Tax Filing For Physiotherapists The due date of tax filing for physiotherapists like file their ITR depends on whether their accounts are required to be audited. 1. If the physiotherapist’s accounts are not required to be audited, the due date for filing their ITR is 31st July of the following assessment year. For example,… Read More »
Tax Compliance Guide Tax Compliance Guide for Contractual Service Provider (CSP) must navigate tax obligations and ensure compliance with tax regulations to maintain a smooth business operation. Here’s a comprehensive guide on how a CSP can handle taxes and ensure compliance: 1. Understand Tax Obligations: Begin by understanding the tax obligations that apply to… Read More »
Statute of Limitations for Tax Audits of Physiotherapist The statute of limitations for tax audits of physiotherapist is 6 years from the end of the relevant assessment year. This means that the tax authorities can only audit a physiotherapist’s tax returns for a period of 6 years from the end of the year in which… Read More »
Online Income Reporting Online income reporting content creators need to pay careful attention to several tax-related considerations when it comes to their bookkeeping. First and foremost, they should maintain meticulous records of their earnings from various sources, such as ad revenue, sponsorships, and affiliate marketing. These records should include transaction details, payment dates, and… Read More »
E-Filing ITR for a Physiotherapist The process of e-filing Income Tax Returns (ITR) for a physiotherapist involves several steps to ensure accurate reporting of income and deductions. Here’s a breakdown of the process: 1. Gather Relevant Documents: Collect all necessary documents, such as Form 16 (if employed), receipts of professional fees earned, bank statements,… Read More »
ITR Filling Requirement for Physiotherapists ITR Filling Requirement for Physiotherapists Yes, physiotherapists need to file an income tax return (ITR) if their gross total income exceeds the basic exemption limit. The basic exemption limit for individuals below 60 years is Rs. 2.5 lakh, for individuals above 60 years but below 80 years is Rs. 3… Read More »
Online Content Creators Record Expenses in Bookkeeping Online content creators categorize and record expenses in their bookkeeping by following a structured approach that helps them maintain accurate financial records and maximize deductions. Here’s how they typically do it: 1. Expense Categories: Content creators classify their expenses into relevant categories, such as equipment and software, marketing… Read More »
ITR Filling Penalties ITR Filling Penalties Yes, there are penalties for physiotherapists if they fail to file their ITR on time. The penalties for late filing of ITR vary depending on the amount of tax due and the reason for the delay. The following are the ITR Filling Penalties for physiotherapists: If the tax… Read More »
Documentation for Content Creators For the account finalization of online content creators, several essential pieces of documentation typically require to ensure accurate financial reporting and compliance with tax regulations. These documents help provide a clear picture of the content creators’ income, expenses, and other financial activities throughout the reporting period. 1. Income Records: Online content… Read More »
Balance Sheet for the Online Content Creators Here are some tips on how to ensure accurate financial representation in the balance sheet for the online content creators: 1. Use a qualified accountant: The balance sheet is a complex document, and it is important to use a qualified accountant to prepare it. A qualified accountant… Read More »
