India and Malaysia double taxation

Tax queries 419 views 5 replies

I 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?

Replies (5)

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.

@ honourable Dhirajlal Lal sir,.

for instance in trading account

opening stock 5 lakh
purchases. 1 lakh
sales. 4 lakh
closing stock????


QUERY:

1.here, is it mandatory to first of all to find the closing stock here after then only we have to assume the Gross profit??? which one is should to find first of all closing stock or gross profit??



2. here what is the closing stock and gross profit of this information??


3. here opening stock is 5 lakh and purchases is 1 lakh so total 6 lacs so it is mandatory my sales should below of this 6 lakhs is there any rules??

kindly please give me solution for this my honorable sir

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.

Opening stock + purchases - sales = closing stock IAM I right Dhirajlal sir?? so 5+1 -4 so 2 lakh so closing stock is in the case 2 lakh IAM I right sir???


@ Honourable Dhirajlal Lal rambhia sir please check

Opening stock + purchases +Gross profit - sales = closing stock

 


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