Balance Sheet for the Physiotherapist Here are some tips on how to ensure accurate financial representation in a balance sheet for the physiotherapist: 1. Use a reliable accounting software: Using a reliable accounting software can help you to track your financial transactions accurately and efficiently. There are many accounting software options available, so you… Read More »
Conducting Statutory Audit for Physiotherapist The purpose of conducting statutory audit for physiotherapist is to verify the accuracy of the physiotherapist’s financial records and to ensure that they have complied with the Income Tax Act. Statutory audit conducted by a qualified auditor and submitted to the tax authorities along with the physiotherapist’s income tax… Read More »
Tax Audit Report for Physiotherapist The purpose of a tax audit report for a physiotherapist is to verify the accuracy of the physiotherapist’s financial records and to ensure that they have complied with the Income Tax Act. The tax audit report is prepared by a qualified auditor and is submitted to the tax authorities… Read More »
Financials Compliances Financials Compliances Yes, physiotherapists subjected to tax audits by the Income Tax Department (ITD). The ITD may audit the accounts of physiotherapists if they have reason to believe that the physiotherapist has evaded tax or has not complied with the Income Tax Act. The ITD may also audit the accounts of physiotherapists… Read More »
Audit Requirement Audit Requirement Yes, there are penalties for physiotherapists if they fail to file their tax audit report. The penalty for failure to file a tax audit report is 0.5% of the total sales, turnover or gross receipts, subject to a maximum of Rs. 1 lakh. The penalty is applicable to physiotherapists whose accounts required… Read More »
Tax Implications for Physiotherapists Tax Implications 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 lakh, and… Read More »
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 »