What to pay service tax ur income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 August 2016
i want to know one thing that i m providing cab to a company i have 3 employees under me .... i m not a registered dealer of service tax ...... the Co. to whom i provide service gives me the payment after deducting TDS @ 1% per employees under me and after deducting my profit i gave salary to my employees... sir will u plz tell me the process of tax payment
25 August 2016
Your query is very unclear. Are you providing cab to the company or employee, because you mentioned that company is deducting 1% per employee and not per cab.
For Income Tax purposes you will have to pay tax on the following
Gross Receipts from Client including TDS Minus Salary to your employees Minus Other expenses incurred for running your business such as office rent, fuel for vehicles, or other expenses borne by you which are related. Tax will be payable on the net profit and you can claim the set-off for TDS deducted by the company on the same.
For Service Tax purposes you do not need to levy tax as the service recepient will deposit the tax.
However if your turnover exceeds 09 lakhs in a year you will be required to get registered
For Income Tax purposes you will have to pay tax on the following
Gross Receipts from Client including TDS Minus Salary to your employees Minus Other expenses incurred for running your business such as office rent, fuel for vehicles, or other expenses borne by you which are related. Tax will be payable on the net profit and you can claim the set-off for TDS deducted by the company on the same.
For Service Tax purposes you do not need to levy tax as the service recepient will deposit the tax.
However if your turnover exceeds 09 lakhs in a year you will be required to get registered
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