ITR due date for interior designer The ITR due date for interior designers to file their ITR for the financial year 2022-23 (assessment year 2023-24) is July 31, 2023. However, there are some exceptions to this due date. For example, if an interior designer’s income is less than Rs. 2.5 lakh, they are not required… Read More »
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 »
Do Interior Designers need to file ITR Yes, interior designers need to file an income tax return (ITR) if their total income exceeds the specified threshold. The threshold for filing an ITR for the financial year 2022-23 (assessment year 2023-24) is Rs. 2.5 lakh. However, there are some exceptions to this rule. For example, interior… Read More »
Statutory audit for physiotherapists No, statutory audit is not required for physiotherapists. It is only required for companies, limited liability partnerships, and other entities that register under the Companies Act, 2013. Individuals, including physiotherapists, do not require to get audit. To visit: https://www.incometax.gov.in However, there are some cases where a physiotherapist may require to get… Read More »
InteriorDesigners ITR Process E-Filing ITR InteriorDesigners ITR Process for is as follows: Go to the Income Tax Department website and create an account. Select the appropriate ITR form for your circumstances. Enter your personal and financial information in the ITR form. Attach the required documents. Verify your ITR and pay the taxes due, if any.… Read More »
Receipts and Invoices Receipts and Invoices, The documentation typically required during a tax audit report for interior designers can vary depending on the specific circumstances, but may include the following: 1. Invoices from clients for interior design services 2. Receipts for expenses, such as travel, marketing, and professional fees 3. Proof of income from other… Read More »
Professional Services Taxation Professional Services Taxation, Yes, there are indeed tax implications when interior designers receive non-monetary perks for their work. These perks, often referred to as “in-kind” benefits, are consider a form of compensation and are subject to taxation. When interior designers receive non-monetary perks such as goods, services, or other benefits in exchange… Read More »
ITR Deadline ITR Deadline, The deadline for technical consultants to file their ITR for the assessment year 2023-24 is July 31, 2023. However, if you are a technical consultant who is subject to tax audit under section 44AB, then the last date for filing your ITR is October 31, 2023. Section 44AB of the Income… Read More »
ITRFiling for InteriorDesigners Here’s a breakdown of the situation: 1. Total Income Calculation: The first step is to calculate the total income, which includes both the salary from the full-time job and the income earned as an interior designer. This income can come from consultation fees, project earnings, or any other relevant sources. 2.… Read More »
Bookkeeping for Interior Designers The Importance and Timing of Starting Bookkeeping for Interior Designers Bookkeeping is an essential aspect of running any business, including interior design firms. Effective bookkeeping helps track income and expenses, ensures compliance with tax regulations, and provides a clear picture of financial health, enabling better decision-making. But when should an interior… Read More »
