🚀Innovative Softwar... • 1m
I'm seeking advice from the professional community. My 50:50 partner and I have a registered private limited IT services company with a company account. We're having a disagreement on where to store our revenue. My partner suggests storing revenue in his personal account to avoid income tax and GST. However, I'm concerned about the legal implications and potential risks. His argument is that if we store revenue in the company account, we'll have to pay taxes and GST, which might increase our costs and make our services less competitive. I'd appreciate insights from experienced professionals: 1. Is it legal and compliant to store company revenue in a personal account? 2. What are the tax implications of storing revenue in a company account vs. personal account? 3. How can we balance tax compliance with competitive pricing for our services? Any guidance or advice would be greatly appreciated.
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Attention GST taxpayers: November 30, 2024 is last day to claim pending input tax credit by filing GSTR 3B November 30, 2024, is the last date to claim any pending input tax credit (ITC) or amend any errors or omissions in compliance with the Goods
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📢 GST Registration for Companies – Everything You Need to Know! 🚀 Starting a company? One of the first legal steps is getting GST registration! ✅ It not only gives your business a legal identity but also opens doors to seamless tax compliance, inp
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Is India Taxing Too Much Fun? (POPCORN TAX) India’s tax system has gone global thanks to the popcorn taxation buzz. While we’ve made strides with reforms like GST and corporate tax cuts, quirky rules and compliance hurdles can sometimes leave foreig
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