Turnover limit for drafting a balance sheet for the interior designers There is no specific turnover limit for drafting a balance sheet for interior designers. However, it is generally advisable to draft a balance sheet if your turnover exceeds Rs. 1 crore in a financial year. This is because a balance sheet provides… Read More »
Financial statements integrity Financial statements integrity, Ensuring accurate financial representation in the balance sheet for interior designers is crucial for maintaining transparency, complying with regulations, and making informed business decisions. Here’s how to achieve this: 1. Thorough Expense Tracking: Interior designers should meticulously track all their expenses, including materials, tools, equipment, office space,… Read More »
Tax Exemptions for Interior Designers Yes, there are certain Tax Exemptions available for interior designers based on their income level. One such exemption is provided under Section 44ADA of the Income Tax Act. This section is applicable to professionals, including interior designers, whose gross receipts do not exceed ₹50 lakhs in a financial year.… Read More »
E-filing ITR E-filing ITR: The process for e-filing ITR for a technical consultant is as follows: 1. Go to the Income Tax e-filing portal (www.incometaxindiaefiling.gov.in). 2. Create an account or log in if you already have an account. 3. Select the assessment year for which you want to file your ITR. 4. Choose the ITR… Read More »
Professional Reputation Professional reputation: Properly conducting account finalization offers interior designers a range of benefits that contribute to their financial management, business growth, and overall professionalism. 1. Accurate Financial Overview: Account finalization involves reviewing all financial transactions, income, and expenses. This process provides interior designers with a clear snapshot of their financial health, allowing… Read More »
Professional Development Professional development No, book writing is not mandatory for interior designers. Book writing is a creative endeavor that some interior designers might choose to pursue as a way to showcase their expertise, share their design philosophy, or contribute to the field’s knowledge base. However, it’s important to note that being an interior designer… Read More »
Tax Audit Report Yes, there is a penalty for not filing a tax audit report for interior designers in India. The penalty is Rs. 1.5 lakh. The penalty for not filing a tax audit reports levied under Section 271B of the Income Tax Act. This section states that any person who required to get… Read More »
Accounting for designers Accounting for designers, Interior designers categorize and record expenses in their bookkeeping by systematically organizing their financial transactions into relevant expenditure categories. This practice helps them accurately track and manage their costs, analyze their business performance, and ensure proper tax reporting. Here’s how they typically go about it: 1. Expense Categories: Interior… Read More »
ITR for Technical consultant 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… Read More »
Starting bookkeeping for technical consultant There is no specific threshold limit for starting bookkeeping for a technical consultant. However, there are a few factors that may affect the decision of when to start bookkeeping, such as: 1. The size of the business: Larger businesses may need to start bookkeeping sooner than smaller businesses, as they… Read More »