I am an Indian individual, selling online courses on Udemy, a USA based online learning company. I am planning to receive my monthly earnings from Udemy.com (in Dollars) to my Paypal account. The Paypal will convert $ to INR and send the money to my local bank account in INR.
My question is:-
1) Do I need to receive the fund from PayPal to the Current account or Savings account will work?
2) Whether the income earned from Abroad (USA - Udemy) is taxable in India?
3) Whatever money I receive in my Indian Bank account, Do I need to pay tax on it to the Indian Government?
4) I am just an Individual person and working alone from home, then whether it is considered as a business or a freelancing work?
Please answer question wise, one by one.
Thanks & Regards
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1) Current account
2) Yes
3) Yes
4) Freelancing work
Thank You Sir
R
Rahul Alapati
Dear sir,
I am an NRI. I do not have much taxable income in India. I have some NRI FDs and savings account interest and investment in the stock market as a long-term investor. Till now I didn't get the need to file income tax returns. I thought of selling some stocks which were held by me for more than a year. Do I need to pay any tax on the profits and do I need to file returns? I prefer not to file returns at this juncture but continue to book profits and reinvest. Am I answerable to any queries from the tax department in future?
NRIs can invest in Indian Markets subject to restrictions, further the investment has to be done only via a NRE account and with a Portfolio Investment scheme.
1) Stock holding more than a year: No Tax
Less than a year: 15 % flat (Broker will deduct TDS and pay)
2) IT returns not required if NRIs have only share trading Income
P
Pulkit Shukla
Hi,
I have been trading in cryptocurrencies like Bitcoin, Ethereum, etc on foreign exchanges. I read it somewhere this is a violation of FEMA Act, is it true?
Can be true cannot be true!
As of now even the government is not clear. They have to first decide what is cryptocurrency's: whether it is a currency or an investment or will be treated as goods/services.
For example: if it is treated as investment then person dealing in that has to pay capital gain tax. if it is treated as goods/services then have to pay GST
In your case: Trading in foreign exchange: if they say yes it is a currency then it will be violation of FEMA
To conclude: Let the government decide the nature of transaction, only then the violation of law can be decided. Also till date there is direct law on cryptocurrencies in India.
*no direct law on cryptocurrencies in India.
T&C applyM
Mohit Bisht
We operate an online information portal. We use services of Digital Ocean (web hosting company in USA). Also, we earn using the advertisements on our website. Now, we’ve to pay the GST (under reverse charge mechanism) for DigitalOcean. Also, we’ve to pay the GST from advertisers. Here are the details of the same:- 1. We paid $10 to Digitalocean. Now we need to pay 18% GST to government under reverse charge mechanism. 2. We earned Rs 5900 [Rs 5,000 + Rs 900 (18% GST)] from our advertiser. Now, I want to know:- 1. Can I avail input tax credit? 2. How to calculate the GST? How much GST is to be paid considering our current values? 3. How I need to pay it? Which GST form is to be filled?
1.Reverse charge paid on import of services can be utilized as input credit, hence first you need to pay gst then you can claim credit.
2.GST has to be calculated on the assessable value according to Section 15
3.Amount has to be paid trough the common portal
4.GST Form to be filled depends on type of registration the entity has taken (Most probably, you would be covered under regular) and you would be required to file GSTR-3B & GSTR-1
Can you please tell the calculation of GST considering the current values.
CA Yash Jain 2 Dec 2017Calculation & Assessment would be done and we would be charging our consultation
T&C applyC
Chaitanya Sathe
I am buying a flat which is 5 years old from a person who stays in USA from last 10 years. I want to ask is TDS applicable in this case? if yes then to whom it is applicable buyer or seller? how much percent it is applicable?
TDS is to be Deducted under Section 195
There is no threshold limit in case the seller is NRI.
TDS RATE DEPENDS ON TYPE OF GAINS OF NRI,
NRI IS REQUIRED TO OBTAIN CERTIFICATE FROM INCOME TAX OFFICER TO ENSURE TDS IS DEDUCTED ONLY ON GAINS,ELSE THE BUYER IS REQUIRED TO DEDUCT ON FULL SALE VALUE.
