anand (Partner) (26 Points)
22 June 2010Hi
I have started a new firm in the form of unregistered partnership. I offer my clientele advice in portfolio management and charge a suitable fee for the same. The client wants to show the fee in his net profits to bring the tax down.
I want to know how to accomodate the same.
Please help
RAKESH
(Almost CA)
(2199 Points)
Replied 22 June 2010
if it is for business then client is dong right by debiting the expenses .
anand
(Partner)
(26 Points)
Replied 23 June 2010
Thank You Rakesh
Do i need to register with the service tax authority. Can you please clarify the procedure.
Rajat Garg
(Article)
(47 Points)
Replied 23 June 2010
you have to register under service tax if your turnover exceeds rs. 10 Lacs.
for Service tax registration you have to fill Form ST 1 and deposit it to CBEC.
you will be registered within 7 days of filing. you will Receive Form ST 2 from department within 7 days. If there is a delay you will be deemed to be registered.
CA Mohit kumar jain
(Searching Source of Money)
(149 Points)
Replied 23 June 2010
When your reciept cross 9lakh then u register because up to 10lakh exempt
Rajat Garg
(Article)
(47 Points)
Replied 23 June 2010
FORM ST 1
SUCHINDRA PARE
(Lawyer)
(80 Points)
Replied 23 June 2010
Hello Everyone :)
Everything is correct. I will just suggest you to get your firm registered as early as possible. This wil legally enable you to file case against your clients in case any of your client defaults in payment of your fees.
Pankaj kumar
(Student)
(160 Points)
Replied 23 June 2010
Dont wait for Threshold limit of 10 lacs , each and every receipt of Chartered ( if you are) is Taxable
RAKESH
(Almost CA)
(2199 Points)
Replied 23 June 2010
yes u need to get registered with the service tax authorities and limits are as above mentioned.
Pankaj
(AM - Finance & Accounts)
(58 Points)
Replied 24 June 2010
If you expect your turnover to exceed Rs. 10lakh then you should get register. if you register later and your turnover exceed Rs.10lakh you will be reqd to collect service tax on amount exceeding Rs.10lakh as upto same there is no need to collect tax.However if you collect tax then you should remit the same to government treasury. Whether client shows fee as an expense or not is irrevelnt for you for the purpose of service tax. only tds provsions are affected
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