Can someone recommend a good Tax consultant for book-keeping and tax filing
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Posted on: 23-02-15 15:55:01
Hi,
I quit as a regular employee and started my own company (INC.) in July 2014. I got paid as a contractor from Sep onwards of the same year but have not withdrawn any funds from my business acc during the FY 2014.
Should I mention the business income while filing my personal IT return for the year 2014? Does it impact my personal income taxes for the FY 2014 in any way?
Thanks
BTW: How is this guy Allan Madan (madanca.com)? Has anyone used him for tax filing purposes?
There are senior CD's who have experience in this regard.
They will advise soon. Don't worry.
have you got the solution or still looking for
Quote:
Originally posted by gollu
Hi,
I quit as a regular employee and started my own company (INC.) in July 2014. I got paid as a contractor from Sep onwards of the same year but have not withdrawn any funds from my business acc during the FY 2014.
Should I mention the business income while filing my personal IT return for the year 2014? Does it impact my personal income taxes for the FY 2014 in any way?
Thanks
BTW: How is this guy Allan Madan (madanca.com)? Has anyone used him for tax filing purposes?
Gollu ,
Your business income becomes your own only when and to the extent of dividends declared by the business ... Say you are incorporated and you have net profit of 50K available as dividend. If the Inc decides to declare all 50K as dividend and you are sole share holder - you need to show complete $50K or if there are 2 then $25K each .. Just remember to put this $25K as 'other than eligible dividends' in your personal return and the software will automatically calculate all the things.
If you have received salary also from the Inc , that should be shown separately in your personal return.
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Fido.
