I have a regular day job in India, for which I am already paying income tax.
Recently, I have also accepted a consultancy part time job from a company in Dubai. This will be an additional source of income for me.
I will be doing the consultancy offline from India. The company will do a monthly salary payment to my bank account in India without deducting any tax.
What I would like to know is how best do I manage my income tax for this alternate source of income.
Should I just add this additional income to my overall income and pay tax as per the Income tax guidelines? OR, are there better ways of managing this to save tax? Like for example, I could open a new company in the name of a family member and manage this income separately as business,
Appreciate your thoughts on this.
Thanks, Pradeep
CAclubindia
