Subhanjan Bhaumik (13 Points)
13 February 2023I am on work permit in Malaysia, starting 23 Jan 2023. For FY 22-23 for India IT, I will be taxed in India as well as Malaysia, since Malaysia Tax AY is Jan 2023 to Dec 2023. My question is, starting Apr 2023, start of AY 23-24, will my income tax deduction in India stop or will I need to first complete 182 days of not residing in India, starting Apr 23, for Income Tax deduction to be stopped in India?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(161443 Points)
Replied 13 February 2023
If you are going to remain more than 182 days in Malaysia, starting from 01.04.2023, i.e. minimum upto 02.10.2023 and thereafter, you will not have any tax liability in India, for any income earned in Malaysia.
MPR Sanjay Kumar
(3017 Points)
Replied 13 February 2023
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(161443 Points)
Replied 13 February 2023
1. In real life closing stock is checked physically and verified with stock book & thus gross profit is estimated. But in practical books it can be either way.
2. Assuming closing stock as per stock book is Rs. 2.50 lakhs, So GP will be Rs. 50,000/-
3. No such rule, sales can be any figure depending upon closing stock and profit margin. Say closing stock is nil and Gross profit is 2 lakhs, then sales would be Rs. 8 lakhs.
MPR Sanjay Kumar
(3017 Points)
Replied 13 February 2023
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(161443 Points)
Replied 13 February 2023
Opening stock + purchases +Gross profit - sales = closing stock
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