Hello,
I earn around 16 lacs/year though software freelancing. My wife works as a consultant and earns around 2.3 lacs/year. My wife helps me with my work too. So I give a part of my income as her salary. I give a salary of 4.2 lacs/year which will make her total salay as 6.5 lacs/year and makes mine as 11.8 lac/year. After deducting expenses(20-30%) from both of our incomes I file the tax returns accordingly.
1)Am I doing this correctly. If not what should be done.
2)What records should I maintain.
3)Should I maintain books.
4)Am I missing something / Any other pointers.
Thank you
CAclubindia
