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Loan sanction service

hemant garg (nothing) (136 Points)

13 July 2016

i want to open a my propertior ship bussiness in which i agrrement with bank for third party loan and all the doucment related to loan of third party submiited by me and bank giv loan to that third party on third party name . my income is commision givn by bank me. now i want to know that what process should i follow . in which act i want to registered my self. what law is applicable to me.

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7 Replies

CA Srujann kumar Reddy (Asst Manager(Internal audit)) (1679 Points)
Replied 13 July 2016

i guess there is no act is required for agency, you can create your proprietorship for which you have to file your income tax return on the income you get as commission

hemant garg (nothing) (136 Points)
Replied 13 July 2016

is there anty requiement to get registered my propertor ship firm

CA Srujann kumar Reddy (Asst Manager(Internal audit)) (1679 Points)
Replied 13 July 2016

as the place you do business becomes commercial property you need to register your place of business with commercial tax department for taxing property tax as commercial establishment,

simply register your place of business with local property tax...

hemant garg (nothing) (136 Points)
Replied 13 July 2016

i m asking for register of my propertoirship firm name not my business plce and i thing i was also know that i arrang loan for thrd party on behalf of them so there is any service or serive tax is applicable on me

CA Srujann kumar Reddy (Asst Manager(Internal audit)) (1679 Points)
Replied 14 July 2016

hemant if it is partnership you can go to register of firms for registering as you are not partnership, there is no seperate act governing proprietorship hence once you register place of business as some xyz consultanrts with local property tax authorities its fine, and your pan card is the pan card of proprietorship and service tax will be there but you need not register until your turnover is 9lacs per annum, if you feel your turnover increases 9 lacs in the first year itself then apply for service tax registeration under ST-1 and get S.T number.