Setting up company in hong kong

I am an Indian resident in the business of imitation jewellery. One of my primary markets is Hong Kong and China. I frequently travel to Hong Kong & China for business.

I am looking to set up a company in Hong Kong which. The company will do trading outside India (that is buying from suppliers located outside India, and selling to clients located outside India). So the profits that will be generated will be purely foreign income (without any link to India).

My questions are as follows:

1) First and foremost: Is any prior permission of RBI required for setting up a company in Hong Kong by Indian resident individual?

2) I assume that it will be necessary to show the profits generated in the foreign company as foreign income in my books of accounts in India, correct? In such a case, will I have to pay taxes on the income of the Hong Kong company both in Hong Kong as well as in India? Is there a way to avoid such double-taxation on the same income?

Thanks in advance for your assistance.

Applicability of pf & esic

if a X Pvt Ltd company have 5 employees (including Contract Employees) at the year end. during the year 4 employees has resigned. company is paying Gross salary Rs.30,000 to all and basic is Rs.18,000. whether company comes under purview of PF and ESIC.

Furniture purchase on behalf of director

IF FURNITURE PURCHASE BY COMPANY ON BEHALF OF DIRECTOR FOR RS. 5000000/-. TOTAL AMOUNT IS ADDED IN DIRECTOR REMUNERATION PERKS OR ONLY DEPRECIATION CHARGES ADDED PERKS. KINDLY CONFIRM.

Sale of property by nri

Mr. A – has a property in India which was purchased by him in March 1992 @ Rs. 5.21 Lacs. Now he is UK Resident aged around 80 Years. Now he want to sell the property but cant travel to India. He is willing to sell the property @ Rs 1.68 Crores.

Option 1
If Mr. A authorized one person in India through POA to sell the property & that POA Holder sells the property @ 1.68 Crores. If money is paid to POA Holders account as mentioned in POA. Then who will be liable for Capital gain. Seller who is there in UK or POA Holder & what will be tax amount & its calculation.

Option 2
If Mr. A personally visits to India & sells the property then how the payment can be done to him as he don’t have any account in India. Can the purchaser make the payment in his foreign bank account . Is that allowed under FEMA / FERA. What will be tax implication & tax calculation.

Option 3
If Mr. A not coming to India & sells the property through POA Holder @ 1.68 Crores but the payment is not done to POA Holder. Can the purchaser makes the payment to Mr. A’s Foreign Bank Account. Is that allowed under FEMA/ FERA. What will be tax implication & who will be liable to pay tax & where. What will be tax calculation.

Regards.

Satyam

Delay in return processing

Sir,
We have filled client return on 01/07/2012 claiming refund of Rs. 10319/-, ack of which is received by CPC on 16/07/2012 but same is Not yet processed.
But return filled even after due date which have NIL refund or small amount of refund have been processed by CPC.
So What is the remedy with us in this case.

Exemption from electricity duty

In case of Special Economic Zones the exemption form electricity duty as per relevent Act is available to only a Unit or Developer of SEZ. However just because it is not mentioned for Co-Developer of SEZ in the Act, the concerned authority which approves exemption doesn't provide such exemption to co-developer.

In such case what should the Co-developer do to get such exemption ?

Tds on clear trip invoices and reimbursable expenses

Dear All,

we are paying more than Rs.90,000 per month to Cleartrip Pvt Ltd for our Directors travelling expenses. My Query 1.Can we deduct TDS on Cleartrip invoices. and 2. Can we deduct TDS on Reimbursable Expenses (My Principal is Non Resident)

Kindly Help me.

Regards,

Profession tax

Sir,

I am working in Partnership firm, we are deducting Tds from contractors payment whether we are also liable to pay Profession Tax also?

Waiting for your reply.

Thanks,

Pravin.

Jv agreement with developers

we as land owner have Revenue sharing Joint venture with Developers in ratio of 44 :56 for residential Project in 14000 sqft of area.

As agreement we are free from Serive tax and Vat and other development charges.

Revenue would come in joint bank account.

Please advice on capital gain tax that shall be applicable , and any other important things that need to considered put in the agreement.
rgds
amu

Form 16 digitally signed

Dear Sir/Mam

I wishes to know that how to digitally sign all the Form 16 of a Company say 100 Form 16's altogether??

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