I am planning to business of debt syndication. Can i run business through my savings accounts on my personal name instead of starting a sole propertiorship firm. Can i claim expenses and sub brokerage / professional fees given to others as expenses. Will i be taxed on profits or gross income.
My 2nd question is do i need deduct TDS for while giving professional fees to others. Do i need to get TAN no for the same.
My 3rd question is i am into arranging finance from banks to clients. So. If some one giving me fees then under which head he should deduct TDS. Is it section 194h or 194j?
Please help me above issues i am really confused.
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Individual Or sole propertiorship
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I am planning to business of debt syndication. Can i run business through my savings accounts on my personal name instead of starting a sole propertiorship firm. You can start with...... but better to change to current account in the name of firm Can i claim expenses and sub brokerage / professional fees given to others as expenses. Yes. Will i be taxed on profits or gross income. Net profit....... or on presumptive way. Do i need deduct TDS for while giving professional fees to others. Do i need to get TAN no for the same. Not now...... only if your turn over exceeds 1Cr in trading or 50L profession. I am into arranging finance from banks to clients. So. If some one giving me fees then under which head he should deduct TDS 194J, unless contractual payment..... |
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Is there any major problem with running business from saving accounts. Or its better to run from individual current account
YES......Banks do now allow business transactions to be carried in savings account.
Secondly, market reputation.........
Not now...... only if your turn over exceeds 1Cr in trading or 50L profession. -
50 lacs gross receipts......
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