Hello, I am Rohit. I work in a software development company in Kolkata. I have some questions regarding Income Tax returns. I receive a fixed salary plus a decent incentive. My incentive is equivalent to my salary. I receive my salary after deducting the TDS.
Freelancing Income Management
I am also a freelancer, earning 30k to 40k per month freelancing. Therefore, I have opened a savings account in my mom's name and deposit all the money there. Additionally, we have a shop in my mom's name where I show a monthly income of Rs. 10,000. Should I declare the foreign income in my mom's IT file?
I am now planning to open another bank account in my dad's name to manage all the freelancing income. For freelancing, my monthly expenses are around 10k. I would appreciate proper guidance.
Regards, Rohit
From India, Kolkata
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Freelancing Income Management
I am also a freelancer, earning 30k to 40k per month freelancing. Therefore, I have opened a savings account in my mom's name and deposit all the money there. Additionally, we have a shop in my mom's name where I show a monthly income of Rs. 10,000. Should I declare the foreign income in my mom's IT file?
I am now planning to open another bank account in my dad's name to manage all the freelancing income. For freelancing, my monthly expenses are around 10k. I would appreciate proper guidance.
Regards, Rohit
From India, Kolkata
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Income Tax Filing Advice
Not a good idea. Open the account in your name and assess your income. If it is in the taxable range, pay income tax and file returns in your name.
For deposits made in the accounts of your Mom/Dad, they have to file returns and pay income tax if applicable.
From India, Lucknow
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616Not a good idea. Open the account in your name and assess your income. If it is in the taxable range, pay income tax and file returns in your name.
For deposits made in the accounts of your Mom/Dad, they have to file returns and pay income tax if applicable.
From India, Lucknow
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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