Spa Professional Practice VII

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Setting up practise, Income Tax, Service Tax, Establishing firm, Space, Capital investment, Sources of funds. Organisation
Income Tax, Service Tax, Insurance
Provident Fund

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Spa Professional Practice VII

  1. 1. Professional Practice VII<br />Setting up practice<br />SCHOOL OF PLANNING AND ARCHITECTURE, NEW DELHI<br />March2010<br />
  2. 2. Setting up practice<br /><ul><li>Establishing firm
  3. 3. Space
  4. 4. Capital investment
  5. 5. Sources of funds
  6. 6. Organisation
  7. 7. Income Tax
  8. 8. Service Tax
  9. 9. Insurance
  10. 10. Provident Fund</li></li></ul><li>Establishing firm<br /><ul><li>Proprietorship
  11. 11. Partnership- only with Architects
  12. 12. Define share
  13. 13. Registration of firm
  14. 14. No Pvt Ltd or public Ltd company
  15. 15. Can not use title & style of an Architect</li></li></ul><li>Space<br /><ul><li>Depends on size of an organisation
  16. 16. 7 to 10 sq mt per person
  17. 17. Usual spaces
  18. 18. Reception
  19. 19. Meeting / conference room
  20. 20. Chamber for principals
  21. 21. Studio
  22. 22. Printing section
  23. 23. Toilet, Pantry</li></li></ul><li>Capital Investment<br /><ul><li>Immovable
  24. 24. Built up space
  25. 25. Movable
  26. 26. Computer, printer, plotter
  27. 27. Phone, fax
  28. 28. Interior, furniture
  29. 29. Storage
  30. 30. Vehicles</li></li></ul><li>Sources of funds<br /><ul><li>Initial Capital
  31. 31. Own money
  32. 32. Soft loan
  33. 33. Bank loan
  34. 34. Subsequent requirements
  35. 35. Earn & invest</li></li></ul><li>Income tax <br /><ul><li>Applicability
  36. 36. Firm
  37. 37. Architect ( proprietor/partner )
  38. 38. Employees
  39. 39. Rate
  40. 40. As prescribed by law
  41. 41. Payable on
  42. 42. Profit
  43. 43. Salary</li></li></ul><li>Income tax <br /><ul><li>Registration
  44. 44. Firm to have PAN no.
  45. 45. Architect to have PAN no.
  46. 46. Employees to have PAN no.
  47. 47. TDS (tax deducted at source) by
  48. 48. Client, while making payment to the Architect
  49. 49. Deposited with IT Dept
  50. 50. Certificate issued to the Architect</li></li></ul><li>TDS(tax deducted at source)<br /><ul><li> By Client
  51. 51. while making payment to the Architect
  52. 52. Deposited with IT Dept
  53. 53. Certificate issued to the Architect
  54. 54. By Architect
  55. 55. While making payment to Consultants, Employees
  56. 56. Deposited with IT Dept
  57. 57. Certificate issued to the respective person</li></li></ul><li>Annual Accounts<br /><ul><li>Capital
  58. 58. Income & Expenditure
  59. 59. Debtors & Creditors
  60. 60. Profit & loss
  61. 61. Computation of Income tax
  62. 62. Advance tax
  63. 63. Deposit or refund of tax</li></li></ul><li>Service tax<br /><ul><li>Registration must
  64. 64. for Architects having more than Rs 10 lakhs/ or as prescribed as annual turn over
  65. 65. Payment & Collection
  66. 66. Payable by client availing services of an Architect
  67. 67. Collected by an Architect from his client</li></li></ul><li>Service tax<br /><ul><li>Deposit
  68. 68. Returns to be filed quarterly
  69. 69. Deposit collected amount quarterly
  70. 70. Delayed deposit attracts late fee, interest, penalty
  71. 71. Deduct service tax paid to
  72. 72. Consultants
  73. 73. Telephone, courier, travel agent</li></li></ul><li>Insurance<br /><ul><li>Professional
  74. 74. Personal
  75. 75. Proprietor / partner
  76. 76. Employee
  77. 77. Premises & assets</li></li></ul><li>Provident Fund<br /><ul><li>For Partners
  78. 78. For Employees</li></li></ul><li>Presentation available onwww.slideshare.net/prmehta<br />

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