Some Consideration received from UNITED KINGDOM TO INDIA , for providing management services .
The services are provided by two individuals(both are resident of India).
The foreign client want to send the whole amount to the bank of one individual only .
Then the individual has to send the 50%amount to the other individual by using banking NEFT.
SO , the question is the whole amount will be taxable in the hands of such individual who receives the amount?
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Tax consequence
Replies (5)
It depends on situations and documents.
you have to prove to Income Tax Department that you both guys provided the services to foreign client and that foreign client refuse to pay in both the accounts. Due to that refusal, you took the entire amount in one account then transfer 50% to another account through neft or any banking mode.
Thank you sir 😊
It should be taxable in both the hands of receiving individuals as per share
Thank you sourav
Open a joint account and get the amount in such new account
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