Penalty for not filing tax audit report Yes, there is a penalty for not filing of tax audit report for a technical consultant. The penalty is either 0.5% of the total sales, turnover or gross receipts, whichever is lower, or Rs. 1,50,000, whichever is higher. The penalty is imposed under Section 271B of the Income… Read More »
TaxAudits of TechnicalConsultants The limit for taxaudits of technicalconsultants in India is Rs. 50 lakhs in total gross receipts during the financial year. This is under Section 44AB of the Income Tax Act, 1961. If the total gross receipts of a technical consultant exceed Rs. 50 lakhs, then they are required to get their… Read More »
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 »
ITR Deadline ITR Deadline, The deadline for technical consultants to file their ITR for the assessment year 2023-24 is July 31, 2023. However, if you are a technical consultant who is subject to tax audit under section 44AB, then the last date for filing your ITR is October 31, 2023. Section 44AB of the Income… Read More »
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 »
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 »
Tax Filing Tax Filing Yes, there can be penalties imposed on a technical consultant if they fail to file their Income Tax Return (ITR) on time. The penalties serve as a way to enforce timely compliance with tax regulations. The penalties for late filing of ITR can include: 1. Late Filing Fee: If a… Read More »
Tax Implications Tax implications Yes, there may be tax implications 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… Read More »