K
Karthik
I would like to do freelancer job for a company located outside India. They will pay the salary in foreign currency and pay directly in my Indian bank account. What would be the tax liability for such freelancer work. And Im currently working as an employee in an Indian company. For this financial year i will have salary from both Indian company and my freelancer job. How to do tax filing in this case?
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Basis your contractual agreement, it will be determined whether you are working as an employee of the foreign company or it is in the nature of business/professional services. The Income Tax return will depend on the same. Further if it is a business income/Professional income GST compliances May trigger if revenue exceeds INR 20 Lacs. For more assistance kindly connect with us at +91-9911744028
CA Naman Maloo 6 Jun 2021You can read about the same here: https://www.taxontips.com/can-a-salaried-employee-show-business-professional-income-and-file-itr-4/ and https://www.taxontips.com/gst-registration-for-freelancers-in-india/
Then book consultation at: https://www.taxontips.com/tax-notice-personal-consultation/
If you want
K
Karthik
GST on rent for commercial use- my tenant is insisting to provide GST invoice for rent collected though it is not more than the threshold limit of 20L per year.
What is the benefit my tenant will get if i raise GST invoice to collect rent?
According to the GST Act, renting out of an immovable property would be treated as a supply of services. GST, however, will be applicable only to certain types of rent such as:
When a property is given out on lease, rent, easement, or licensed to occupy
When any property is leased out (or let out) including a commercial, industrial, or residential property for business (either partly or wholly)
So if you are well below threshold limit of 20 lacks you don't have to issue a GST invoice.
If you will raised him GST invoice he'll book ITC for the GST part of the invoice and will further use it for paying his GST output liability.
For any other clarification or Querrey reach me at caharshittripathi@gmail.com or call at +91-9696059794.
Thanks & Regards.
GST is not applicable in case of renting of residential house however in case of commercial property GST is applicable provided it cross the threshold limit. In your case it is below the limit so no need to issue GST invoice. Alternatively you can give a declaration to your tenant regarding the same.
For further discussion you can reach us on carahuldwivedi@gmail.com or 9004485377
The tenant is insisting you to raise GST invoice so that he can claim ITC of the said GST paid to you and utilise it to set off his output liability, however he is missing a fundamental understanding that whether you raise a GST invoice or not, his cash flow will remain same, since if he pays you GST then he claim ITC to that amount, and if you are not charging GST, then his output will not be reduced to that extent and he has to pay that portion additional in cash. However in both scenarios, i.e. whether you raise a GST invoice or not, he will paying the same sum either to you or directly to the government, so his insistence does not carry much weight, provided your total value of supply during the year does not exceed INR 20 Lakhs.
Please note that your limit has to be seen from your total billing/receipt perspective and not from the view of billing done to each person.
Please advise in case of any further clarification.
Thanks & Regards,
CA Aditya Dhanuka.
M
Meera Agrawal
I want help in return filing
Hi, will surely assist you in return filing. Kindly contact at +91-9650511176
CA Rahul Dwivedi 31 May 2021Please let us know your specific requirement, will assist in that.
For detail discussion pls reach us at ca.rahuldwivedi@gmail.com or 9004485377
Yes, you can contact us at badlaniassociates@gmail.com
CA Harshit Tripathi 31 May 2021Sure book an appointment at caharshittripathi@gmail.com or contact us at 9696059794
CA Naman Maloo 6 Jun 2021You can file your return with experts. Click here to book slot: https://www.taxontips.com/income-tax-return/
T&C applyR
Ravi
I am looking to open a company and trade in securities ? Can I do that? I will
Have funding from friends and family. Is that okay ?
Yes you can do so. However, there are certain conditions for procuring funds. For more detail please contact at +91-9650511176
CA Rahul Dwivedi 31 May 2021can do so, however what should be the nature of entity i.e. PVt. Ltd co., LLP, Firm etc depends on many things. The important aspect is selection among them to save costing, compliance & tax.
For detailed discussion you can reach me on ca.rahuldwivedi@gmail.com or 9004485377
You can even open partnership or LLP wherein accepting such loan would be easy as compared to company.
To know more book consultation:: https://www.taxontips.com/tax-notice-personal-consultation/
P
Piyush Chouhan
For exemption of LTCG tax, can i use capital gain amount partially or fully to purchase plot after 2 years of selling old property and construct house by loan or savings on this plot ?
The requirement of law is that the new house should be constructed within 3 year, that requirement needs to be fulfill to avail exemption. You can utilise capital gain amount & balance by loan/personal saving construct new house to claim the exemption within the stipulated time.
For detailed discussion reach me on ca.rahuldwivedi@gmail.com or 9004485377
