29 August 2021
FTC shall be determined by conversion of the currency of payment of the foreign tax at the Telegraphic Transfer Buying Rate on the last day of the month immediately preceding the month in which such tax has been paid or deducted. You will get tax credit while return is processed. File form 67 before filing ITR.
30 August 2021
Sir What to do if the resident assessee earns Rs.35L as freelancing income from abroad credited in bank account in India from April 2020 to October 2020. and from Nov to March he signed full time employement and earned RS.27L in foreign bank account.Now my query is can we apply section 44ADA to the entire income? If yes, as the limit of Rs.50L exceeded, is tax audit applicable?
CAclubindia
