Fashion Designer Need to Pay Advance Tax
Yes, a fashion designer may need to pay Advance Tax depending on their income and tax liability.
Advance Tax is a system in which taxpayers are required to pay their taxes in instalments throughout the financial year, rather than waiting until the end of the year.
It is applicable to individuals, including professionals like fashion designers, who have a substantial tax liability.
Fashion designers, like other professionals, are subject to Advance Tax if their total tax liability for the financial year exceeds Rs. 10,000.
If their income is such that after considering TDS (Tax Deducted at Source) and other deductions.
They expect to owe more than Rs. 10,000 in taxes, they required to pay Advance Tax.
For fashion designers who earn a significant income from their designs, fashion shows.
Endorsements, and other sources, estimating their annual tax liability and paying Advance Tax in instalments is crucial to avoid penal interest.
The due dates for Advance Tax payments are usually spread across the financial year in specific instalments: by June 15, September 15, December 15, and March 15.
By complying with Advance Tax regulations, fashion designers can manage their tax obligations more effectively.
Prevent last-minute financial strain, and ensure they meet their tax liabilities in a timely manner.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com
