We have an annual income of Rs.1200000/- will showing it all as retainer fees help us save more tax?

Question

wat r th spesifications of showing income as retainer's fees? i wana pay min tax.

Answer 1

Pay less tax by making less money. As a millionaire money is not a problem for you. Try helping those of us who actually NEED the money we have to use on taxes.

Sorry but your question hit a soft spot with me. Here I am making under $30,000 a year, living paycheck to paycheck, and some millionaire is concerned about saving a few pennies.

Answer 2

If it is business income, then you have other options.

If it is salary, then read Income From Salary

http://mytaxes.in/index.php?topic=17.0

You will also learn about various deductions available to you by visiting www.mytaxes.in

Answer 3

The answer to this question depends upon how the person from whom u are receiving this money is treating the same.If he is showing it as salary then u have little option.But in case u are getting all this money in cash and putting it in ur bank account,there are chances of showing some natural exp like travel,telephone,electricity, salary etc.to mitigate ur tax liability.But it requires careful handling.Better take the help of an expert.

If u do not wish to do so,a word of caution.To the extent ur bank balance has increased in current year,u are constrained to show it as ur income