Setup virtual startup company to save income tax
Hey all, sorry if i'm asking any irrelevant question to you. Please help if you can.
I'm a guy from Chennai doing software development and earning about 25Lakhs per annum. I am a single person working from home and getting paid from a foreign country. They send me in USD and I receive as INR in my local saving account. There is a fixed monthly income of around 2L.
It will be a big amount for me to pay tax, I don't want to pay that, want to restrict the tax amount to 10k per annum.
I am not sure if that is possible as an individual, so i'm thinking to open a CURRENT account and 5-10 saving accounts for my friends or family members and receive that 2L into my CURRENT account then split that amount, transfer to those 5-10 saving accounts as SALARY and file my tax as a business (instead of individual). I will make sure those 10 account doesn't exceed 2.5L per financial year, so this all other remaining money will be salary and that won't be more than 3-4Lakhs/annum.
Will it workout? Or you experts have any advice for me? If I go with this plan should I pay tax for me separately and for my company or just Form-4 is enough as i'm the proprietor?
Thanks in advance.