Features of income tax

Hello Ms.Jain,

well basically people earn through selling things, providing services or receiving returns on investments or etc (the list is too long :P ), and so there are expenses also to earn those incomes.

now in a simple way we can say, that net proceeds after deducting expenses from income is to be taxed as per provisions or rules.

the tax thereon is Income Tax, i.e. tax on Total Income.

for general guidance lookup here https://en.wikipedia.org/wiki/Income_tax_in_India

Originally posted by : Bibek Bhoi
	Hello Luvish. i have a question.I sold a domain for 25 lacs.So the buyer will send money through wire transfer to my saving bank account in india. So will i have to pay taxes and if what should I do?

Hello Mr.Bibek Bhoi,

well your question comes under GST (if its present case) or else under Export of Services as far as i got it. So in either case please elaborate when did the transaction happened ? who is the buyer as in individual or company ? etc. i can help then.

sir in this case u shall be covered under GST and u ll have to register under GST and it shall be covered under export of supplies/services thus IGST shall be applicable and u only reqd to collect 23lacs and have to pay IGST on ur own.

there are 2 more option of LUT and Bond but those shall be like covered if this is ur normal business so considering its not ur normal busiiness i am not considering it.

Go with GST which is mandatory.

If need any help in more compliance you can pm me or mail me.

-Regards

Luvish Jain

Originally posted by : Bibek Bhoi
	Hello Luvish.So i own the domain. And the will buy the domain for about 23 lacs. And this payment is processed via a company which provides escrow services for protecting both the parties for from fraud. So if i receive via wire transfer from the company to my bank account then is it subjected to tax. If then what should i do. Please explain. Need help.

ir in this case u shall be covered under GST and u ll have to register under GST and it shall be covered under export of supplies/services thus IGST shall be applicable and u only reqd to collect 23lacs and have to pay IGST on ur own. there are 2 more option of LUT and Bond but those shall be like covered if this is ur normal business so considering its not ur normal busiiness i am not considering it. Go with GST which is mandatory. If need any help in more compliance you can pm me or mail me.

-Regards

Luvish Jain
 

Originally posted by : Bibek Bhoi
	So how many % will applicable in gst taxes

it would be charged at 18% of Rs.23 Lacs sir.