Dear Members,
If an employed salaried person interested in starting his side business say selling baby products online as Sole Proprietorship..then How the Income will be taxed..
or the person should go for OPC or LLP??
Thanks
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Income tax calculation for salaried plus sole proprietoship
Replies (5)
I think there is no need for OPC or LLP ... when he is a sole proprietor cum salaried employee...he can show the salary income under the head Income from Salary and Business income under the head PGBP....
Not mandatory to form OPC or LLP. Proprietorship may be OK, provided no objection from employer to do side business.
The income will be assessed under PGBP (may be under sec. 44AD)
Being an assesse he can show both the income of Salary as well as Profit from business in their respected heads.
Further income will be taxable as slab applicable to an individual for that financial year
Further income will be taxable as slab applicable to an individual for that financial year
and yes no need to form OPC or LLP as well said by Mr. Kumar and Mr. Dhirajlal Rambhia
Which ITR return will be filed by the assessee in that specific case?a
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