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composition dealer collect commercial rent

Page no : 2
Divakar

Divakar (Student CA Final ) (11857 Points)
Replied 23 January 2018

Don't need to close... Continue ur sole proprietorship firm and incorporate partnerships firm also
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Abhishek Jain

Abhishek Jain (90 Points)
Replied 24 January 2018

how long to continue soletrading?? a few months or more??
what papers do i require to form patnership ?
1 patnership deed
2 bank acc
what more
do i require new trade license also

Divakar

Divakar (Student CA Final ) (11857 Points)
Replied 24 January 2018

As long u wish to continue ur sole proprietorship firm... For forming partnership firm... Make a partnership deed and apply for pan card... After getting pan card get ur gst no... Trade license if required then take.... But u can't receive rental income in name of partnership firm... As rent deed is not excuted between firm and tenants

Divakar

Divakar (Student CA Final ) (11857 Points)
Replied 24 January 2018

Its better to opt out from composition scheme... As no benefits in composition scheme...

Abhishek Jain

Abhishek Jain (90 Points)
Replied 24 January 2018

we sell foreign goods .n various items of different tax rate.
some of the goods are without bill ...
item like cosmetics stationery etc have different gst tax rates...
will i have to maintain stock details
itemwise and different tax rate wise ??
will it be very difficult for me to maintain accounts???

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Divakar

Divakar (Student CA Final ) (11857 Points)
Replied 24 January 2018

No need to maintain stock if ur turnover is less than 1.5 crore...HSN summary is not mandatory... Why u don't do one thing... Receive rent in other family members name instead of that person in which name gst no is

Abhishek Jain

Abhishek Jain (90 Points)
Replied 24 January 2018

i have another personal shop (not with other mrmbers )which is not yet given on rent yet....
i can recieve rent of rs 50000 per month if i let out....
then same situation will arise again.....

further recieving rent in other family member name would make him to pay entire income tax by him...
is it legal to recieve rent by only one co owner??

Divakar

Divakar (Student CA Final ) (11857 Points)
Replied 24 January 2018

Then it is advisable plz opt out from composition scheme.... And maintain ur accounts... Not detailed wise... To the extent possible... In Tally

Abhishek Jain

Abhishek Jain (90 Points)
Replied 24 January 2018

without tally will it be possible
if i take my purchase bill and cut cash memo in regard it ??

as my shop is small n my father /staff doesnot know how to operate it..
i m also not an expert in computers

Divakar

Divakar (Student CA Final ) (11857 Points)
Replied 24 January 2018

Ya u can maintain ur data at excel also... Make purchase file... And for sale manual bill is issued.... What amount of cash received make bill for that in respective rate... No need to maintain stock... As u hv input on purchase so generally u hv no output liability on ur sale

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Abhishek Jain

Abhishek Jain (90 Points)
Replied 24 January 2018

i sell only to retail customer/ unregistered dealers....

1) do i have to give only monthly turnover figure and purchase figure.??
2) do i have to give stock figure also??

Divakar

Divakar (Student CA Final ) (11857 Points)
Replied 24 January 2018

For sell only consolidated amount of all invoices in the month... Purchase will be uploaded by ur supplier... It will automatically upload on ur portal if u purchased from registered supplier... U can contact me also my mail id cadivakarthakur92 @ gmail.com

Abhishek Jain

Abhishek Jain (90 Points)
Replied 24 January 2018

does that mean i dont have to file my purchases as well as stock

Abhishek Jain

Abhishek Jain (90 Points)
Replied 25 January 2018

I HAVE A HUF Pan card and files IT returns regularly..

CAN I DO BUSSINESS IN NAME OF HUF instead of forming new patrnership firm???

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Divakar

Divakar (Student CA Final ) (11857 Points)
Replied 25 January 2018

Yes u can do business in name of huf


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