Taxes on money he has taken in his name

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This query is : Resolved

Narendra Narayan (Querist)

06 October 2015 dear sir one of my friend has done a civil renovation works in govt of karnataka and has worked as sub contract now the problem is he has received cheques in his name worth 21,42000/- now I wanted to ask how is this treated and he has got vat registered in his own firm but purchased all materials in the main contractors tin number and how he has to cope with the amount he has received in his name

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

06 October 2015 If the total receipts from all contracts and business for the year not exceeding 1 crore, don't worry you can opt for 44AD and declare 8% profit on income. No need for detailed accounts.

Narendra Narayan

Narendra Narayan (Querist)

07 October 2015 Thanks Mr seethuraman for the tips for my problem

Narendra Narayan

Narendra Narayan (Querist)

07 October 2015 Mr seethuraman sir my earlier post regarding service taxes for the cheque received from the main contractor worth 2145000/- and what about the other way to treat with service tax and vat if there is any plz help me sir

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

07 October 2015 Post the link here I will reply.

Narendra Narayan

Narendra Narayan (Querist)

08 October 2015 Gud morning sir I would like to ask u have told that know detailed account needed the problem is my accountant insisting me to pay taxes worth 1,37000/- for the cheques received by me is worth 1675000/- for this amount what should I pay for service taxes if it is there and any vat has to be paid in this regard plz guide How much I have to pay to the tax dept and how much can be saved thanks & regards

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

08 October 2015 Service tax and works contract vat is payable pay it and claim it from the Govt.

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