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?
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Taxed in which head?
Replies (2)
In my opinion, it has to be taxed under ifos u/s 56(2)(xi)
I am confused too
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