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 »
Tax Filing Tax Filing Yes, there can be penalties imposed on a technical consultant if they fail to file their Income Tax Return (ITR) on time. The penalties serve as a way to enforce timely compliance with tax regulations. The penalties for late filing of ITR can include: 1. Late Filing Fee: If a… Read More »
Are interior designers required to perform account finalization No, interior designers do generally not require to perform account finalization. Account finalization typically pertains to the process of closing and reconciling financial accounts at the end of a financial period, such as a fiscal year. Accounting for interior designers process involves ensuring that all financial transactions… Read More »
Tax Implications Tax implication Yes, there may be tax-implication if a technical consultant receives non-monetary perks for their work. The Income Tax Act, 1961 (ITA) defines “”perquisite”” as “”any benefit or amenity granted or provided free of cost or at concessional rate by the employer to an employee.”” Non-monetary perks that may be taxable… Read More »
Tax Exemptions Tax Exemptions , “Yes, there are some tax exemption available for technical consultants based on their income level. Here are some of the tax exemption available for technical consultants. 1. Standard deduction: All taxpayers are eligible for a standard deduction of ₹50,000. This means that the first ₹50,000 of your income is tax-free.… Read More »
Ensuring accurate financial representation Ensuring accurate financial representation in the balance sheet for a technical consultant involves meticulous attention to detail and adherence to accounting principles. Here’s how to achieve this: 1. Proper Expense Classification: The first step is to correctly classify expenses in the balance sheet. Segregate direct project-related expenses (e.g., travel, software, equipment)… Read More »
Technical Consultants Technical Consultants, Yes, technical consultants are required to file an income tax return (ITR) if their total income exceeds the basic exemption limit. The basic exemption limit for the assessment year 2023-24 is Rs. 2,50,000 for individuals. In addition, technical consultants are also required to file an ITR if they have: 1. Total… Read More »
