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What are the key financial transactions that a Physiotherapist should record?

Physiotherapist Physiotherapist , should diligently record various key financial transactions to maintain accurate financial records and ensure compliance with tax regulations. These transactions include: 1. Income from Services: Physiotherapists should record all payments received from patients for their services, including consultation fees, therapy sessions, and specialized treatments. Proper documentation of the date, amount, and… Read More »

What happens if a interior designer disagrees with the filing of a tax audit report?

Tax dispute resolution If an interior designer disagrees or Tax dispute resolution with the filing of a tax audit report, they can raise an objection to the report. The objection should be filed in writing with the Income Tax Department within 30 days of the date of the report. The objection should include the following… Read More »

Are there any penalties for interior designers if they fail to file their ITR on time?

Penalty for not filing ITR on time Yes, there are penalties for interior designers in India if they fail to file their ITR on time. The penalties depend on the amount of time the ITR is late and the total income of the interior designer. The followings are the penalties for late filing of ITR… Read More »

What documentation should technical consultant maintain to support their ITR filing?

Technical consultants documentation for ITR Technical consultants documentation for ITR, Technical consultants should maintain a thorough set of documentation to support their Income Tax Return (ITR) filing. This documentation helps validate their income and expenses, ensuring compliance with tax regulations. Essential documents to maintain Technical consultants documentation for ITR include: 1. Income Records: Maintain… Read More »

What is the turnover limit for drafting a balance sheet for the interior designers?

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 »

How to ensure accurate financial representation in balance sheet for the interior designers?

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 »

Are there any tax exemptions available for interior designers based on their income level?

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 »

What is the process for e-filing ITR for technical consultant, and what are the steps involved?

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 »

What are the benefits a interior designers gain from properly conducting account finalization?

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 »

Is book writing mandatory for interior designers?

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 »