Moonlight tax
So my friend moonlights, does two jobs. My friend was wondering if one jobs income can be shown as business income? Or does that need some other contract? Does anyone know?
Jordon Denver
Stealth
2 years ago
Friend is you isn’t it?😂
Jordon Lee
Stealth
2 years ago
Ask him to install grapevine and ask the same Q.
No. Both jobs income will go through TDS if registered as employee. You have to be a consultant tans raise consultant invoices to count as business income. It would be about 6% in tax (18% if you want to claim gst input). Better to become a consultant in one of the jobs.
If it's employment then tds will automatically get. If it's not then Modiji gonna come knocking for your employer and you
Jordon Carmden
Stealth
2 years ago
If it is permanent employment from both the companies then there will be a problem in showing that as business income. Both the companies would have reported it as salary while paying advance tax. Same will seen in form 16. IMO He/She will have to file it as regular income by combining both the incomes. Take an opinion from CA. In future better to move as a consultant in one of the organisations.
Kalan Carmden
Stealth
2 years ago
Is moonlighting legal in india?
And employers can find out using epfo right?
Guys we should not moonlight. It is bad. I for one will never ever moonlight. Everyone knows we must not moonlight.
Yes employers can find out via epfo.
Kendall Dean
Stealth
2 years ago
Sad thing for folk earning 25k/mon living in metro cities
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