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Kumar
Hi, My friend is changing job and moving from UAE to India where he will be working for a company based in Bangalore. However, he still has some consulting referral jobs in UAE for which he will get the commission on a regular basis. Can he still accept the money from abroad and which account is preferable to accept it and will there be any tax on the same? His current salary in the new company will be 12lakh per annum approx.
Regards,
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Hi Kumar, Your friend can take comission referral income in his Savings account as well, tax liability will depend on slab rate applicable on individuals, however the only thing to check out is GST Applicability (Depends on threshold) hence to know more further mail me on cayashchopra@gmail.com
CA Rahul Dwivedi 14 Sep 2021Dear Kumar, Your Friend has mainly two source of income 1) Salary & 2) Referral Commission (Business Income).
As he is individual so he will be taxed as per Slab structure, however please note against business income he can claim certain expenses to reduce tax burden.
GST- In your case GST registration is mandatory & your freid has to take the GST no. irrespective of turnover.
For Further Assistance you can reach me on ca.rahuldwivedi@gmail.com or 9004485377
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Preeti Kate
I will be selling a property at 1 crore 31 lakhs that was bought at 1.07 crore in 2013. I want to use the funds from selling thisbproperty to buy a new property which is under construction and will be complete in 1 year from now. Is it OK to park funds in Liquid Funds and slowly withdraw to make payment towards under construction property.
Yes you can do so, However i'll suggest you 2 things
1) To workout the capital Gain tax on you sale transaction
2) Analyse the fund cautiously before investing.
For Further Assistance you can reach me on ca.rahuldwivedi@gmail.com or 9004485377
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Prasenjit Roy
I am working full time for a private firm. I have PF account there and my salary get credited after TDS deduction. Another company offering full time job with no PF account but salary will be paid after TDS deduction. So If I try to work for both company. is there way that one company can come to know about other company's employment(one company has PF account ,other company does not have PF whereas both deducting TDS)? is it legal to do in India?
Hi,
Legality of working under two employers depends upon the employment contract signed by you.Read that carefully.
Secondly, one employer won't come to know about the other employment unless you tell them.
Word of caution: Working under two employers without disclosing the fact to the other employer will result in higher tax liability due to impact of interest on income-tax.
For more information, please feel free to reach out to us at camehulagg@gmail.com or 9811896771
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Sylvia
I paid 5% tax for tax collected at source on foreign remittance in July 2021, should I file it 2020-2021 or 2021-2022. can someone pls help.
TCS deducted in JULY-2021 falls under F.Y.2021-2022 hence you need to file during ITR filing for 2021-2022
T&C applyS
Sanyam Jain
Hello,
I currently operate a sole-proprietorship firm in India, and for this FY [2021-22], I will be deemed 'NRI'.
I have read and heard conflicting information about whether an NRI can operate a sole-proprietorship firm in India. Can someone please confirm if I as an NRI can continue to operate my firm and if yes, based on which regulation is it permitted and which other regulatory requirements would I need to be mindful of?
Best, Sanyam
NRI can open the sole proprietorship business in India however that is very controlled and might likewise require earlier authorization from the administration to begin. As such, if any NRI needs to begin a sole proprietorship business, at that point he should need to take earlier authorization from the administration first or else he have to contribute on non repatriation premise i.e. sum once contributed can't be reclaimed to the nation outside India.
The interest in sole proprietorship business can be separated into three sections:
Interest in a firm or a restrictive worry in India on non repatriation premise.
Interest in firm or restrictive worry in India on repatriation premise.
Venture by out-of-state people other than NRIs/PIOs
For more details mail us on jrcojaipur@gmail.com
