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Mondeep Duarah
1) What is Section 281 of the IT Act? Please explain in simple language.
2) I hold some share in a pvt ltd company where I work. These share will be transferred/sold to a foreign company. I company has asked me to get a certificate for a CA to certify under Section 281 of the IT Act. Is this mandatory.
3) This certificate is supposed to be issue by CA or Income Tax Dept by applying for it online?
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As per Section 281 of the Income Tax Act (“Act”), in the event an assessee creates a charge or parts with the possession (by way of sale, mortgage, gift, exchange or any other mode of transfer whatsoever) of, any of his assets in favour of any other person, during the pendency of any proceeding under the Act or after the completion thereof, but before the service of notice under Rule 2 of the Second Schedule of the Act, such charge or transfer shall be void as against any claim in respect of any tax or any other sum payable by the assessee as a result of the completion of the said proceeding or otherwise. As per the explanation to the section, ‘asset’ includes shares and securities as well
further details dm 7338838605
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Divya
I am looking to understand the tax and resident status of someone leaving for foreign employment mid-year.
If I leave in July or Aug this year will I be taxed for my income that comes in the foreign country for this year?
When should I make resident status change for tax (Pan card), is it before leaving or at the end of FY?
If you leave for employment in July or Aug 2022, you will be considered an NRI for FY 2022-23 because your stay in India will be less than 182 days.
However, you have to file your Income Tax Return for the Income accrued and received in India.
For a more detailed discussion, you can book a consultation at ca.pujasharma@outlook.com
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Taxans
Can a sole proprietorship firm owned by HUF do a software consultancy or software development business? If yes what should be nature or business or allowed type of goods and services that can be sold?
Yes, the HUF can do the software consultancy business.
The rate of GST is 18% for all kinds of IT Software supply: services, products, collection on media, electronic download and temporary transfer of Intellectual Property (IP).
You can find out the applicable SAC code from the GST portal.
For GST consultations, you can connect with us at ca.pujasharma@outlook.com
V
Varun Singh
Hello in crypto tax do i have to pay 30% tax on previous year gain too ?
No, you are not required to pay tax on the gains earned before FY 2022-23
For IT-related consultation, you can connect with us at ca.pujasharma@outlook.com
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Chiranjiv Waghmare
I am individual imported goods from turkey and DHL is charging me 28% IGST stating that I am an individual. I want to know the IGST % for imported goods for individual
If you are a registered taxpayer under GST, then whatever the rate of GST charged by the clearing agent, you will get the entire ITC.
Further, the rate of IGST will depend upon the product you are importing.
