Hi Everyone,
I have recently invested in a new 'limited' company in dubai (i am sole owner of that company) (incorporated in March 2015). that company is doing regular business operations. here are my questions:
1. do i need to show this as "investment" in my B/S (i haven't actually paid any amount to open the company)
2. do i need to disclose this as 'My Income' to the IT department? ( i haven't withdrawn anything from the company yet)
3. is the company treated as independent entity than me in eyes of Govt. of India ?
4. does this cover under the recent 'foreign income / assest' disclosure thing that govt is advertising ?
It is not very clear from everyone whom I have talked too, so I thought of asking online.
Thanks in advance for your response.
Ed
CAclubindia
