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A
Asrar Qamar
I will be commencing a consulting agreement with a company in Hong Kong and my renumeration will be purely commission based in USD, my residency status is Indian and will receive the renumeration in my Indian Bank account. Assuming there is no double taxation, will i pay income tax as per existing tax slabs in India. How will reimbursements such as utilities and business travel be taxed ? There is no registered entity in India, hence all transactions will be paid out to my Indian bank account directly from Hongkong.
Hello,
Yes, being an individual, your income would be taxable at slab rates as applicable. Depending upon the nature of services provided, you can use Sec. 44ADA presumptive taxation scheme, which would be beneficial for you. Reimbursements won't be taxable.
You will also need to check GST implications, if the total receipts exceed Rs. 20 Lakhs limit in a financial year.
I hope this answer satisfies your requirements. For a detailed resolution of your query, you can contact us directly at badlaniassociates at Gmail or take a phone consultation.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
V
Vinod
I work as freelancer on different platforms and the invoices generated through them are not sequential but are consecutive (e.g: T561593407,T564940245).
is that ok considering the gst rules or should it have to be sequential only?
Hello,
These are invoices generated by the platform. You will also have to generate invoices for your compliance purpose. If you supplying export services without payment of tax under LUT, then this will be mentioned in the invoice.
I hope this answer satisfies your requirements. For a detailed resolution of your query, you can contact us directly at badlaniassociates at Gmail or take a phone consultation.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
N
Nik
Hi, I didn't fill ITR for last year since i didn't get any TDS after the rent and other rebates i got.. can i skip ITR? I got to know that I'd have to pay 5000rs penalty if i didn't fill ITR. It's just unfair to me as I will not be getting any return since there was no TDS.
As per the income tax provisions you are exempt to file ITR only when your income was below 2.5 Lacks. If your income exceeds Rs. 2.5 Lacks before deductions then you have to file the ITR. When there was TDS deducted from your income, then it was compulsory to file the ITR and declare your income and allocate your TDS deducted. Please share more details for better consultancy. Last date to file ITR was 31st December 2022 Please remember this. Mob. No. 8475918165, Email ID: capushkaragrawal@gmail.com
CA Hunny Badlani 27 Dec 2022Hello,
It is mandatory to file income tax return if the gross total income (before any deductions) is above the basic exemption limit of Rs. 2.50 Lakhs.
I hope this answer satisfies your requirements. For a detailed resolution of your query, you can contact us directly at badlaniassociates at Gmail or take a phone consultation.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
A
Ajit Kumar
Hello
do i need to register GST if i provide online services entirely to foreign clients/Company and receiving payment in USD/INR conversion?
Or i just need to take care of income tax only?
As i raise invoice to clients there is no way to mentioned GST to foreign clients so in this case if i need to gst registration then how to pay gst beacuse i do not add gst in invoice for foreign clients...
Thank you
Registration would depend upon the amount of total revenue earned. Further, whether you need to pay GST or your services would qualify as export would depend upon the nature of service provided. Kindly connect with us for detailed discussion at +91-9911744028 or deepakkucheria@gmail.com
AJIT Kumar 10 Aug 2022Thank you sir...
Is there any certain limit for revenue earning in a year, and after that limit i need to register GST?
Hello,
You would be required to register under GST if your gross receipts from your services exceed Rs. 20 Lakhs limit in a F.Y.
After registration, you can provide such export services without payment of GST under LUT. Return filing compliances would have to be made.
I hope this answer satisfies your requirements. For a detailed resolution of your query, you can contact us directly at badlaniassociates at Gmail or take a phone consultation.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
Thank you sir
T&C applyS
Souradeep Das
Dear Sir/Madam,
I am a share market trader. Having turnover is around 24Cr for AY 22-23. I have done an audit for the last three years. 99% of business transactions are done through banking channels only.
Kindly let me know
1)Your audit fees (I will provide a pre-calculated complete balance sheet, p/L, depreciation, etc.)
2)Your fees for accounting and auditing (I will provide only raw data like Trade Book, PL statement from the broker, etc. Need to calculate BS, Dep, p/L, etc.)
I have submitted this year's ITR. If you can provide an audit at a reasonable price, then I will hire you for AY 23-24. Provide Email id if possible.
Hello,
For any query or if you want to know our charges for tax audit in your case or documents required for the same, please feel free to contact us at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
D
Deepak
I have income only from Dividend and FD Interest. I have loss in FnO trading. The loss is more than total income.
How am I supposed to file returns? I understand I am required to file overall Loss and need it to be audited. What is last date for me? Do I need to file before 31st July and get it audited later, or can I file after 31 July and the CA can file and audit it before 31Oct.
Mr Deepak, most probably audit will not be applicable in your case and you have to file ITR before July 31 However need expect figures of your f&o turnover to provide proper consultation. For further consultation you can approach me on ca.rahuldwivedi@gmail.com or 9004485377
CA Hunny Badlani 31 Jul 2022Hello,
You have two options,
1. File return with complete books (Balance Sheet and P&L) and claim loss, the due date in this case would be today 31st July 2022.
