Are there any sales-tax or income tax implications in such cases ?
2007-03-27 04:52:20 · 8 answers · asked by sgoel 1 in Business & Finance ➔ Taxes ➔ India
Sorry buddy, but you seem a little kind in terms of your 2nd Q.
Well, you can run any number of firms or business or orginations, but, you should not be a Governmnet Employee or any Private Employee, who states in their policies that you are entitled not to do any side business.
Sales tax is applicable on almost all the things you sale from a shop should be legal & income tax is a tax which is applied on the incomes you earn, no matter how & from where the income comes.
2007-03-27 16:43:45 · answer #1 · answered by Jairam K 3 · 0⤊ 0⤋
One can run any number of firms in different name as a sole prop of the firm and there is no income tax and sales tax problem. Sales tax is to be levied on the sales of the specific firm and the income of all the firms will be clubbed for the purpose of income tax.
2007-03-31 02:50:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes, Sir !
Three bags full of Excise Duty, Sales Tax and Income Tax, that to complex. Not to bother, at all. When you are sucessful person with three different business, you are certainly take a help of expert from a particular field and share part of your earning with him. GOOD LUCK !!
2007-03-30 03:06:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can run 2 or more firms, either as a proprietor, partner
Your income from all sources, has to computed together to fix the gross income as per I.T Act.
Every one of your concern whether as a proprietor or as a partner has to pay VAT, individually for all their purchases bought for trading individually, computed on a monthly basis on sales during the month.
.
2007-03-30 21:08:31 · answer #4 · answered by marsh man 3 · 0⤊ 0⤋
I have 20 firms. Sales tax only if trading etc. and limit exceeds limit. Income tax is applicable on total income from all firms. Sales tax is payable by firm but tax on income is total from all sources. You can make fool to VAT Deptt. but not to Income Tax Deptt. APPLY PAN in your name.
2007-03-27 18:48:34 · answer #5 · answered by Anonymous · 0⤊ 0⤋
yes as many as you want. sales tax to be paid by the firm and income tax by the owner.\but at times, sales tax may be combined and you may be a looser. it all depends on right connections and right handling.
2007-03-28 07:43:46 · answer #6 · answered by sarjan 3 · 0⤊ 0⤋
what do you mean by two firms? Are these of identical objectives? Please be more specific to get a correct answer.
2007-03-27 05:59:09 · answer #7 · answered by Hotshot 1 · 0⤊ 0⤋
Yes to all the Q?
2007-03-27 05:15:22 · answer #8 · answered by minootoo 7 · 0⤊ 0⤋