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Mv Varaprasad
Hi I am planning to work for UK firm from India.What is best available option for me to get paid for my services.
1. Incorporate Propriety firm and do business with UK firm or 2. Let UK company hire me as consultant.Please advice.
if ur working from India, u need to pay tax on income (net of expenses) you may require GST regn.
CA Abhinandan Jain 31 May 2020In both case the income tax implications are same. For GST we need to understand the nature of service for understanding it's taxable or not under GST.
Pls feel free to contact me on jainabhi189@gmail.com for further assistance.
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Himanshu
I want to start an online grocery delivery service in which the product will reach the customer from the local grocery shop, so sir, for this I need any registration and license: so what are those
if ur individaully,(proprietorship) , you require GST and local regn if any like shops & establishment, Profession tax..f
feel free to reach us
P
Paras Karandikar
I have paid my friend a certain amount over 50000 rupees, do I need to document this as a loan to save taxes
loan transaction no tax implcation, however have certain documentation, taxman may insist..
T&C applyM
Maddipoti Ganesh
I want to take business loan to startup my own business
approach bank, there is CGTSME scheme under which you get upto 2 crore without colateral, again depend upon promtoer and business..
please note all new companies are not startups..
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Gundeep Singh
I would request you to let me know how to calculate the goodwill value per share in a private limited company for the exiting shareholder
relative valuation / goodwill formula unless agreed, it is better to valuation of shares under dsicounted cash flow method..
T&C applyS
Sachin Kumbhar
I am a Indian resident and got contract to manage funds (share trading) in there company account at International market, I will be receiving payments from overseas direct to my bank account. I need some information on my following doubts.
1) will the payments received from above company are taxable? They are not paying any taxes in there country.
2) If amount above Rs. 20 Lacs, then which tax applicable- Income tax or GST?
3) If I received money in my bank account, bank will deduct tax directly from my account straightway or I have to filled income tax returns separately?
4) Any time limit to pay this tax or GST?
since ur resident of india, u need to pay tax in India on global income,
Income tax on net income whereas GST on sales, as service is export no gst is applicable ..
Bank will not deduct any tax, you need to assess the tax pay and file income tax returns before July of following year and GST returns as well
suggestion, consult nearby CA,
You will receive payment for providing your service so that would be liable to tax.
Both income tax as well as GST.
No bank won't deduct and tax on above amount.
Income tax is paid normally every year after the financial year ends and GST needs to be done every month.
I think you are providing services for the first time.
I would suggest you to take help of a professional to handle your tax matters.
If you need professional assistance feel free to contact me at canamanmaloo@gmail.com
You can read more here: https://www.taxontips.com/gst-registration-for-freelancers-in-india/
S
Sandeep
Hi, I am an Indian citizen. I am planning to borrow some money from A foreign national. What are the rules, regulations and tax position. Thank you. Sandeep
You are borrowing for business or personal ?
Sandeep 16 Mar 2020Business. But I do not have a registered entity. I do not know how its treated as.
CA Ankit Chaudhary 26 Mar 2020Is the foreign national your relative?
CA Kantha Manjegowda 31 Mar 2020under FEMA borrowing regulations , you can borrow only from blood relative..
T&C applyR
Rajeev
How to show a employee salery in propritor ship return
There is no need to separately show employee salary.
It depends on which return are you filing.
If you need tax related services feel free to contact me at canamanmaloo@gmail.com
Employee salary is shown as expenses in proprietorship return. Under the head "Salaries and Wages".
Ankit Chaudhary - 7604033340.
salary just like other expenses, ensure compliances PT, PF/ESI, TDS if applicable
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Harsh Agarwal
I am an Indian Resident,
I was trying something new, So I found people and now I am providing brokerage services abroad. Both the seller and Buyer are outside India.
Now the question is “How can I receive my commission/ Brokerage in India if my money is more than limit of LRS ?”
You must show it as your genuine business income if you are earning brokerage.
CA Kantha Manjegowda 31 Mar 2020LRS applicable to remittance outside India,
commission / brokerage is revenue activity and there is no limit.
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Shavez
If a person sell his property in april month of 2020 and purchase a new one in may 2020 than what would be the last date to file his itr
by July 2021
CA Naman Maloo 31 Mar 2020It will be normal like any other income and you will have to file ITR before 31.07.2021
CA Amit S 5 Apr 2020For sale of property without any capital gain, no ITR is required. However if there is loss on sale such property, then you can report these losses and carry forward to next financial year for set-off against any capital gains by filing an ITR. For gifts to relative, no ITR filing is required
CA Arti Jain 6 Apr 2020These transaction are relating to Financial year 20-21. So if it is in non audit case then last date of filing is 31.07.2021
T&C apply