full-time job? ITR Requirements

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 »

Are there any tax implications if technical consultant receive non-monetary perks for their work?

Tax Implications   Tax implication Yes, there may be tax-implication if a technical consultant receives non-monetary perks for their work. The Income Tax Act, 1961 (ITA) defines “”perquisite”” as “”any benefit or amenity granted or provided free of cost or at concessional rate by the employer to an employee.”” Non-monetary perks that may be taxable… Read More »