Income Tax & Service tax

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  1. Ashok Mishra

    Ashok Mishra New Member

    I received Rs 1.5 Crore on commission after TDS u/s 194H in F.Y 2015-16. I had not registered in service tax. Besides this i have income of Rs. 4 Lakh of salary income for the same F/Y. .
    Now please guide me as to -

    1. Should i need to get registered in Service tax and pay Service tax together with interest on my commission income?
    2. May i take deduction of business related expenses from this commission income U/H PGBP?
    3. Am i liable to pay interest on non payment of advance tax?
    4. Am i liable to tax Audit u/s 44AB or else i can avail benefit of 44AD?
    5. Which Heads of incomes i charge these incomes into in my return for A.Y 2016-17 and which return form i file with income tax.

    Pls reply urgently.
  2. Govind D.shinde

    Govind D.shinde New Member

    Can I avoid TDs in my salary if I have inough deduction
  3. Chitraj

    Chitraj New Member

    @ Ashok Mishra, here are your answers (brief) :
    (1) Yes you have to get yourself registered for Service Tax and submit the return along with Interest and Penalty as per the rules.
    (2) Since your GROSS RECEIPT is over Rs. 100 lacs ( Rs. 200 lacs from F.Y. 2016-17), you are required to maintain books of accounts u/s 44 AA and get your accounts audited u/s 44 AB, and calculate your business income as per the provisions of the Act.
    (3) Yes, you are liable to pay interest for non payment of advance tax.
    (4) As stated above you are liable for audit u/s 44 AB.
    (5) You have to submit your return in ITR - 4, and show income under the respective heads.

    @ Govind D. shinde as per "Section 192 of the I.T.Act, 1961 provides that every person responsible for paying any income which is chargeable under the head ‘salary’, shall deduct income tax on the estimated income of the assessee under the head salaries. The tax is required to be calculated at the average rate of income tax as computed on the basis of the rates in force. The deduction is to be made at the time of the actual payment. However, no tax is required to be deducted at source, unless the estimated salary income exceeds the maximum amount not chargeable to tax applicable in case of an individual during the relevant financial year"
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