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?
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
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