Income tax
3 years ago
I provide some contact to my friend and he did some business and make profit of around 1.50 lac. Now he want to give 50% profit share to me. How he shows this transaction in his business.
As he is asking to deduct 20% income tax on total profit and than dividing the profit, means 150000-30000=1,20,000 , my share only 60k.
Is any other way to increas my share might be showing some consultancy and amount show in expenditure so that he will not pay income tax on that amount.
Narvir Yadav
Responded 3 years ago
A.Contact to any CA.
Helpful
Helpful
Share
Ankur Goel @ Complete Law Shield
Responded 3 years ago
A.All CA's of our country should send you legal notice.
Hope this clarifies,
Advocate Ankur Goel
(Complete Law Shield)
Note - This is just a small advice and final advice can be given only after going through your case in detail .
Hope this clarifies,
Advocate Ankur Goel
(Complete Law Shield)
Note - This is just a small advice and final advice can be given only after going through your case in detail .
Helpful
Helpful
Share
Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hello,
Please contact the concerned professional
Please contact the concerned professional
Helpful
Helpful
Share
A.Hi,
The concerned professional could be contacted
The concerned professional could be contacted
Helpful
Helpful
Share
Read Related Answers
Income Tax threshold for tax free pension
Dear Client,
Income Tax related issues are well addressed by a Chartered Accountant or an Income Tax Practitioner who possesses expertise and in-depth knowledge on the subject, So, you are requested t...
What should I opt Old Regime vs New Regime
Dear sir
You have to consult service advocate or a person who is expert in such subject otherwise you may be mislead.
Exemption on interest education loan
Dear Client,
Under Section 80E of the Income Tax Act, 1961, if an individual has taken an education loan and is repaying the same, then the interest paid on that loan is allowed as a deduction from hi...
Tax query
Dear Client,
Based on the limited facts you have stated, Take an assumption regarding the calculation of income tax in a financial year of your transaction where the amount is X from which 98% of X...
Claiming Leave Travel Allowance while filing ITR
Dear Client,
Without availing LTA if you claim its exemption in the ITR, it may be considered evasion of income tax once your ITR attracts scrutiny by the Income Tax Department and you may face legal...
Read Blogs on Tax-Income Tax
Tax-Income Tax Lawyers
Find Lawyers by Location
