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 for individuals above 80 years is Rs. 5 lakh.
there are other conditions that may require a physiotherapist to file an ITR, such as:
- If the physiotherapist has income from other sources, such as rent, interest, or capital gains, and their total income exceeds the basic exemption limit.
- If the physiotherapist has foreign income.
- If the physiotherapist is a director of a company.
- If the physiotherapist is a partner in a partnership firm.
If a physiotherapist is required to file an ITR, they can use ITR Form 3 or ITR Form 4, depending on whether their income is below or above Rs. 50 lakhs.
ITR Form 3 is for individuals and Hindu Undivided Families (HUFs) who earn income from salaries, pensions, one house property, and other sources.
ITR Form 4 is for individuals and HUFs who earn income from all sources, including business and profession.
Physiotherapists who opt for presumptive taxation under Section 44ADA can use ITR Form 4S. This form is simpler to fill and does not require the physiotherapist to maintain books of accounts.
The due date for filing an ITR depends on whether the physiotherapist’s accounts are required to be audited.
If the physiotherapist’s accounts not required to audited, the due date for filing their ITR is 31st July of the following assessment year.
If the physiotherapist’s accounts are requir to be audit, the due date for filing their ITR is 31st October of the following assessment year.
It is important to file your ITR on time to avoid penalties. If you are unsure whether you required to file an ITR or which ITR form to use, you should consult with a tax advisor.
To visit: https://www.mca.gov.in/
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