Taxation with regards do a US LLC
I sell digital products ie domain names owned by me via marketplaces currently, I want to set up my own store soon. For this, I want to register an LLC in the USA where I am the sole owner/member. I am an Indian resident.
1. Assuming profits and losses of the LLC pass through to its owners, how do I pay taxes? Do I have to pay in India or in the US?
2. Assume my turnover is above $25000(~20Lacs) for the year with my store, do I have to get GSTIN to run this business and charge IGST to customers on my marketplace because I'm a resident of India?
3. I also freelance as a software consultant and earn between 12-18Lacs per year in INR, currently, I'm using 44ADA to report this income, can I continue doing this and treat the income from the above store as income from the non-presumtive profession?
Asked 28 days ago in Income Tax
Let me ask this same question differently, break it down,
I have an LLC in the US of A, which is the legal entity for my digital store, I sell a product for $1000 to a customer, I'm not sure how Indian GST would apply here in this case as I am selling as a US entity? Does GST even apply? I'm guessing the US would have its own sales tax rules for us to follow.
Income tax question,
I'm the sole member of the LLC, and a non-US resident, the LLC is not taxed, the tax is passed through and I would pay tax I assume to the US govt on the $1000, and then when bringing the past tax money to my Indian bank account I would have to say I already paid the tax in US, Am I right?
Other income question,
Apart from running this US LLC as a business and having income from it, I also have a professional income from software freelancing, I don't earn more than 1L per month from it, on ITR, how do I show both these sources of Income, for my freelancing, I already show it as 44ADA on ITR-4
The way I look at it is, freelancing is professional income and my store is business income, two separate streams.
Asked 27 days ago