632+ Lawyers are online 
I am govt servant and planning to start a business How to show income
25-Jul-2023 (In Startup Law)
i am a goverment servant planning to launch a kiosk business in a mall with my partner who also happens to be a goverment servant. we are planning to start the business in my partner's mother name. my query is regarding the profit earned, being a goverment servant how will i be able to show the earning from the business and justify it without my name being there in any of the legal documents.
Sir,
That's very good. congrats. you can surely start your new business by your's partner's mother's name.Thats not a problem.If we talk about the profits earned through it, you can not be able to show it, as you are not among partners who are carrying business.
Thus the earnings/profits will be booked by the your's partner's mother's name and can be reflected into her's ITRs'.
Apart from that earnings/profits can be diverted to your desired sources, as and where you want to utilise it.
That's very good. congrats. you can surely start your new business by your's partner's mother's name.Thats not a problem.If we talk about the profits earned through it, you can not be able to show it, as you are not among partners who are carrying business.
Thus the earnings/profits will be booked by the your's partner's mother's name and can be reflected into her's ITRs'.
Apart from that earnings/profits can be diverted to your desired sources, as and where you want to utilise it.
Helpful?
22+
22+
Adv. Sudhanshu Dixit
Indore | 25+ Answers
CONTACT NOW
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Startup lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
