Import license
This query is : Resolved
08 January 2013
where is the sale proceeds of import license taxable ?
it's profit is taxable in PGBP head but it's sale proceeds are taxable where?
it's profit is taxable in PGBP head but it's sale proceeds are taxable where?
09 January 2013
Though the import licese is traded, it is given for the exporters to import under the concessional rate ot duty. Therefore it is part of the business income as defined u/s 28. Both the profit element as well as the consideration will be taxable as business profit.
10 January 2013
so wont it be taxing d profit element twice..i.,e double taxation ?
i think it will be calculted as follows :
sale consideration
(-)cost
= profit
&this profit will be taxable ..
is it so ?
i think it will be calculted as follows :
sale consideration
(-)cost
= profit
&this profit will be taxable ..
is it so ?
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