Matter of contractor

This query is : Resolved

Guest

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30 March 2012 gud evening to all experts. sir plz clear my query that I m a propiteer of sweeping service and sir my firm is not register .and sir I have saving account,and my monthly bill approx 50 thousand and this financial year (2011-12) my total payment approx 15 lakh. I used my pan card no. than sir plz solve my some query.
1-for register to my firm as proriteer firm what i do.
2-if i will not register my firm than can i fill income tax return.
3- what itr form i will fill.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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30 March 2012 A PROP FIRM NEED NOT BE REGD FOR IT PURPOSES U CAN FILE RETURN WITHOUT THAT
HOWEVER SINCE UR TOTAL RECEIPTS EXCEED 10 L AKHS U MAY BE LIABLE TO SERVICE TAX FOR THAT REGN IS REQUIRED
CA MANOJ GUPTA
JODHPUR
09828510543

Guest

Guest (Querist)

30 March 2012 MEANS I WILL ADD SERVICE TAX ON MY BILL.WHAT ITR FORM I WILL FILL

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CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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30 March 2012 U WILL USE ITR-4

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Guest

Guest (Querist)

30 March 2012 I WILL ADD SERVICE TAX N MY BILL

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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30 March 2012 U WILL COLLECT SERVICE TAX BY ADDING THE TAX AMOUNT IN YOUR BILL AND PAY THAT TO GOVT

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Guest

Guest (Querist)

30 March 2012 THANKS VERY MUCH SIR FOR THIS INFORMATION. BUT SIR TELL ME ONLY THAT Y I WILL NOT REGISTER MY FIRM

Guest

Guest (Querist)

30 March 2012 wht happen sir

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 March 2012 Where do you want to register your proprietorship firm?

Guest

Guest (Querist)

31 March 2012 IN UTTARAKHAND

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 March 2012 I mean which department?

Guest

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31 March 2012 sir simply i m propiteer of sweeping service and sir my firm is not register. than sir i want to ask u only this that will i not register my firm.

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 March 2012 Do you mean register with the income tax department?

The income of a proprietorship firm is taxable in the hands of the owner.

The owner while filing his personal return will declare the income from the proprietorship business as HIS OWN income.

The PAN of the owner/proprietor will be used.

The proprietorship firm is NOT to be registered separately because it has no legal sanctity in the eyes of the law.

Guest

Guest (Querist)

31 March 2012 no sir i m asking abt. that will i not register my firm as co. bcoz when i will fill return of income tax with my pan card no. than wht i do

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 March 2012 It is NOT a company. It is a proprietorship firm. An INDIVIDUAL is the owner of the FIRM.

A company is an entity which has shareholders.

In your case, the income earned by the firm is YOUR income.

It is taxable in YOUR hands.

When you file YOUR personal return with YOUR individual PAN, then the income from the firm will be shown in YOUR return.

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Guest

Guest (Querist)

31 March 2012 MEANS SIR I WILL FIMM MY RETURN BEHALF OF MY FIRM

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 March 2012 You will file your INDIVIDUAL return and the income from the firm shall be taxable in your hands under the head Income from Business or Profession.

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Guest

Guest (Querist)

31 March 2012 MEANS SIR I WILL DOUABLE INCME TAX RETURN ONE OF MY ITR AND SECOND MY FIRM RETUAN

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 March 2012 No you will file only ONE Return.

Your firm and you are one person. The firm and you are NOT different persons.

You will file only one single return. In this return you will show ALL your incomes.

Income from Salary
Income from House Property
Income from Business
Income from Capital Gain
Income from Other Sources

Income from business will include the income earned from the business carried on in the name of the firm.

Guest

Guest (Querist)

31 March 2012 THANKS SIR NOW I UNDERSTAND FOR THIS WHICH FORM I WILL FILL

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 March 2012 Depends on the nature of the incomes.

If you have only business income, then you can file ITR 4 or ITR 4S.

ITR 4S will be filed if you are covered u/s 44AD.

For applicability of Income Tax Returns, go through this file:

https://www.caclubindia.com/share_files/applicability-of-income-tax-returns-ay-11-12-42122.asp

Guest

Guest (Querist)

31 March 2012 YES SIR I HAVE ONLY BUSINESS INCOME. MEANS I WILL FILL ITR 4. BUT SIR I WILL FILL RETURN WITH SLAB RATE OR PROFIT 8 %

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 March 2012 If your gross receipts do not exceed Rs. 60 lakhs then you can file the return by showing an income of 8% of gross receipts.

Guest

Guest (Querist)

31 March 2012 MEANS SIR SLAB RATE WILL NOT BE APPLICABLE IN MY CASE .AND SIR IF MY TURN OVER ABOVE 60 LAKH THAN WILL I AUDITED MY ACCOUNT

Guest

Guest (Querist)

31 March 2012 wht happen

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 March 2012 1. Your income shall be 8% of the gross receipts and on such income the tax shall be calculated as per slab rates.

2. If your turnover exceeds Rs. 60 lakhs then you will have to maintain books of accounts and also get your accounts audited.

Guest

Guest (Querist)

31 March 2012 MY TURN OVER TILL ABOVE 75 LAKH. IF I WILL SHOWPROFIT LESS THAN 8 % THAN I WILL AUDITED MY ACCOUNT. AND SIR WHEN SLAB RATE WILL APPLICABLE PLZ EXPLAIN

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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02 April 2012 You must understand one thing very clearly.

The option of showing 8% of net profits is provided u/s 44AD.

An assessee will be covered u/s 44AD if he satisfies ALL the following criteria:

1. He is and individual, HUF or a pertnership firm (but not an LLP).

2. He is engaged in ANY business except the business of plying, hiring or leasing goods carriages referred to in Section 44AE.

3. His turnover DOES NOT exceed Rs. 60 lakhs.

If the assessee DOES NOT satisfy ANY of the above conditions, the impact shall be as under:

1. He CANNOT show a presumptive income of 8% of net profits.
2. He will HAVE to maintain books of accounts.
3. He will HAVE to get his accounts audited.

So, in your case if the turnover is Rs. 75 lakhs, you CANNOT show a presumptive income of 8%.

You will HAVE to maintain books of accounts and you will HAVE to get your accounts audited.

Guest

Guest (Querist)

02 April 2012 than if i will not show presumtive income @ 8 % than how i will fill income tax return

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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02 April 2012 As I said you have to prepare books of accounts. So the net profit as per books will be your income.

Guest

Guest (Querist)

02 April 2012 means in presumtive we show profit @ 8 profit and u say that net profit as per books will be my income . than sir my income supoose 55 lakh than what will my total tax

Guest

Guest (Querist)

02 April 2012 i m telling yoy clearly that .
my firm name pooja house keeping. and i used my pan card no. ok sir. my income from 1.4.2011 to 31.03.2012 net 25 lakh. than not plz help me what will i do.

Guest

Guest (Querist)

02 April 2012 sir r u angry my query