Taxation on consultaion for arranging finance

1) What's the nature of consultation fee? 2) Income tax as per slab rates as applicable to individuals 3) If such fee is >₹20 lacs, then GST registration is necessary 4) It does not matter, whether you credit receipts in savings accounts or otherwise. Income would be taxable even in case of cash receipts.

If we are 1st timer and we are receiving fiance consultaion fees in what are the liablites?

If we take in saving account 1st time in life?

What's tax liablites in proprietorship firm ?

Tax slab above 20lacs of fees ?

Is gst attracted and what's the (%)
saving account ?
Proprietorships?

What's the total tax liability in ?
saving account ?
Proprietorships firm ?

1) What exactly do you mean by finance consultation fee? Specifically what kind of services do you offer? 2) GST on services is generally @ 18% 3) You don't have to pay tax for opening bank accounts, whether 1st time or not.

I have arranged finance to a party A thru another client B .

client A is paying me consultaion / commision .

it's for the 1st time I have done this .

I dont have current account or any kind of firm .I only have saving account in exsistance.

so I am asking if I take the fees in saving account what are the tax applicable .
OR
should I open a current account and take fees ? as this is going to take time and i have to take gumasta and GST and do other paper work .

if i take in my saving account is that ok ?
and what are the tax liablites?

1) I understand that you get commission for financial services that you offer. 2) If so, you are treated as a commission agent and you need to obtain registration under GST irrespective of threshold limit for turnover (i.e. ₹20 lacs threshold limit is not applicable for commission business). 3) It is not compulsory for you to have current account at the moment, even savings account can be used for your initial business purpose because initially the frequency of transactions will be less. You may subsequently open current account for ease of doing business. 4) Regarding taxes, I had already informed you that income tax rates as per slabs in case of individuals will be applicable in this case (this is applicable even for proprietorship concerns). You need to charge GST @ 18% on the commission that you earn.

Ok , that's clear to me now . thank you for quick reply .