Are technical consultant subjected to tax audits?

Technical Consultants Compliance Yes, technical consultants are subjected to tax audits in India. The criteria for tax audit of technical consultants is mentioned under Section 44AB of the Income Tax Act, 1961. Technical Consultants Compliance According to the section, technical consultants are required to get their accounts audited if their total gross receipts during the… Read More »

Is there any penalty for not filing of tax audit report for the technical consultant?

Penalty for not filing tax audit report Filing a tax audit report is a crucial requirement for businesses and individuals whose income exceeds certain thresholds. YouTubers, freelancers, and other digital content creators are no exception to this rule. Failing to file a tax audit report can lead to significant penalties that can impact your financial… Read More »

What are the key financial transactions that a interior designers should record?

Interior Designers Record   Interior designers should diligently record various financial transactions to ensure accurate accounting and compliance with financial regulations. Some key transactions to record include: 1. Client Payments: Recording payments received from clients for design services and project execution is crucial. This includes both initial deposits and subsequent payments throughout the project. 2.… Read More »

What documentation should interior designers maintain to support their ITR filing?

ITR for Interior designer Interior designers should maintain a comprehensive set of documentation to support their Income Tax Return (ITR) filing. This documentation serves as evidence to substantiate their income, expenses, and claims, ensuring transparency and compliance with tax regulations. 1. Income Records: Interior designers should keep records of all sources of income, such as… Read More »

What documentation is typically required during a tax audit report for technical consultant?

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 »