TDs

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 January 2011 i hv a proprietory firm (Interior Decorator). i started business in May 2010.
I hv taken contract on lumsum basis i.e.consultancy charges not taken separatly.
My turnover till date is 24 lac. whether i m eligible for Tax audit as TO crosses 10Lac??
For me as a proprietory firm what r the dates for VAT return??
Till the date i hv not yet filed any VAT return. Do i liable for penalty??
I dnt hv any idea about TDS. till the date i hv'nt deducted tax & non of my client deducted it. Plz tell me the details of it.
For service tax registration i hv shown only Interior Decorator as service. is it right??

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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26 January 2011 1. Tax audit is applicable on your business.

2. Vat is the state matter. Any how You file the return and adjust the tax against Works tax deducted by party.

3.Yes.

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Querist : Anonymous

Querist : Anonymous (Querist)

26 January 2011 i m not getting sir, hw do i adjust tax against Works tax deeducted by party

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Querist : Anonymous

Querist : Anonymous (Querist)

26 January 2011 Even though i raised Invoice stating material (ply, chairs etc.) sale & labour charges, I m eligible for Tax audit???

Guest

Guest (Expert)

28 January 2011 You are not simply a professional but you are contractor also and therefore no tax audit will be required.