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Income from consutancy to foreign co. & itr form

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(Querist)
25 July 2012 I am doing job in software co. received salary income above Rs. 10 Lacs. And also received other income through consultancy business to foreign US Company. Pls let me know should I get any exemption for consultancy business as the whole income from consultancy is received in foreign remittance.

Pls also let me know which ITR form is used & should I file online return compulsory as the the total income is more than 10 Lacs. Pls guide
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V K Bajaj

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V K Bajaj (Expert)
26 July 2012 Mr Shamkant!

You will get no exemption. However, you were to charge Service Tax @ 12.36%. Again this Service Tax is exempted provided you get the amounts from USA and UK in Convertible Currency.

Further as you are exporting your services so Import Export Licence must be with you - and seems you have not.

You will use Form 4 for ITR.

contact@vkbajaj.co.in
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