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Tax info for side business for salaried person

490 views 1 replies

java developer

1 Points Posted on 18 July 2017

Hello Respected Members , I need your guidance. I am salaried person , working as a software engineer. recently I got hike and my salary slab is now 20%. My question to respected people is I want to additionally start a small business to sell clothes but to do so I need a GST number and to get that I need to submit my PAN card too.I am ready to do this. But I don't want to Mix Salary with this business income. Because I am not sure how good my business would run or I end up closing this and then due to maintaining the GST number I end up paying tax for that also from where I did not even earn. Please help me find a solution where in my salary job and business don"t interfere on one other. I would pay the business earned income tax separately.. THANKS in ADVANCE I NEED YOUR GUIDANCE

Replies (1)

neeraj gupta

1138 Points Posted on 18 July 2017

There is a good news, the tax law won't allow you to mix your Salary and Business income even if you want to. These have to be mentioned and accounted separately in your return. In case you want to file a separate returns for your Business you can open a One Person Company OPC.