Can I receive income in wife's account - it will be her income and she will pay tax on it but I will be the one actually doing the work. Question is: does IT dept. care who actually does the work against which income is received as long as all taxes are paid and returns filed?
3 Replies
Jayesh
(Proprietor)
(141 Points)
Replied 30 August 2014
It will be all business/consulting income. I will tell my client to send cheque or transfer funds to my wife's proprietory current account. I will also raise a bill from in her proprietory company name. This sounds a bit fishy - but, perfectly legal and acceptable to I.T. Dept.??? If there is a scrutiny, I do not want I.T. department to ask me to prove that my wife was the one doing the work as she is not qualified to do it ( investment analysis)? Thanks!
Anubhav
(Chartered Accountant)
(429 Points)
Replied 30 August 2014
Hi,
You said it right!
Firstly, raise invoices in your wife's name.
Secondly, show income in her individual account.
IT dept will have no issues regarding this.
For any further query PM or mail us.
AJH & CO.
info @ ajhco.in
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