Dear Members - I am operating a wholesale shop of readymade & handloom garments in Bihar State, my firm is not registered.
Please can you help with the following procedures
a) do I need to register my Firm? - If yes, please help with the procedure also I want to operate my Firm with HUF account.
b) my annual turn-over is Rs 40 Lakhs, do I need to register with Sales Tax & VAT department? - please help with the procedure.
c) how will I calculate and pay tax on income earned from this Firm, suppose in HUF we have 5 family members so income would be devided in all HUF members and then normal tax rate will be applied i.e. as under
Upto 2.5 Lakh - NIL
2.5 to 5 Lakh - 10%
5 to 10 Lakh - 20%0
10 Lakh & above - 30%
Please help...
CAclubindia
