Transfer of income from Pvt Limited Company to sole proprietorship firm as expense
I expect an income of around 1.4 crores this year via Pvt. Ltd. Company. I want to transfer the total income to Sole Proprietorship Firm as an expense.
I want to do that as I can exercise presumptive taxation (Section 44AD) on the income via Sole Proprietor Ship Firm. Also I will be paying a GST tax of 6% (composition scheme) from Sole Proprietorship Firm.
Is this a legally valid way?
Asked 4 months ago in Income Tax
Can I transfer just 50 Lakhs of the total amount to the Sole Proprietorship Firm (SPF) and then opt for Section 40AD? Also my expenses will be Nill for SPF.
What is the right way to save tax via transfer of income to SPF utilizing section 40AD?
Asked 3 months ago