Income Tax and GST file for salaried employee

Hi,

- Yes you need to file ITR and other statutory filing i.e. TDS if applicable to your proprietorship.

- For GST registration,threshold limit is Rs. 20 lacs for intra-state sale. In case of inter-state sale, you need to obtain GST registration before first sale.

- Will discuss in personal.

- Open separate current account for such business.

Thanks

Hi,

Hope you are doing well !

1. Yes, you need to file ITR and other statutory filing.

2. The turnover of up to Rs 20 lakhs is completely exempted from GST for intra state sale . However, for inter state sale no threshold limit.

3.Will discuss over call.

4.Open current account for your business transactions.

Thanks & Regards,

Payal Chhajed

Hi

1. You need to show it as income from business or profession. However, at the beginning, if income is not much, you may even show it as income from other sources. You need to report the income to your employer.

2. GST registration is not required upto a turnover of 20 lacs if you're selling intra state. GST registration would be mandatory if your turnover crosses 20 lacs or you're selling inter state.

3. This would depend on your contract with your employer. Refer that.

4. Maintain proper books of accounts, open a current account if the job picks up.

1. You will have to show your professional income in the return along with your salary income. You may have to file ITR3.

2. GST is mandatory if the turnover is more than 20 lacs.

3. No. But if your employer specifically intimated you that you can't indulge in other activities, he may fire you

4. No

With regard to ITR filing I would say that you will have to file your ITR by yourself because if your company will file it for you they will come to know that you are doing side business.

Secondly I don't think you will be liable for GST because for that the turnover should cross 20 lakh, do you feel your turnover will cross ₹20 lakh from your business?

There can be a problem from your employer but it depends on the contract which you had signed at the time of joining the organisation if it says you can't work outside then it's a problem.

Nothing much to worry for now it all depends on what business you do how you conduct it.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Hi,

1. You will beed to disclose both your incomes and file ITR3.

2. GST is mandatory if the turnover is more than 20 lacs.

3. Ususally there is a clause with the employer that prohibits you to carry on any other commercial activity other than your job. My suggestion is that you get a specific approval from your employer regarding this.

Hope that helps.

Regards,

Nikhil.

Hii

1 for income tax now you have two type of income 1 salary 2 Income from Business or profession

2 below 20 lakhs turnover its optional to get registered under GST thus you can plan accordingly

3 its depends on your employment agreement

4 if any problem in point 3 then you can work business in your family member name

5 other things depends on facts and circumstances thus cant comment right now

Hello Sir

1.Yes you need to file ITR & required to fullfil statutory requirements.

2. GST is required in case of intrastate transcation turnover is more than 20 lacs & in case of interstate transcation gst registrations is mandatory .

3.It is better that you should get approval from your employer.

4.Open a current account & maintain books of accounts.

If your turnover is going to be below 20 lakh why have you registered yourself under GST?

As your turnover is below limit, you do not need to file GST return.

Hi,

1 and 2. You need to file monthly GSTR 3B and quarterly GSTR1.

Apart from the above, you need to file one annual return.

Please do note that you are not required to take GST registration if you are selling your products through your own website and your turnover is less than 20 lacs

Hi,

As mentioned by you that your turnover is below limit so you are not required GST registration.

However, you need to file following returns:

1 .GSTR 3B_ Monthly

2. GSTR1_Quartely

3. One annual return

If your turnover is below the threshold of INR 20 Lakhs, you are not required to get the GST registration done.

Hi,

- You need to file GSTR-1 and GSTR-3B. GSTR-3B is for payment of taxes and needs to be filed on monthly basis. GSTR-1 is a quarterly return (upto turnover of Rs. 1.5 cr) and need to be filed on quarterly basis.

- There is compulsory registration in case of inter-state sale of goods even though turnover is less than Rs. 20 lacs.

Thanks

You need to file GSTR 3B monthly and GSTR 1 quarterly once you get registered.

Also, GST shall be charged in invoices to customers. Such GST shall be paid to the government before filing GSTR 3B each month.

Hi

1.Income tax: Disclose as Income from business and profession along with salary income

2.GST: Registration required if turnover is more than 20 lacs but if inter state sale or online business then compulsory registration irrespective of turn over.

If GST registration taken ,return filling is mandatory even if no transaction occurs ,file NIL return .GSTR 3b (monthly) and GSRT 1 (quartely).

3. Disclose the same to employer and make necessary changes in contract if required.

4.Open current account and manage proper documentation with respect to business . check applicability of TDS,etc

Hope it helps.