SERVICE TAX AND INCOME TAX

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  1. Hasham Ayub Khan

    Hasham Ayub Khan New Member

    HI.
    1. There’s an Advertising media proprietary firm renders service which needs to pay service tax by law.
    My query is that this firm is needed to pay income tax on whole income apart from service tax
    Means service tax + income tax


    2. We want to transform this company in to a pvt.ltd co.
    What will be the procedure, what r the formalities in that, what will be the legal charges/fees.


    3. What r the tax slabs in pvt.ltd co. service tax liability.


    4. We have a residential property and thinking of using that as our main office for pvt.ltd co.

    What will be the documentations required in that.


    5. What r the annual filling formalities in pvt.ltd co. for consistent life of the co.



    6. Which Is more beneficial proprietary firm or a pvt.ltd co. and why.

    plz help.
     
  2. For Service Tax, Rs.10 Lacks is the turnover limit. You have to get registered once your turnover exceeds Rs.9 Lacks.
     
  3. Parul_Gupta

    Parul_Gupta Active Member

    1. You have to pay Income Tax on the total Income earned during the year

    2. You can get either convert to a Pvt Ltd Company or start a new company.

    3. Tax @ 30% is levied on the Income earned by the Company.

    4. You can mentioned the address of the Residential Property as the Registered Address of the Company

    5. Income Tax Returns + Service Tax Returns + ROC Filing

    6. For Service Providers, Company is not advisable as the statutory filing are a lot in case of Companies. Proprietorship/ Partnership is the easiest type of structure for any Business.
     
    Hasham Ayub Khan likes this.
  4. Hasham Ayub Khan

    Hasham Ayub Khan New Member

    what is the roc fee for registration
    and is we needed to pay roc's every year
    approximately what will be the fee
     
  5. Parul_Gupta

    Parul_Gupta Active Member

    ROC Fees is not much... Its only it filing a return is an unnecessary burden on you and you would be hiring a CA to file the return... Now the CA's fees is added to the cost...

    Moreover, Govt assumes that Companies earn big profits and there are 10's of things are to be complied with in case of a company... Proprietorships and Patnerships are assumed to be small players so there arent much compliances which are required to be done...

    And therefore much easier to operate...
     
  6. Hasham Ayub Khan

    Hasham Ayub Khan New Member

    Thanks for the help mam.
    it is too useful to me as m a student of CA IPCC.
     
    Parul_Gupta likes this.
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