Corporate tax

Hi. I am a Physiotherapist and i'm running a clinic in bangalore. i have opened a individual current account to get a POS machine. now the confusion is that whether i have to pay tax 30% as a corporate account holder pays or i have to pay income tax as a normal individual ?
Asked 9 days ago in Corporate Tax from Bangalore, Karnataka
Hi

No. The tax rates of normal individual shall apply.
Lakshita Bhandari
CA, Mumbai
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It is advisable to pay through bank.

GST exempts health care services by a clinical establishment, an authorised medical practitioner or para-medics.
Lakshita Bhandari
CA, Mumbai
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Hii
Income tax slab applicable as per statue of assessee thus if your concern is proprietorship then individual tax slabs applicable on you.

its recommended to  you current account for all business exp however you can also use saving account due to proprietorship entity.

medical services are  exempt under gst thus you are not required to obtain GST no however is you are selling equipment's or other taxable things then you may be required to got registered under GST after considering mandatory GST registration   clause in GST ACT 2017.
Lalit Bansal
CA, Delhi
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Hi,

Corporate tax rate of 30% is applicable only to companies. Unless you have created a company to run the clinic, 30% rate will not apply to you. You own the clinic as a proprietor, and tax as per slab rates will be applicable to you.

Yes, you will have to pay your staff salary and incur other business expenses out of a bank account, which you will have to declare in your tax returns.

Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B

Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B
Keerthiga Padmanabhan
CA, Greater Mumbai
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You need to pay income tax as normal individual if you have opened it as Proprietory concern . It is better to show salary and expenses through that account. 

We can explain you better if you can call us on 9849265559 or mail on modani005@gmail.com
Shyam Sunder Modani
CA, Hyderabad
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No, you don't need to pay taxes @30% just because you have current account and POS machine.

You will continue to pay tax based on your slab rate.

Please feel free to call/ revert in case you need more clarity.
Abhishek Dugar
CA, Mumbai
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It is advisable to pay from that account only but it is not mandatory.

GST is apply if your turnover exceeds 20 lacs rupees.

Please feel free to call/ revert in case you need more clarity.
Abhishek Dugar
CA, Mumbai
1997 Answers
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Hello,

1. No, you will have to pay tax as per slab rate.

2. preferably make all your expenses from the current account only.

3. GST is not applicable assuming you are also a part of the medical council.

Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, FCA, LLB, CERT. FAFP
Rohit R Sharma
CA, Mumbai
1764 Answers
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