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harsh (Querist)
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15 August 2011 For time being trying to be self employed, i started visiting people to rectify there software issue charging 200-400 depending, considering this to be my profession, how can i issue an invoice to corporate clients, banks, etc as they issue a cheque for the same with 'TDS'.

Can i take a cheque, in my savings a/c, for the desired work done, without having a tin number or any firm such kind of work is possible,further opening of a current a/c also possible.

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

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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15 August 2011 Since you are selling your labour you need not take any TIN number you can give repairing bill and take the cheque in your name. Once your turnover exceeds 10L then you have to take Service Tax Registration and add service tax in your bills and accordingly you can proceed.

harsh

harsh (Querist)
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15 August 2011 hmm, if i earn 10 laks in an anum through repairing work & taking cheques in my savings a/c, will i be liable for 30% income-tax(bracket) in the following year as its my net-profit. if yes then what about the expenses being spend by me for the work means toandfro petrol charges, other people involvement charges how to add them to less the tax bracket,

how is tax bracket calculated? suppose i earned rs 185000 in an year profit will be payable for rs 5000 only means rs 500 as income tax or on the whole of rs 185000? rs 18500 as income tax.
kindly clarify the same.