Hi experts,
As I'm planning to do an online business without an office (may hire home-based employees within India), here are my queries concerning income tax and MCA (Ministry of Corporate Affairs) registration.
1) How does the income tax department really audit? Do they sneak into our bank accounts, or are there any other ways? Please specify clearly because there won't be an office, just work online.
2) If they do not sneak into our bank accounts, then can we modify our earnings record by lowering the amount and then pay the taxes (I won't, just for knowledge)?
3) Why register LLP, Pvt, and so on? What happens if we don't?
4) Let's say I formed a company called "financo.in" with all registrations and filed my IT return. Later, I decided that I need another website managed by financo.in (say granco.in). Do I need to register again for the second website to the MCA and file the IT return separately, or not?
For example, lynda.com is now bought by linkedin.com. When you navigate to their website, their logo says lynda.com, company by LinkedIn. Please educate me.
5) Which registration is right for a solo entrepreneur with four to five employees in the future? LLP, Sole proprietor, or any other?
6) How much tax do I need to pay?
I'll be delighted if I get all the answers above.
Appreciated your response.
From Saudi%20Arabia, Jeddah
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1As I'm planning to do an online business without an office (may hire home-based employees within India), here are my queries concerning income tax and MCA (Ministry of Corporate Affairs) registration.
1) How does the income tax department really audit? Do they sneak into our bank accounts, or are there any other ways? Please specify clearly because there won't be an office, just work online.
2) If they do not sneak into our bank accounts, then can we modify our earnings record by lowering the amount and then pay the taxes (I won't, just for knowledge)?
3) Why register LLP, Pvt, and so on? What happens if we don't?
4) Let's say I formed a company called "financo.in" with all registrations and filed my IT return. Later, I decided that I need another website managed by financo.in (say granco.in). Do I need to register again for the second website to the MCA and file the IT return separately, or not?
For example, lynda.com is now bought by linkedin.com. When you navigate to their website, their logo says lynda.com, company by LinkedIn. Please educate me.
5) Which registration is right for a solo entrepreneur with four to five employees in the future? LLP, Sole proprietor, or any other?
6) How much tax do I need to pay?
I'll be delighted if I get all the answers above.
Appreciated your response.
From Saudi%20Arabia, Jeddah
Acknowledge(0)Amend(0)
Hi experts,
As I'm planning to do an online business without an office (may hire home-based employees within India), here are my queries concerning income tax and MCA (Ministry of Corporate Affairs) registration.
1) How does the income tax department really audit (do they sneak into our bank accounts or is there any other way, please specify clearly), as there won't be an office, just work online?
2) If they do not sneak into our bank accounts, then can we modify our earnings record by lowering the amount and then pay the taxes (I won't, just for knowledge)?
3) Why register LLP, Pvt, and so on... What happens if we don't?
4) Let's say I formed a company called "financo.in" with all registrations and filed my IT return, then later decided that I need another website managed by financo.in (say granco.in). Do I need to register again for the second website to the MCA and file the IT return separately, or not?
For example, lynda.com is now bought by linkedin.com. When you navigate to their website, their logo says lynda.com, company by LinkedIn. Please educate me.
5) Which registration is right for a solo entrepreneur with four to five employees in the future? LLP or Sole proprietor, or any other?
6) How much tax do I need to pay?
I'll be delighted if I get all the answers above.
Appreciated your response.
From Saudi%20Arabia, Jeddah
Acknowledge(0)Amend(0)
As I'm planning to do an online business without an office (may hire home-based employees within India), here are my queries concerning income tax and MCA (Ministry of Corporate Affairs) registration.
1) How does the income tax department really audit (do they sneak into our bank accounts or is there any other way, please specify clearly), as there won't be an office, just work online?
2) If they do not sneak into our bank accounts, then can we modify our earnings record by lowering the amount and then pay the taxes (I won't, just for knowledge)?
3) Why register LLP, Pvt, and so on... What happens if we don't?
4) Let's say I formed a company called "financo.in" with all registrations and filed my IT return, then later decided that I need another website managed by financo.in (say granco.in). Do I need to register again for the second website to the MCA and file the IT return separately, or not?
For example, lynda.com is now bought by linkedin.com. When you navigate to their website, their logo says lynda.com, company by LinkedIn. Please educate me.
5) Which registration is right for a solo entrepreneur with four to five employees in the future? LLP or Sole proprietor, or any other?
6) How much tax do I need to pay?
I'll be delighted if I get all the answers above.
Appreciated your response.
From Saudi%20Arabia, Jeddah
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Income Tax Calculator.xls