I have started a new business in the service-based industry (Photo studio business). It involves designing albums and delivering them to customers according to their preferences. I am now looking to register my studio and need to understand how to calculate taxes for this type of business.
Please guide me in a better way! I appreciate your time and effort in advance.
Regards.
From India, Madras
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Please guide me in a better way! I appreciate your time and effort in advance.
Regards.
From India, Madras
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Dear Dignitaries, I have started a new business in the service-based industry (Photo studio business). It involves designing albums and delivering them to customers according to their preferences. I now need to register my studio and understand how to calculate taxes for this type of business.
Please guide me in a better way! I appreciate the time and effort you will take to assist me.
Thanks & Regards,
Reema Charlet.
From India, Madras
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Please guide me in a better way! I appreciate the time and effort you will take to assist me.
Thanks & Regards,
Reema Charlet.
From India, Madras
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Tax-related queries are not something that can be answered on a vague, partial data foundation. That is a bad idea. You need to speak to a chartered accountant who will work with you to answer your questions. By tax, I assume income tax, but you may also need to pay service tax or VAT (see how easy it is to make a mistake on incomplete data). There are other registrations regarding shops and establishments, PF, ESIC if the numbers are above 20, etc.
Which city do you operate from?
From India, Mumbai
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2508Which city do you operate from?
From India, Mumbai
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As Mr. Banerjee advised, you should approach a Chartered Accountant or any tax consultant for the calculation of tax purposes. Apart from that, if your business turnover exceeds Rs. 10 lakh per annum in service income, then you should register with Service Tax. I do feel there is income from sales too. Since you are selling albums, sales are involved. Therefore, you should enroll with Sales Tax as well.
Additional Registrations
Apart from that, you should register with the Tamil Nadu Shops & Commercial Establishment Act and even with Professional Tax. Once your establishment exceeds a certain limit of employees, only then should you enroll with ESI and EPF.
Regards,
From India, Bangalore
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Additional Registrations
Apart from that, you should register with the Tamil Nadu Shops & Commercial Establishment Act and even with Professional Tax. Once your establishment exceeds a certain limit of employees, only then should you enroll with ESI and EPF.
Regards,
From India, Bangalore
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