Do i need to pay tax

Others 525 views 4 replies

Atish

Proprietor

25 Points Joined August 2014

Sir,

I am a trader dealing with steel and other related articles, but last year I have started doing job works like welding of water tankers and oil tankers and other welding works, materials are bring by client and I only use my labours to complete their welding work, one labour bill is 30 to 50,thousand and all works I do in my shop.

In the A.Y.14-15 my turnover is crossed to one crore.

My question is do I need to pay any kind of tax for the job work apart of trading.

Is this necessary for me to do the audit, Like Tax audit and MVat Audit etc…….

Please help me to come out of this.

Regards

Atish

Replies (4)

CA Pintu Mishra

Chartered Accountant- Industry

514 Points Joined June 2010

When you are getting income from your job you will be liable for tax....here you are doing repair services...you need not charge vat on services but you should get service tax registration and charge it on repair services...your turnover is crossing 1 cr you are liable for tax audit...you will have to get audited for income tax. Sales tax and also you should get registered as service provider and file the returns.