my client had received 4.60 lakhs in several months in his account.
however as per contract, my client has to distribute that amount to his 6 team members.
my query is how it is taxable as per income tax act ?
whole in hands of my client , or
divide there share between six members.
please solve my query.
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Distribution of income
Replies (4)
What's the nature of contract? If they are employees, then whatever paid to them would be a business expense and entire 4.6 lakhs received is an income to the client.
Only his share will constitute his income
Whether they form a partnership?
No there is no formal partnership , only by mutual understanding.
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