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Registration and filing required

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Hi I own two websites

prajwalbhat.in which i am providing web related services i collect payment using sb account offline.

I just started another website creepdomains.com providing domain registration and hosting services i collect payment using paypal with international customers linking my sb account and use payumoney gateway to collect amount in inr linking sb account.

Have turn over around 1.2 - 1.5 lakhs per annum have maintained all the records from June 2013 as turn over is < 2lakhs per annum i never registered a company and filed my taxes.So is it fine i register a company and file the taxes once my turn over crosses 2 lakhs per annum or is it must to register a company and file my taxes even is turnover less than 2 lakhs.

Replies (1)

Tarun

216 Points Posted on 23 July 2015

Hi Prajwal, Income tax is OK with as you are within NIL tax brackets. However, if any service tax, VAT etc is charged by you then return needs to be filed for the same as penalty for non filing of return is heavy. Also, these taxes also need to be filed. Since u r a start up, I suggest you to take a normal consultation and guidance from young CAs. Catarunaggarwal @ gmail.com