I am a professional blogger. I monetize my website with Adsense which is only source of my Income. I pay tax as 'income through profession'. I deduct all the expenses (like hosting renewal, internet bill, blah blah as applicable) and then calculate to pay tax.
Now, since I am also a programmer, I have created some scripttt/software which I am willing to sell online plus i want to provide services like web designing, seo, email marketing etc. For this I am planning to form LLP (limited liability partnership) with my wife.
I am not sure how my new business will go, will it be success or failure. if failure i will close LLP. Now my question is on income tax. I wan to pay my income which I generate from Adsense in same way as I did before and will want to pay LLP tax separately. So is this possible? Is there any good solution, please suggest.
CAclubindia
