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 than ₹2.5 lakhs, they are required to file an ITR.
To visit: https://www.incometax.gov.in
The technical consultant may be able to claim deductions for certain expenses, such as professional tax, medical expenses, and interest on home loan. The deductions that they can claim will depend on their circumstances.
The technical consultant should choose the ITR form that is appropriate for their situation. The ITR forms are available on the Income Tax Department website.
The technical consultant should file their ITR on or before the due date. The due date for filing the ITR for the financial year 2022-23 is 31st July 2023.
If the technical consultant is unable to file their ITR on time, they can apply for an extension. The ITD will usually grant an extension if the technical consultant has a valid reason for not filing their ITR on time.
By filing their ITR on time and accurately, technical consultants can help to ensure that they are compliant with the Income Tax Act.
Here are some specific tips for technical consultants on ITR filing requirements:
1. Calculate your total income:
This includes all of your income from all sources, including your salary, freelance work, and investments.
2. Identify your deductions:
This includes all of your expenses that are eligible for deduction, such as professional tax, medical expenses, and interest on home loan.
3. Choose the right ITR form:
There are different ITR forms for different types of taxpayers. Choose the form that is appropriate for your situation.
4. File your ITR on time:
The due date for filing the ITR for the financial year 2022-23 is 31st July 2023.
5. Get professional help if needed:
If you are not sure how to file your ITR, you can get help from a tax advisor.
