ITR form for Doctors There is no specific ITR form for doctors. However, there are certain ITR forms that are more commonly used by doctors. These include: 1. ITR-1: This is the simplest ITR form and is used by individuals with a simple income. Doctors who have a total income of less than Rs.… Read More »
Account Finalization for Doctors Yes, doctors required to perform account finalization doctors in India. Section 44AA of the Income Tax Act, 1961 requires doctors and other specified professionals to maintain books of accounts and to get them audit by a chartered accountant. The account finalization process involves preparing financial statements, such as the balance… Read More »
Preparing Financial Statements Account finalization is the process of preparing financial statements, such as the balance sheet and the income statement, and getting them audit by a chartered accountant. It plays an important role in the financial management of doctors in the following ways: 1. Compliance with tax laws: Account finalization ensures that… Read More »
Challenges Come for Doctors For Statutory Audit Doctors in India may face several Challenges Come for Doctors For Statutory Audit. One significant challenge is the complex nature of their income sources and expenses. Medical practitioners often have diverse revenue streams, including consultation fees, hospital affiliations, and research-related earnings. Tracking and categorizing these sources accurately… Read More »
Tax Audit Reports for Doctors In India, a tax audit reports for doctors serves a critical purpose in ensuring transparency, accuracy, and compliance with the country’s taxation regulations. The primary goal of this audit report is to examine the financial records and transactions of doctors, specifically those who fall under the ambit of Section… Read More »
Income Tax Return for Doctors Yes, doctors in India are required to file an Income Tax Return for Doctors if they meet certain income and/or profession-related criteria. These are: Total income exceeds Rs. 2.5 lakhs. Profit percentage is less than 50% and the total income exceeds Rs. 2.5 lakhs. Total receipts for the financial… Read More »
Tax Exemptions for Doctors Yes, there are some tax exemptions available for doctors based on their income level. These include: 1. Standard deduction: The standard deduction is a fixed amount that can be deducted from your taxable income. The standard deduction for doctors is Rs. 50,000 for the financial year 2022-23. 2. Medical expenses… Read More »
Section 44ADA The presumptive taxation scheme of Section 44ADA is applicable for certain professionals who have a total gross income of up to Rs. 50 lakhs in a financial year. This scheme is available to the following professionals: 1.Resident individuals 2.Resident Hindu Undivided Families (HUFs) 3.Partnerships with resident partners However, professionals who have income from… Read More »