Foreign trading profit earning
Durga chatterjee
(Querist) 15 September 2013
This query is : Resolved
Dear Sir,
One of my friend has received an opportunity to be the part of an agency which is located overseas. She would like to take it and for the same she wants to know if she earns profit/commission from the same. What are the compliance she needs to follow to get the commission from overseas to India.
How much the tax she needs to pay for the same. Is there a slab for that too? If yes please share the slab for the same.
Regards,
Advocate Sastry
(Expert) 16 September 2013
First please tell us more details about the opportunity received by your friend.. After that we shall discuss about the profits etc...
DR.VEDULA GOPINATH
(Expert) 16 September 2013
fist a proper contract or MOU need to be entered into. Make sure that the offering company is a genuine one.Taxation is next step.
If you need I shall vet the MOU.
rgds
dr vedula gopinath vgnath@gmail.com
m 09848227926
Ms.Nirmala P.Rao
(Expert) 16 September 2013
Dear Client,
If your friend is a non resident Indian then he can escape from tax on his foreign sourced income but subject to tax on his Indian income.If he is a resident Indian he has to pay tax both on his Indian and Foreign income.If you still've some doubts please contact me at my email address.
Ms.Nirmala P.Rao
Legal Expert
Hyderabad
SATYANARAYANA K
(Expert) 16 September 2013
Dear client,
First, your friend can verify that company is genuine or not
if genuine then your friend has to execute Memorandum of Understanding.
