ITR Filing Penalties for Wholesaler ITR Filing penalties for wholesaler yes, in India, there are penalties impose on wholesalers if they fail to file their Income Tax Return (ITR) on time. The Income Tax Act of India has provisions to ensure timely compliance with tax obligations. If a wholesaler misses the due date for filing… Read More »
ITR Penaltie for Registered Nurses Yes, there are penaltie for Registered Nurses (RNs) if they fail to file their Income Tax Return (ITR) on time. The penalties for late filing of ITR in India are as follows: 1. A late filing penalty of 5% of the tax due or a minimum of Rs. 2,000,… Read More »
Chemists Required to File Tax Audit Whether an income as a chemists required to file tax audit report depends on the following factors: 1. The chemist’s turnover 2. The chemist’s cash receipts and payments 3. The nature of the chemist’s business 4. The complexity of the chemist’s financial transactions 5. The risk of tax… Read More »
ITR filing for chemists The documentation that a chemist should maintain to support their ITR filing for chemists depends on the specific circumstances of the chemist. There are some common documents that may be required include: 1. Business income and expenses: This includes documents such as invoices, receipts, and bank statements. 2. Salary income:… 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 »
Necessary for New Doctors to File ITR Yes, it is generally necessary for new doctors in India to file an Income Tax Return (ITR) even if their income is low. The reason for this is that the Income Tax Act of India has specific provisions that require individuals, including doctors, to file an ITR if… Read More »
Deadline for Editors Filling ITR Deadline for Editors Filling ITR In India, the deadline for filing income tax returns (ITRs) for FY 2022-23 is July 31, 2023. However there are also some exceptions to this deadline: 1. Individuals who not required to pay any tax: These individuals can file their ITRs on or before December… Read More »
RN Need to File an ITR Whether or not a Registered Nurse (RN) needs to file an income tax return (ITR) depends on their income and deductions. In India, all individuals with a taxable income of Rs. 2,50,000 or more are required to file an ITR. There are also some exceptions to this rule.… Read More »
Turnover Limit for Books of Accounts In India, The turnover limit for books of accounts as a chemist determined by the provisions of the Income Tax Act, 1961. According to Section 44AA of the Income Tax Act, individuals engaged in professions such as accountancy, medical, legal, technical consultancy, interior decoration, and others required to… 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 »