Do technical consultant need to file an income tax return (ITR)?

By | August 18, 2023

Technical Consultants

Technical ConsultantsTechnical 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 gross receipts during the financial year exceeding Rs. 50 lakhs.

2. TDS or TCS deducted in excess of Rs. 25,000.

3. Spent more than Rs. 2 lakh on foreign travel.

4. Electricity expenditure is more than Rs. 1 lakh.

Technical consultant can file ITR-3 or ITR-4, depending on their income and expenses. ITR-3 is a more detailed form that requires you to provide information about your income, deductions, and tax liability. ITR-4 is a simplify form that can be use by technical consultant who have total gross receipts not exceeding Rs. 50 lakh and expenses not exceeding 50% of their income.

The deadline for filing ITR for the assessment year 2023-24 is July 31, 2023. However, if you are a technical consultant who is subject to tax audit under section 44AB, then the last date for filing your ITR is October 31, 2023.

To visit: https://www.incometax.gov.in

Tax Management for Service Providers

 

 

 

For further details access our website: https://vibrantfinserv.com

Leave a Reply

Your email address will not be published. Required fields are marked *