current account

This query is : Resolved

achin (Querist)
Follow

30 June 2011 hi

I am a sub agent for the IATA agent selling air tickets , i wish to open a current account in the firm's name.My annual income from travel agency would not be more than 30000k
( commission earned) by selling tickets .

do I have to register for service tax or do I have to just register the proprietorship firm

please advise

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

30 June 2011 There is no restriction on your opening current account with any bank or banks but you have to undergo the formalities for the same.

As regards registration under service tax you have to register under the Service Tax as you are having IATA registration. For IATA registration huge amount is kept as deposit. Moreover as the IATA is in your name the gross value of the ticket shall be your turnover for the purpose of Service Tax as well as audit u/s 44AB.

achin

achin (Querist)
Follow

30 June 2011 thank you very much for the reply
I would like inform I am not IATA registered
I just deal with IATA registered agents
or like a sub agent ( running my firm ) as proprietor

My annual income from travel agency would not be more than 30000k
( commission earned) by selling tickets .

do I have to register for service tax or do I have to just register the proprietorship firm

please advise
Ps note: I having salaried job , I am just running travel agency as side business

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

30 June 2011 No till your turnover is minimum taxable limit

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now