09 December 2011
my brother is pursuing CA and is serving last year of his articleship. he is getting a stipend of Rs 8000. Also he is assissting my father and he gives him a share of profit of Rs 15000. so his total earning is Rs 23000. Now he wants to file his Income Tax Return for AY 2011-12.
Is it legal to earn thru family busines for a Article ?
And whether he can file a Tax Return of Rs 23000 ?
09 December 2011
There is no restriction in earning an income from a Family Business for an Article. I don't think that there are any legal issues involved. Ofcourse he can file a return for the Income earned by him.
12 December 2011
thnk u. he wants to file his belated income tax return for AY 2011-12. is there any penalty payable for filing belated return before 31 march 2012. also his father pays him rs 15000 per month without deducting any TDS
CAclubindia
