Tax for private limited company

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Harshal Bajaj

Others

24 Points Posted on 09 November 2012

I started a company last year in India, Pune as a software firm. I have about 20-25 employees most of them working virtually and some of them are working from office

Some of them are working on monthy salary and some of them working on contractor basis

From last year the business was not that much but this year from June we have got lot of local clients and business is going good.

My question is Now I have got the Tax number how much taxes, TDS, Professional taxes I have to pay and is there any other legal aspect that has to be kept in mind?.

I have heard that professional tax has to be paid for employees above certain salary amount.

Harshal Bajaj

Replies (2)

Gireesh Hegde

Senior Excecutive - Accounts & Taxation

482 Points Posted on 09 November 2012

Hello Harshal,

You have not clearly mentioned the details of Tax Registrations etc.

Note That:

TDS is to be deducted based on the Services / Contracts provided by the Vendors to you as per prescribed limit applicable. (NOte that you should have TAN number to deduct the TDS)

Income Tax is to be payable based on the Profits earned by the organisation

Professional Tax registration needs to be done and the amount may varies from State to State.Please refer Maharashtra present PT Slab and Employers also need to remit Annual Fees to the Professional Tax Dept.

If you are providing software services to clients you need to check about the applicability of Service Tax Also based on your previous year and current year turnover.

Thanks.