It sec. 44ad & service tax payment related?
This query is : Resolved
09 February 2012
Here is a situation...
I would have a gross income of around 25 lacs upto March 2012 & Im planning to file the IT under Sec.44AD (income is frm website development,advertisements etc. & im sole proprietor)
I would also be paying 10.3% Service tax that comes around 2.5 lacs.
Under Sec.44AD, i shall declare 8% as profit, that is around 2lacs & i pay tax on this derived amount as per the IT slab.
My question is
1) The amount i pay as ST is high while IT would be low.Is this acceptable for the taxman or will it create any problem by asking me to pay more IT?
I would have a gross income of around 25 lacs upto March 2012 & Im planning to file the IT under Sec.44AD (income is frm website development,advertisements etc. & im sole proprietor)
I would also be paying 10.3% Service tax that comes around 2.5 lacs.
Under Sec.44AD, i shall declare 8% as profit, that is around 2lacs & i pay tax on this derived amount as per the IT slab.
My question is
1) The amount i pay as ST is high while IT would be low.Is this acceptable for the taxman or will it create any problem by asking me to pay more IT?
09 February 2012
Hi,
8% is calculated in the gross receipt / billings. The service tax billed is a part of it. The service tax is billed, collected and paid to the department. It is nothing to with the IT computation of 8% on gross billing.
8% is calculated in the gross receipt / billings. The service tax billed is a part of it. The service tax is billed, collected and paid to the department. It is nothing to with the IT computation of 8% on gross billing.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- TDS on purchase of value vouchers for employees ?
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
