Mr X is director of foreign company, company registered outside India. Mr X is Resident and Ordinary Resident(R&OR) of India and Till now Mr X treated income from this company as professional income. That foreign company is on sale and Mr X going to receive approximately Rs. 2. 5 crore as compensation.
1. In which head taxability arise to Mr x?
2. Is tax audit applicable to Mr X?
3. What foreign income disclosures required?
4. RBI's permission required?
Menu
Taxed in which head?
Replies (2)
Quick Summary
In my opinion, it has to be taxed under ifos u/s 56(2)(xi)
I am confused too
Recent Topics :
- Rule 86(B) Applicability
- ROC FILINGS FY2025-26
- Mismatch in 26AS
- How Can a Trader Utilise Approximately ₹1.20
- How Can Law Students Present Papers at Conferences
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
Related Topics :
CAclubindia
