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Manoj Solankar (Insurance surveyor)     05 March 2015

Being a salaried employee may i do business

I am a salaried employee can i do export trading business as a other  income source?

If so, can i register propritor license on my name?

Are there any problems in future regarding tax laws or any problems?

Answers are welcome sir...



Learning

 5 Replies

H.JanakiManohar Rao (lawyer)     05 March 2015

dear Manoj, u r srictly prohibited from doing any kind of business even agency,distrbution,retailing etc in your name .So do not go for business in ur name.

(Guest)

So far as your employment is concerned that act will be an indiscipline on your part attracting appropriate punishment by your employer.

 

As regards the income tax, there will be no problem if you account for the income of both the sources properly and pay tax. The IT department will have no concern with your employment.

T. Kalaiselvan, Advocate (Advocate)     09 March 2015

This is a matter of concern for your employer i.e., for gross violation of employment conditions, if any.  Paying income tax on the income earned will depend upon your disclosure of income.

Manoj Solankar (Insurance surveyor)     10 March 2015

Thanks u all sir for ur valuable guidance..

sanjay kulkarni (civil engineer)     15 March 2015

what is sort of punishment or are there any directives to employer for this?And what is definition of business for an employed perssonel ?


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