Go AD-Free with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

Income tax related question

Save Share

This query is : Resolved

DHIRAJ (Querist)
Follow

05 June 2017 respected sir/madam

i have started a new consultancy business regarding advising for properties , and i also do some type of miscellaneous work typing , photocopies , printout i get all money in cash , i do not have any account book , and my consultancy is also not registered , will it create a problem if i file income tax in next year , I want to file income tax in next year. i earn around 50,000/- per month, how do i maintain all this. please suggest
i will be highly oblige you

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
Follow

06 June 2017 With regard to the registration, do you mean that you do not have the requisite trade license? With regard to the payment of tax, you need not register your business. Even if you are not registered you need to pay tax as per the tax slab prescribed in the Income Tax Act. Since your yearly income exceeds INR 300000; you need to pay income tax. Books of accounts needs to be maintained if your income exceeds INR 10,00,000

Message likes : 1 times

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