Kanishka Aug. 11, 2018
Generally people invest in avenues like Mutual Funds etc. There are only a handful people like your friend. I personally respect them a lot.
Here are my answers for your 4 questions:
- Law doesn't stop him. He can do any other business along with employment. But please watch his employment contract. His employer might have added some clause to do no business along with employment.
- Yes, he will have to pay taxes on this income.
- He is not required to open a separate current account. But as a professional I would advise him to open up a separate account for this business. He should deposit all his car business income in it. And he should pay car expenses from this account only.
- He can do it either ways. I would advise him to do it in his own name until he goes big.
And here is my bonus advise.
Please read GST application on car rent business.
You marked successfully unsatisfactory answer
Please mark your satisfactory level...
My Dear ,
I thank you for marking the answer as satisfactory.
I have noted.
It will be very nice and helpful to our other members (and the answerer too) if you mark your satisfaction level on the grade scale below.
Please feel free to mark any point. I don't share it with anyone. I use it for doing my internal calculations only. I use these calculations to evaluate the service performance of the relevant virtuoso.
Here is the grade scale:
Anu, Thakurani's bestie