Business and labour contract

[NICSON JOHN]

I am doing a garment business which is registered.but also doing labour contract work which is not registered(turnover above 20L).is there any problem ?pls reply thanks in advance

[Dhirajlal Rambhia]

Register second business also, at earliest..

 

[NICSON JOHN]

Since not registered can i show contact income in my it returns?and also somebody said labour contract is not required to register since excepted

[Dhirajlal Rambhia]

1. Registration under Shop & Establishment act, is mandatory. Also check if PF & ESI act liabilities.

2 Yes, you can declare contract income in ITR, but check with GST also.

[prasad Nilugal]

Also You have to register your second business under GST , because turnover exceeds threshold limit.

[NICSON JOHN]

Sir what do you mean by check with gst.? I want to show registered business and contract business under 44ad is there any issue bcz no gst for labour contract?

[prasad Nilugal]

I think you Can add new business, in existing GST registration , add it immediately.

[Dhirajlal Rambhia]

If you declare in ITR and not in GST, there will be mismatch in data, inviting query from GST authority !!

[Uma Tiwari]

Can i take fixed deposits amount in my working if it not showing in tds for ITR purposes?

[Dhirajlal Rambhia]

Fixed deposits are investment, and interest is assessed under Income From Other Sources, and not as business income.

[sabyasachi mukherjee]

Fixed deposits are shown in investments in balance sheet.

[Author]

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