Hi
I have started a new firm in the form of unregistered partnership. I offer my clientele advice in portfolio management and charge a suitable fee for the same. The client wants to show the fee in his net profits to bring the tax down.
I want to know how to accomodate the same.
Please help
if it is for business then client is dong right by debiting the expenses .
Thank You Rakesh
Do i need to register with the service tax authority. Can you please clarify the procedure.
you have to register under service tax if your turnover exceeds rs. 10 Lacs.
for Service tax registration you have to fill Form ST 1 and deposit it to CBEC.
you will be registered within 7 days of filing. you will Receive Form ST 2 from department within 7 days. If there is a delay you will be deemed to be registered.
When your reciept cross 9lakh then u register because up to 10lakh exempt
FORM ST 1
Hello Everyone :)
Everything is correct. I will just suggest you to get your firm registered as early as possible. This wil legally enable you to file case against your clients in case any of your client defaults in payment of your fees.
Dont wait for Threshold limit of 10 lacs , each and every receipt of Chartered ( if you are) is Taxable
yes u need to get registered with the service tax authorities and limits are as above mentioned.
If you expect your turnover to exceed Rs. 10lakh then you should get register. if you register later and your turnover exceed Rs.10lakh you will be reqd to collect service tax on amount exceeding Rs.10lakh as upto same there is no need to collect tax.However if you collect tax then you should remit the same to government treasury. Whether client shows fee as an expense or not is irrevelnt for you for the purpose of service tax. only tds provsions are affected
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