we are runing child daycare at home and don't know under which taxation law it comes. can anybody help us out by providing information regarding taxation liability, forms and registration process of same?
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Child homebased daycare - taxation
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initially service tax law would be applicable on you if your gross receipts like to exceeds 9 lac during the financial year
after the end of year income tax obviously applicable
now question regarding % of tax , it depends on nature of status of entity
This income shall be taxed under the head income from business/profession. Maintain records of income and expenses, and the profits shall determine the tax rate applicable.
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