Miss A, a radio jockey, radio show maker & stage show anchor was a resident till FY 2022-23. So her professional income was shown u/s 44ADA till FY 2022-23. Now during FY 2023-24, she has become NRI as she stayed in India for 77 days only. However, she earned around Rs. 450000/- as a professional income during FY 2023-24, and TDS is deducted.
Section 44ADA does not apply to NRI. So, can I show her income under Income from Other sources? instead of preparing Income & Expenditure and balance sheet? her bank statement runs 40-50 pages with small small transactions.
07 July 2024
I would like to understand if the second condition for determining residential status as per sec. 6 of IT act is being satisfied by her?
Read: Under the Income-tax Law, an individual will be treated as a resident in India for a year if he satisfies any of the following conditions (i.e. may satisfy any one or may satisfy both the conditions):
(1) He is in India for a period of 182 days or more in that year; or
(2) He is in India for a period of 60 days or more in the year and for a period of 365 days or more in 4 years immediately preceding the relevant year.
CAclubindia
