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 applicable)
- Medical expenses (if applicable)
- Donation receipts (if applicable)
- Any other documents that can help to substantiate the deductions and exemptions claimed.
If the fashion designer is a salary employee, they may also need to provide their Form 16 to the tax authorities. Form 16 is a document issued by the employer that shows the employee’s salary and deductions for the year.
The fashion designer can file their ITR online or offline. If they choose to file their ITR online, they can do so through the e-filing website of the Income Tax Department. If they choose to file their ITR offline, they can do so by submitting a paper form to the nearest tax office.
The deadline for filing an ITR for the financial year 2022-23 is 31st July 2023. However, specific groups of taxpayers have been grant an extended window to file their ITRs beyond this date. For example, senior citizens and those with disabilities are allowed to file their ITRs by 31st December 2023.
If the fashion designer fails to file their ITR by the deadline, they may be liable to pay late fees. The amount of the late fees depends on the number of days that the ITR is late.
Here are some additional tips for fashion designers who are filing their ITR:
- Make sure to gather all of the required documents before you start filing your ITR.
- Review your ITR carefully before you submit it.
- Keep a copy of your ITR for your records.
- If you have any questions about filing your ITR, you can consult with a tax advisor.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com