NRI professional fees income
This query is : Resolved
07 July 2024
Dear Sir / Madam,
My query is as follows:
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.
Kindly revert.
Thanking You,
Suraj
My query is as follows:
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.
Kindly revert.
Thanking You,
Suraj
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.
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.
07 July 2024
Rambhia Sir, she was in India for 77 days during FY 2023-24, and all 365 days in all other previous years.
07 July 2024
Yes, that makes her as Resident; unless she has gone outside for any employment.
07 July 2024
Ohh!! so she is a resident for FY 2023-24. Sir, What if had she gone for normal employment out of India?
07 July 2024
If she had gone for employment, she will be NRI as the 60 days gets replaced with 182 days in the sub-section.
07 July 2024
.
26 August 2024
You are welcome.
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