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Business and labour contract
I am doing a garment business which is registered.but also doing labour contract work which is not registered(turnover above 20L).is there any problem ?pls reply thanks in advance
Replies (10)
Register second business also, at earliest..
Since not registered can i show contact income in my it returns?and also somebody said labour contract is not required to register since excepted
1. Registration under Shop & Establishment act, is mandatory. Also check if PF & ESI act liabilities.
2 Yes, you can declare contract income in ITR, but check with GST also.
Also You have to register your second business under GST , because turnover exceeds threshold limit.
Sir what do you mean by check with gst.? I want to show registered business and contract business under 44ad is there any issue bcz no gst for labour contract?
I think you Can add new business, in existing GST registration , add it immediately.
If you declare in ITR and not in GST, there will be mismatch in data, inviting query from GST authority !!
Can i take fixed deposits amount in my working if it not showing in tds for ITR purposes?
Fixed deposits are investment, and interest is assessed under Income From Other Sources, and not as business income.
Fixed deposits are shown in investments in balance sheet.
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