K
Kulbhushan
I do full time trading in stock market.and I receive money from my friends for investment in market and in return I pay fixed interest to them.Is there any limit on money that I can receive in my account..?
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You can take loan from friends in any mode other than Cash.
There is no limit. However, u need to have pan details of the lender
No limit on loan less than Rs 10 Lakhs. Interest rate should not be less than prescribed SBI rate.
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Kulbhushan
Can I receive from my friends in my bank account for some investments and pay interest to my friends
in my opinion, you may receive loan from friends . but all such loans should preferably be by cheques and interest payments to be made by cheque. also keep addresses and pan card details of such friends, since income tax department will ask you details and in case it is not evidenced properly, then IT dept has right as per law to add this to your income
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Aadit Unni
I am a Freelancer and while registering for a GST number online(sole proprietor), the are asking for the legal name of business as mentioned in PAN card and it only has my name and no business name is mentioned. So what should I fill?
And about Income tax, how does it work?, how, where and when to file them?, Is it possible to do it online?
Can I upgrade My business registration to LLC later and would I need to get a new GST number or new PAN card or anything else new?
Hello aadit,
While registering for gst online as sole proprietor then they asked for legal name of business. In that case you only have to fill ur name as per pan card in that field and after generation of TRN i.e. temporary registration number they asked for trade name of business then you have to fill ur trade name in that field.
Further no other consequence of trade name in income tax as it will be filled in ur name.
Further when you want to convert sole proprietorship into LLC you will need new gst no
The income tax question is a separate question and asked in general.
Thanks
B
Bharath
Is there any option to weave off late ITR e filing penalty?
A
Aadit Unni
I am planning to start a ecommerce business doing dropshipping.
So basically I make a site and add a product from a Chinese site.
When a customer orders from my site, I go to the chinese supplier and order from them with my customers address. I am like a middlemen but I decide the product price and profit.
So is there any tax like gst involved as I am not planning to sell in India but to US and other countries only and there is no import and export or inventory in India.
And do I need to register my business and how to get a GST number but no need to file taxes as I need the number to apply for Facebook ads.
No tax liability in India since it is out and out supply.
For taking GST number, you need to file GST Registration form available on GST website. Also, once you register under GST, you have to file returns irrespective of zero sales.
For more queries, you can reach me at +91 9967694668 or urvii.gandhi@gmail.com
Thank you:)
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