Consultancy Fees received

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Jayesh S Shah (Querist)
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26 August 2021 One of my clients is employed at MNC shipping Company. Sometimes clients of his employer takes his personal advise on shipping matters and ready to pay him consultation fees. However as per terms of his employment he can not do private consultation. So he intends to take such commission/consultation fees in partnership firm of his family members, where in he will not be a partner. yearly such income will be to the tune of Rs 20 L (appro) and firm will disclose this as its income. However the firm will not have any partner having shipping line Business knowledge.
Advise is sought for any drawbacks of such planning. Any provisions violated of i) Income tax Act ii) Benamy properties Act? iii) Money laundering ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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22 September 2021 Either you join the firm..... or appoint any professional of similar capacity in the firm, to avoid any future litigation/s.

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