Please help regarding service tax and income tax .
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 December 2016
I have a single truck on loan , i operate it through a broker ,and my driver drives it .as for the freight i recieve cash or cheque from the transport agency . And out of it i make expenses like purchasing diesel , toll taxes , labour charges , driver meal expenses.
I recieve near about 2.5 lakhs in a month and expenses are 1.8 lakhs , and 50000 is my truck loan installment , 10000 is driver's salary . I only get 10000 per month as final income .
But these transactions are held in my bank account so how to file income tax ?? And do i need service tax registrations ?? I need to open a current account so how can i get myself register for a firm ??
I recieve near about 2.5 lakhs in a month and expenses are 1.8 lakhs , and 50000 is my truck loan installment , 10000 is driver's salary . I only get 10000 per month as final income .
But these transactions are held in my bank account so how to file income tax ?? And do i need service tax registrations ?? I need to open a current account so how can i get myself register for a firm ??
07 December 2016
what do you mean by "But these transactions are held in my bank account so how to file income tax ??" ?
07 December 2016
As you are not a goods transport agency no service tax applicable.
With regard to income tax opt for 44AE Rs. 7500 income per month and file return you will not face any problem even higher income received in banks.
With regard to income tax opt for 44AE Rs. 7500 income per month and file return you will not face any problem even higher income received in banks.
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