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Professional Practice (Architecture)

This document discusses various considerations for setting up an architectural practice, including establishing the firm as a proprietorship or partnership, securing office space, making initial capital investments, obtaining sources of funding, and ensuring compliance with regulations regarding income tax, service tax, insurance, and provident funds. It provides guidance on registration requirements, tax rates and payments, maintaining annual accounts, and deducting taxes for consultants and employees.

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Riddhi Patel
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64 views15 pages

Professional Practice (Architecture)

This document discusses various considerations for setting up an architectural practice, including establishing the firm as a proprietorship or partnership, securing office space, making initial capital investments, obtaining sources of funding, and ensuring compliance with regulations regarding income tax, service tax, insurance, and provident funds. It provides guidance on registration requirements, tax rates and payments, maintaining annual accounts, and deducting taxes for consultants and employees.

Uploaded by

Riddhi Patel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Professional Practice VII

Setting up practice
SCHOOL OF PLANNING AND
ARCHITECTURE, NEW DELHI
March 2010

Setting up practice
Establishing firm
Space
Capital investment
Sources of funds
Organization
Income Tax
Service Tax
Insurance
Provident Fund

Establishing firm
Proprietorship
Partnership- only with Architects
Define share
Registration of firm
No Pvt Ltd or public Ltd company
Can not use title & style of an Architect

Space
Depends on size of an organisation
7 to 10 sq mt per person
Usual spaces
Reception
Meeting / conference room
Chamber for principals
Studio
Printing section
Toilet, Pantry

Capital Investment
Immovable
Built up space

Movable
Computer, printer, plotter
Phone, fax
Interior, furniture
Storage
Vehicles

Sources of funds
Initial Capital
Own money
Soft loan
Bank loan

Subsequent requirements
Earn & invest

Income tax
Applicability
Firm
Architect ( proprietor/partner )
Employees

Rate
As prescribed by law

Payable on
Profit
Salary

Income tax
Registration
Firm to have PAN no.
Architect to have PAN no.
Employees to have PAN no.

TDS (tax deducted at source) by


Client, while making payment to the
Architect
Deposited with IT Dept
Certificate issued to the Architect

TDS(tax deducted at
source)
By Client
while making payment to the Architect
Deposited with IT Dept
Certificate issued to the Architect

By Architect
While making payment to Consultants,
Employees
Deposited with IT Dept
Certificate issued to the respective person

Annual Accounts
Capital
Income & Expenditure
Debtors & Creditors
Profit & loss
Computation of Income tax
Advance tax
Deposit or refund of tax

Service tax
Registration must
for Architects having more than Rs 10
lakhs/ or as prescribed as annual turn
over

Payment & Collection


Payable by client availing services of an
Architect
Collected by an Architect from his client

Service tax
Deposit
Returns to be filed quarterly
Deposit collected amount quarterly
Delayed deposit attracts late fee, interest,
penalty

Deduct service tax paid to


Consultants
Telephone, courier, travel agent

Insurance
Professional
Personal

Proprietor / partner
Employee

Premises & assets

Provident Fund
For Partners
For Employees

Presentation available on

www.slideshare.net/prmeh
ta

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