20 March 2011
Hello All, Last year in month of April, I started providing consultancy (freelance) services in designing.
1.) I couldnt pay the advance tax during entire year 2.) My annual receipts during financial year was 15lacs. 3.) This was first year of my proprietorship I made expenses for business related things(Foreign Travel+ Infrastructure + vehicle) , deducing that makes net income 5lacs.
My Questions: 1.) Do I really need audit as per law for my income range? 2.) I have no service tax reg, do I require it? 3.) Last year I had drawn salary of 10lacs from employer, if this year I show netincome of 5 lacs, will it affect by credit score as I need loan next year for a house. 4.) How to calculate penalty on advance tax. 5.) Is there any sample of ITR-4 filled in with sample values for me to prepare mine.
20 March 2011
1. No Since your Gross receipt is not Exceeded 15 lakhs. 2.Yes it is compulsory. 3. Clarify the 3rd question. 4. there is no penalty only interest under Sec 234 b and 234 C will attract. 5. Provide your mail id i will mail you the sample copy of ITR 4
21 March 2011
Every bank has its own guidelines. They give loans on the basis of repaying capacity of the borrower which in turn depends on their current earning trends.
21 March 2011
yes, every bank has its own rules...some Banks depends upon only your EMI paying ability,some take the mortgage property value which you are going to give as security of bank, some are taking both. Some banks also gives loan on 19/20 documents if your records & relation with the giver bank is good. Finally, Some banks and finance companies can give you loan easily without proper documents but their interest rates are higer. In any case you can borrow loans.