DESIGNING
This query is : Resolved
16 September 2009
DEAR SIRS,
I AM HAVING A BLACK BUSINESS OF MY MOTHER WHERE SHE DESIGNS CLOTHES FOR WHICH SHE MAY HAVE TO BUY ALL TYPE OF STONES, AND OTHER MATERIALS. SO IF I START ISSUING BILLS AND CREATE A FIRM ON MY NAME WHERE I CAN ISSUE BILLS AND SHOW IT AS MY BUSINESS INCOME. WHAT TYPES OF TAXES WOULD I NEED TO PAY MEANS DO I HAVE TO GET REGISTER FOR VAT/SERVICE TAX.... I DONT DEAL IN CLOTHES.... BUT JUST SHOW HOW TO DESIGN A DRESS. I DONT STITCH IT AT ALL. SO PLZ GUIDE ME THE ISSUE
I AM HAVING A BLACK BUSINESS OF MY MOTHER WHERE SHE DESIGNS CLOTHES FOR WHICH SHE MAY HAVE TO BUY ALL TYPE OF STONES, AND OTHER MATERIALS. SO IF I START ISSUING BILLS AND CREATE A FIRM ON MY NAME WHERE I CAN ISSUE BILLS AND SHOW IT AS MY BUSINESS INCOME. WHAT TYPES OF TAXES WOULD I NEED TO PAY MEANS DO I HAVE TO GET REGISTER FOR VAT/SERVICE TAX.... I DONT DEAL IN CLOTHES.... BUT JUST SHOW HOW TO DESIGN A DRESS. I DONT STITCH IT AT ALL. SO PLZ GUIDE ME THE ISSUE
17 September 2009
If u intend to organise your business in a systematic manner with proper record keeping then like any businees unit u can avail bank finance etc If u are content with the way u are operating now then dont reorganiose your business. There are advantages and disadvantages as in any other case so make up your mind the rest will follow
17 September 2009
dear sir,
i want to organise it for creating my own brand name and expand my business. not for the purpose of loans and finances. i am here to know if i am going to expand my business and will start issuing bills in my brand name then what type of taxes would i need to pay ahead... i have made up my mind and so want to look forward
i want to organise it for creating my own brand name and expand my business. not for the purpose of loans and finances. i am here to know if i am going to expand my business and will start issuing bills in my brand name then what type of taxes would i need to pay ahead... i have made up my mind and so want to look forward
22 December 2009
First o all; get PAN number in your mother's name.
Open one bank account in the name of firm which you wish to select and proprietor will be your mother. There is more exemption limit to a lady assessee.
If stones and other materials can be purchased through bills then no problem at all. Register the firm with VAT Authorities also.
If she cannot purchase above materials with bills; prepare Purchase Vouchers. Take care that individual voucher is not exceeding Rs. 20,000/- if paid in cash.
If you are providing services the gross receipts of which exceed Rs.9.00 lacs per financial year; then you have to get yourself registered with Service Tax Department.
Open one bank account in the name of firm which you wish to select and proprietor will be your mother. There is more exemption limit to a lady assessee.
If stones and other materials can be purchased through bills then no problem at all. Register the firm with VAT Authorities also.
If she cannot purchase above materials with bills; prepare Purchase Vouchers. Take care that individual voucher is not exceeding Rs. 20,000/- if paid in cash.
If you are providing services the gross receipts of which exceed Rs.9.00 lacs per financial year; then you have to get yourself registered with Service Tax Department.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Loss of interest in PF transfer from EPFO to Trust
- ITR-3 File/Error Found
- TDS offline utility
- Due Date Clarity
- ASMT-10 received from A O
- IT returns for fresh job holders
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
