Hi, I need some help from the finance experts.. I have been doing freelancing for a few months. Until now I was doing it on upwork and other freelancing sites and the amount was also lower (<1lac). Recently I was working with a client outside of the freelancing sites. The client will be paying me in dollars. For transferring the payment he said he will only do via wire transfer. Now my question is which is the best way to reduce the taxes which I have to pay to the government. The amount will be >10lac. I am already earning more than 10lpa from my job so if I get that money in my account I'll have to pay more tax. On the other hand my parents earnings are not coming under the income tax slab. Should I directly transfer the amount in my account or to my parents account or should I create a msme and register it under GST?
TIA 🙏
Don't involve your parents and give them a headache, trust me you will regret it. If you were not a US tax resident it's risky for both you and your client as it comes under money laundering and easily flagged.
I used to work there and filed taxes for over a decade and my clients agreed for a little bit of extra process. I can't explain it here, you can reach out to me ramianx01@gmail.com.
Mailing you
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