Good morning,
I provide service as a network consultant for a US company.
It is only a service I am offering and no goods are involved. Billing is monthly.
I receive the payment into my savings bank account. Annual income would be around 30Lakhs.
I have registered for GST on my personal PAN and got the Letter of Undertaking for filing GST without tax. I file the GST returns with 0 tax every month.
I file persoanl IT returns under 44ADA.
I am planning to buy a car and I do not want to have the vehicle under my name. So I thought of the following.
Start/Register a firm.
Get a PAN, GST number and current account.(The income from US would be deposited into this current account.)
Buy the car under the company name.
I have the following questions:
Is the solution I am thinking correct?
What type of firm should I start? Can I be the only owner or there has to be partners?
How should I take my amount/share/salary from the firm?
Do I have to maintain books for the firm?
Do I have to file the IT returns under the firm? Which section to be used 44AD or 44ADA?
Do I have to file the IT returns personally? Which section to be used 44AD or 44ADA?
Do I have to file GST returns for both the firm and personal?
Thanks
CAclubindia
