TAX ON MAN POWER SUPPLIER

164 views 8 replies
a unregd person having business of man power supply having turnover of rs 64 lakhs what are the tax implication in income tax and gst. as he is a unregd person he didnt deduct any gst in previous year 17-18
Replies (8)
In the GST Regime, businesses whose turnover exceeds Rs. 20 lakhs (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply.

In income tax, you can opt presumptive taxation scheme under section 44AD.businesses with turnover up to Rs 2 crores can opt for presumptive taxation scheme. 

Your turnover must be less than Rs 2 crores

Your NET income shall be considered as 8% of your turnover (net income will be considered 6% in case of digital receipts)

You don’t have to maintain accounting records

You don’t have to pay advance tax (from FY 16-17, assessee opting for presumptive taxation has to pay 100% advance tax by 15th March of that particular financial year)

You don’t have to get your accounting records audited

You will have to file your tax return in ITR-4 a shorter and simple form.
thank u sir alot
sir ji but in gst?
plz tell me which kind of service u r provided and who is service receiver?
the assesse provide the labour in the factory and service receiver is private limited co.
I don't know why they accept invoice without levy of tax.....but you must register now under Gst
I don't know why they accept invoice without levy of tax.....but you must register now under Gst
now they have regd in gst


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register