i just registered a company in my wife name alone and other three persons are investing money for ( 10% + 10% + 30% ) profit sharing basis and we are going to execute a personal aggrement for the profit sharing.
whether my wife has to pay full income tax on the full earning OR else we have to pay tax for the 50% profit ( our share) alone based on the aggrement.
please some one guide me on this.
with regards
sairam
the income of business on which tax paid by the company is exempt on the basis of individual shares when added up to their personal income.
company need to pay tax.hoping to be private company
As in the following case,ur wife needn't pay tax on business income when added to individual return filing ,the company has paid tax.
Please specify the constitution.
CHITRA MADAM
MAY I KNOW WHAT R U SPECIFICAL ENQUIRING FOR?
CCI
Pro
CAclubindia
