Audit applicability for claiming deduction for expenses on professional income in India for NRIs
This query is : Resolved
14 December 2022
Hey team,
I am an NRI and have professional income in India this year.
Since, 44ADA is not applicable to me, I want to claim deductions on my professional income (not more than 50%).
Is auditing also required along with bookkeeping in my case?
I am an NRI and have professional income in India this year.
Since, 44ADA is not applicable to me, I want to claim deductions on my professional income (not more than 50%).
Is auditing also required along with bookkeeping in my case?
14 December 2022
Audit would be applicable only if your professional income is above Rs. 50 lakhs.
14 December 2022
Thanks for your reply. I have a couple more follow up questions -
1. Is bookkeeping mandatory in this case then since I cannot opt for 44ADA because I am an NRI?
2. Also, can a person do bookkeeping himself or is a CA recommended/required for this?
1. Is bookkeeping mandatory in this case then since I cannot opt for 44ADA because I am an NRI?
2. Also, can a person do bookkeeping himself or is a CA recommended/required for this?
14 December 2022
Unless your total professional receipts (received & accrued in India) are known, the query cannot be answered properly.
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