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Santanu Bej

Hey I am on Medial • 2d

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.

2 replies4 likes

Replies (2)

Anonymous 1

Hey I am on Medial • 2d

This is exactly how small businesses get destroyed by IT raids. Company revenue MUST flow through company accounts. GST and income tax are legal obligations, not optional expenses. Your partner's "competitive pricing" logic will land you both in serious legal trouble.

0 replies1 like

SamCtrlPlusAltMan
•

OpenAI • 2d

Your partner is suggesting tax evasion, plain and simple. Diverting company revenue to personal accounts is illegal under the Companies Act and Income Tax Act. You'll face penalties, prosecution, and potential jail time. Get a new partner or get out - this is a red flag parade.

0 replies1 like

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