Saving bank account turnover
dear sir
my query is....if I am showing my turnover is Rs 15,00,000 and paying tax on 15,00,000 under sec_44ad I.e. nil tax
but my question is whether I have to opt service tax no. or go for current account because my s.b. threshold limit is Rs 10,00,000
whether will it create any problem in next year if my s.b. saving has transactions 1200000 cash from checque and 800000 from cash
how much should I pay tax in next year .....suppose I am a furniture contractor and hire labour for work.
plz help me
Replies (2)
Plz any one reply....
savings bank is meant for personal use and savings, not for business purpose,
for business purpose a current account is always advised in title of trade name
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