Please guide me to file tax for my business

TDS 396 views 1 replies
Hi All,
I own a small company in my town. It's got registered with Labor officer.
My business is to provide online IT training to my clients/consultants (In USA) from different locations in India. I usually get INR 5 Lakhs per month (receive to my or my friends bank accounts over xoom, paypal, remitly many more). Out of this i pay around 2 lakhs for my online tutors (i maintain around 10-15 tutors per month) and office maintenance will be INR 30K. I have 3 employees, i pay INR 20K as salaries. I have been running this business since last 1.5yrs. I never pay any tax before in fact i am not aware of this before. I just want to do all the formalities from now on wards. Please provide me the suggestions. How pay tax, how much should i pay, how much should i deduct TDS from my tutors/employees etc.. Sometimes i pay only 10K per each tutor (per month) but sometimes i may pay around 50K to 1 lakh for some tutors. All depends on the flow of business. I pay though NEFT/IMPS. I have a current account
 
Replies (1)

Dear Sir

 

You need not to worry...

You can still comply with all statutory requirements of your business..

 

1. you are running your business last 1.5 yrs (as you mentioned above) can file your Income tax Return for FY 2014-15.

2. If your are paying the consideration to your tutors as salary than you need not to be duduct TDS for FY 2014-15 (Total payment will not be cross the basic exemption limit i.e 250000).

3. If consideration was in the form of consultancy charges than will have to deduct TDS @ 10% from each of them and deposited to Govt alongwith late interest fee as 1.5% p.m

4. if you fall in 3 condition than you will have to be pay late filling fee U/s 234E an amount equal to TDS amount.

 For more information kindly feel free to call me during business hours at +91 965 431 2612.


CCI Pro

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