Hi,
Say, a resident Indian citizen (an individual, NOT a company) has invented a particular method/process/technology. He does not have any patent on that. But, he sells that technology to a foreign company, and receives a big amount in forex (US Dollars) in his savings account at a bank in India.
What all different taxes will be payable on such income? Will it be only the income tax as per the individual person's tax slab, or is he required to pay any other taxes like corporate tax, GST, etc., because this sale is made by the individual to a foreign company and receipt is in forex.
Thanks
CAclubindia
