I'm a businessman registered my firm as a Partnership firm and I'm selling my products online at e-commerce sites. Please tell me till how much Sales I'm exempted from Tax ? And after that limit, at what Rate, do I have to pay tax ? (My products are Textile Products like Bedsheets and all).
One more query that I'm from U.P. and selling most of goods to Delhi so is there any specific limit of sales exempted from Tax under same state or inter state transactions ?
There is no exemption limit for sales tax, as it is an indirect tax and you will have to recover it from the customer.You are therefore required to pay tax on your total sales at the rates applicable to your state.
Is there any Direct Tax which I have to pay on my income?
Assakamualaikum
you have to file your Income Tax Return, disclosing all Sale Amount and purchases
Net Profit from Business if it exceeds 2,00,000/- you are liable to pay Income Tax (Direct Tax)
Regards
Abdul Khader
Chartered Accountant
yes abdul khader is correct.
You will be liable to pay income tax on your total income i.e,
=Sales - Business expenses,
as per the normal provisions.
Walekum Salam Mr. Abdul Khader..
So, apart from Income Tax, do I have to collect Sales Tax on my every transaction ?
I mean is it applicable on Textile products ?
Thank U Mr Sujeet for providing correct info and clarfying the douts.
Can you please tell me the Sales Tax exemption limit in U. P ??
Anybody plz tel me If I made a Sale online to a person in Delhi & I'm in U.P. Then Sale will be considered in U. P. or Delhi ??
CAclubindia
