Dharme Ndra (Student) (64 Points)
05 September 2018I got 30 lakhs net profit from Insurace comapny.
Now I am planing to start new business with the 30L amount. I have to pay any tax on this.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 06 September 2018
Yes, you have to pay tax over insurance commission business..
Dharme Ndra
(Student)
(64 Points)
Replied 06 September 2018
Dear Sir,
I have paid Tax on Insurance commission business. I have calucleted profit after tax I.e, 30Lakhs (Net Profit)
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 06 September 2018
In that case, no more tax liability when you invest the capital in new venture. Only income earned from the business will be taxed.
CAclubindia