2. You can go for tax audit and claim loss, the due date in this case for tax audit would be 30th Sept 2022 and for return would be 31st Oct. 2022.
I hope this answer satisfies your requirements. For a detailed resolution of your query, you can contact us directly at badlaniassociates at Gmail or take a phone consultation.
Regards,
CA Hunny Badlani
Badlani & Associates
A
Abhishek Das
Hi FY 2021-22 is my 1st year in trading. Before that only salary. Non-Speculative+Speculative turnover is 91L loss 60k . Capital Gains 5k .
Want to carry forward loss.
tax audit applicable?
Thank You.
Hello,
Yes, Tax audit would be applicable.
It will also be beneficial for you to go with the tax audit option and claiming the loss.
I hope this answer satisfies your requirements. For a detailed resolution of your query, you can contact us directly at badlaniassociates at Gmail or take a phone consultation.
Regards,
CA Hunny Badlani
Badlani & Associates
Prima facie audit would not be applicable in our case. For any further queries kindly connect with us at deepakkucheria@gmail.com or +91-9911744028.
T&C applyR
Rahul
Hello. My name is rahul. Recently i have started a job as a music composer for a studio based in USA. It's a remote job so i am working from home. It's not a salary based job instead i get paid on a hourly basis($25/hr), so my monthly income differs each month. My estimated total income would be around 28-30 lacs per annum. I want to know when do i need to pay the taxes.. Quarterly OR in a single installment. Do i need to register for GST? Please help md with this. Thank You.
Hi Rahul
As per the information provided, yes you're liable for A GST registration since you're indulged in export of services.
As per your estimated income, paying income tax on a quarterly basis in advance would be advised to avoid high interest on income tax liability while filing the ITR.
Contact for more information : 9811896771
Hello Rahul,
Under GST, your services to the US-based studio would be covered under Export of Services if you are receiving convertible foreign currency as consideration. Export services are zero rated supplies. You can apply for LUT and supply such export services without payment of GST.
GST registration and return filing compliances would be mandatory since the total receipts would cross the Rs. 20 Lakhs limit.
Under Income Tax, the advance tax would have to be paid quarterly according to your net taxable income from the music composing business. Return filing would be required after the end of the concerned financial year.
I hope this answer satisfies your requirements. For a detailed resolution of your query, you can contact us directly at badlaniassociates at Gmail or take a phone consultation.
Regards,
CA Hunny Badlani
Badlani & Associates
Yes, GST registration is mandatory in your case because your aggregate turnover exceeds the threshold limit provided under the Act of Rs. 20 Lakhs.
For any assistance in GST filing, you can connect with us at ca.pujasharma@outlook.com
P
Pranav Fokmare
In AIS/TIS I have Outward foreign remittance/purchase of foreign currency which ITR should I file?
Salary, Dividend, Interest from savings bank, Interest from deposit, Sale of securities and units of mutual fund and Outward foreign remittance/purchase of foreign currency
You can use ITR 2 to file your Income Tax Return because sale of securities and mutual funds will result in capital gain.
In case of purchase of foreign currency above a certain amount, it is necessary to file ITR. So in your case you will be filing your ITR which will complete the compliance.
For any futher query, you can connect with us at ca.pujasharma@outlook.com
Hello,
ITR-2 will be filed in your case.
I hope that this answer satisfies your requirements. For any query, please feel free to contact us at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
R
Rao
I am an individual (have a GST registration) working as a freelancer on Upwork Platform.
All my clients are located outside India and have also filed LUT on the GST portal so that I do not have to pay the GST.
The payments that I receive on Upwork are in USD which I withdraw to a Online US Bank Account.
My queries:
1. Do I need to show these Upwork invoices in my GST filing as I am not withdrawing the amount to my India Bank account?
2. If I need to show these invoices in my GSTR-1, what will be the conversion rate USD to INR should be used. Usually all my invoices are issued on a Sunday and I don't see RBI Reference rates for Saturday and Sundays.
3. Upwork deducts 1% TDS on my invoice amount and they file TDS returns every quarter. The USD to INR conversion they use is a fixed value for every month and they don't use RBI daily reference rates.
Because of this, my GST Turnover doesn't match with the TDS returns made by Upwork. (Unfortunately Upwork did not disclose the conversion rate they use)
So in this case, what conversion rate I have to use for filing GST Returns.
1. Yes you have to show the upwork billings while filing your GST return.
2. Take the date of Monday in that case.
3. Choose the RBI rate while filing your GST return. The difference can be explained if you receive any query in future from any department.
Hello,
You need to declare the upwork invoices in your GST returns even though you are not withdrawing it your Indian account. You can refer RBI exchange rate notificaitons for exports.
I hope that this answer satisfies your requirements. For any query, please feel free to contact us at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
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