clubbing of income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 September 2010
can a director of the company do the same business in its proprietor ship firm
e.g. if a person is director in company who is doing the business of construction of commercial buildings and the he has also his proprietorship firm which is also in the same field.
is there is any chance to add its personal income in the company income
pls advice
e.g. if a person is director in company who is doing the business of construction of commercial buildings and the he has also his proprietorship firm which is also in the same field.
is there is any chance to add its personal income in the company income
pls advice
19 September 2010
He can carry on the same business. There can't be clubbing of income of proprietorship with the income of company
19 September 2010
definetly he can do the same business. There is no restriction in Income tax for this and this will not be attract clubbing of income provision.
mostly company made agreement with directors that he will not do the same business. But if there is no restriction in agreement then director can do the same business. But again no restriction in income tax.
mostly company made agreement with directors that he will not do the same business. But if there is no restriction in agreement then director can do the same business. But again no restriction in income tax.
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