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Aradhana Zomawi David
Our company supplies services to customers abroad, we have a PayPal business account and received our export license a week back. We have paid the gst for these services but apparently we've found out that GST on exports can be reimbursed.
My question is that can we claim this refund even if we didn't have our export license yet?
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Yes in my opinion you can claim the refnd if eligible without the export license. However you have to satisify all other conditions associated with export of service under GST
CA Naman Maloo 9 Jan 2022For service export license is not important.
If you are talking about refund on GST you can surely claim refund of same if all condition under GST are fulfilled and also you save yourself from paying it altogether rather than claiming refund.
You can book consultation with GST expert at: https://www.taxontips.com/gst-consultation/ or mail me at canamanmaloo@gmail.com
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Aradhana Zomawi David
If expenses such as fuel/servicing/other payment of items such as a personal car, Wifi, etc purchased under personal account but used for business, be paid as business expense? or do we have to purchase such items under the business account?
Yes you can claim them as business expense because these expenses were made for business. You can make the payments from purchase account. If a proprietor purchases a car on his personal name but uses it for business then he can record the car in his business books of accounts. There wont be any restriction on that.
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Aradhana Zomawi David
Hi! I've been trying to figure out something and despite all the research haven't been able to find out or maybe I just didn't understand.
This is Incase of a Partnership Business!!
What I wanted to know was a businesman has a seperate bank account for business and takes drawings from the business into his account. And during income tax has to pay tax on profits. But then does he have to pay tax on his personal income tax for the drawings? He shouldn't right? Because technically it's already paid.
In case of partnership the firm pays tax on profit and for partner's it's tax free and yes no tax needs to be paid by partner on his drawings.
For more info you can book consultation by mailing me at canamanmaloo@gmail.com
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Syed Faraz Moin
I have a query related to taxation.
I have opened a new join bank account with my brother.
I am the primary holder and my brother is the secondary holder.
I'm currently not doing any full time job, my brother is doing it.
He is doing full time job in bangalore but also on his name I'm working as a freelancer(Recently started).
Since my brother(secondary holder) is working as a full time job he has been filing ITR for the past few years.
Now, the question raised by my brother is who should pay the taxes on the freelancing income?
Since I'm working as a freelancer using my brother name and the amount is getting credited on his name, can I file the ITR on my name?
I've heard that by default primary holder is liable to pay the taxes.
My brother doesn't want to include that income in his ITR because it might change his tax slab.
It would be very helpful if you could put some light on this.
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Aradhana Zomawi David
Hi! I've been trying to figure out something and despite all the research haven't been able to find out or maybe I just didn't understand. What I wanted to know was a businesman has a seperate bank account for business and takes drawings from the business into his account. And during income tax has to pay tax on profits. But then does he have to pay tax on his personal income tax for the drawings? He shouldn't right? Because technically it's already paid.
In case of a proprietor- solely owned business, tax is paid by the onwer on his business income under his own PAN card. Further teh profits earned by the business becomes the income of the owner from which he withdraws money to make personal expenses. So, there is no such tax on drawings the owner pays, the owner only pays tax on business profits and any other income earned by the owner during the year.
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