02-02-2012, 01:37 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by insaan</i>
<br />3.if both are being operated as separate entities, you'll have to take care while submitting return for you company and your personal tax return. other than that nothing
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Thanks a lot of your reply.
I have the business name under my personal NTN# and file only the Personal IT returns with declaring "Businss Income/(Loss" (Line 29 on the return form). I believe that does not make my business a separate entity. The Business name also shows up on my IT returns.
I have been told that whatever income/funds are in my business account are deemed to be my personal funds. But as this is FX inflow, I want to be sure I am not going overboard using these funds for my personal use.
<br />3.if both are being operated as separate entities, you'll have to take care while submitting return for you company and your personal tax return. other than that nothing
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Thanks a lot of your reply.
I have the business name under my personal NTN# and file only the Personal IT returns with declaring "Businss Income/(Loss" (Line 29 on the return form). I believe that does not make my business a separate entity. The Business name also shows up on my IT returns.
I have been told that whatever income/funds are in my business account are deemed to be my personal funds. But as this is FX inflow, I want to be sure I am not going overboard using these funds for my personal use.
