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 »
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 »
TaxExemptions for Interior Designers Yes, there are certain TaxExemptions 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. Under Section… Read More »
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 »
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 »