Tax on Business done along with Job

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  1. Vibha

    Vibha New Member

    Hi,

    I work for private MNC company and my annual package is 6 lacs. My brother in law has opened a sub broker account with the one of the commodity trading company in my name, its been 4 years. I don't take any profit out of it, he is the sole profit taker. I am worried about the income tax, since the account is opened in my name with my PAN, I have few questions around it.

    1. I asked regarding the Income Tax to my Brother in law he said he has been paying TDS, so when the TDS is paid, again do I need to pay Income Tax on that or just TDS is fine?

    2. Having Sub broker account in my name is it ok or not as I am working in another company?

    3. I have a chance of going to US, so continuing the sub broker account in my name is fine or not?

    Please let me know your thoughts on this.

    Regards
    Vibha
     
  2. Amit Sahni

    Amit Sahni Active Member

    1. You are required to report the TDS deducted in your income tax return.
    2. It varies from company to company. Some companies dont mind if you are running a business along with Job
    3. There wont be much problem if you go to US
     
  3. Vibha

    Vibha New Member

    Thanks Amit for the reply, if the travel to US is for long term say for 2 years, still that does not matter, please let me know.
     
  4. Manoj Mehra

    Manoj Mehra Active Member

    I dont think there would be any problem.
     
  5. Vibha

    Vibha New Member

    Thanks Manoj...
     
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