ITR due date for interior designer
The ITR due date for interior designers to file their ITR for the financial year 2022-23 (assessment year 2023-24) is July 31, 2023. However, there are some exceptions to this due date. For example, if an interior designer’s income is less than Rs. 2.5 lakh, they are not required to file an ITR.
If an interior designer fails to file their ITR due date, they may be liable for penalties. The penalties for late filing of ITR are as follows:
To visit: https://www.incometax.gov.in
1. If the ITR is filed after the due date but within three months, a penalty of Rs. 500 will be levied.
2. If the ITR is filed after three months but within six months, a penalty of Rs. 1000 will be levied.
3. If the ITR is filed after six months, a penalty of Rs. 5000 will be levied.
In addition to the above penalties, the interior designer may also be liable to pay interest on the outstanding tax. The interest rate is 1% per month or part of a month on the outstanding tax.
If an interior designer willfully fails to file their ITR, they may also be liable to face prosecution by the Income Tax Department. The prosecution may result in imprisonment for a term of three months to two years, along with a fine.
It is important for interior designers to file their ITRs on time to avoid the above penalties. They can file their ITRs online or through a tax consultant.
