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Ashok
Can a major child gift money into a parent's PPF account? Can the parent then claim deduction under section 80c from the gifted investment in the PPF account?
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Gift can be made and no tax is payable on that but the parent cannot claim deduction if the sum is deposited directly by donor. For more detailed discussion call @ 9587334442 or mail @ rakshit1192@gmail.com
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Prateek
If someone working on freelancer website and his all clients are international, what should he put the Name in GST Invoice?
Whether it should be name of these website or name of clients. The money comes to freelancer's bank account from these website.
But actually, The money is paid to these websites by clients and then these website pays to freelancer after cutting their fee.
Call me 9345861079
CA Damini Agarwal 27 Aug 2020Hi Prateek,
You should mention the name of the client to whom the service has been rendered. Whatever fee deduction that has been done by the websites before transferring the payment to you shall be considered as the commission expenditure in your books.
For more details please feel free to connect on 8707297344
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Shivakumar G V
As a RNOR(was outside the US for the past 10 years before returning to India by the end of 2019) am I required to disclose sale of US stocks sold while in India but proceeds routed to a US account? if not, will there be an issue while I'm transferring the proceeds to Indian accounts at later point of time?
No if he is an RNOR no need to disclose or pay tax on such if you are an RNOR but you surely have to disclose such asset in schedule FA.
If you need any professional assistance feel free to contact me at canamanmaloo@gmail.com
Hi Shivakumar, understand that you have already evaluated your residential status in India as RNOR. Further, if you qualify as RNOR you will not btaxed on such a transaction and you do not have to disclose such assets in your return.
If you want us to evaluate/ or you need assistance with your return in India, you can reach us at + 91 9830375894/ canavinjain1@gmail.com
Call 9345861079
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Jatin Sharma
Forex trading in India. I heard that there are some restrictions on trading Forex in India, saying that we are allowed to only trade INR involved pairs and we can pay taxes for such trading legally. However, I see a lot of Forex companies in the Internet which offer Forex trading in India on all other currencies as well, which we are not supposed to, it seems, but I hope many people are making profits trading Forex online through those brokers.
I don't understand how those traders show profits in tax and get exempted from govt. Is there any way to pay tax for the amount earned trading Forex online in such way in India?
Hope you can understand what I am talking about and expect a detailed answer to my question.
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Jugraj Singh Kainth
Difference between salary as per sec 17(1) and income chargeable under salaries
