One of my friend earn income in foreign currency by doing work of various persons which is situated in out of India. just like making project of foreign students, solving questions etc.
by doing this he received 30 lakh(before exp) in his bank account .
I just want to know how I am shows in ITR
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How to show income in ITR
Replies (6)
File ITR 3 with declaration of the income under PGBP head.
Can we filed under presumption
Being service, choose suitable code u/s. 44ADA of IT act & proceed.
You can show under the business head and can also choose presumptive income 44ADA
Okk thanks
Read sec 44ADA.
SEC 44ADA MENTIONS THAT YOU ARE REQUIRED TO FOLLOW CERTAIN RULES .
ITS UNDER PRESUMPTIVE SCHEME.
CERTAIN ELIGIBLE PROFESSIONALS WHOSE GROSS RECEIPTS ARE 30 LAKHS OR NET PROFIT 2000000 .
SEC 44ADA MENTIONS THAT YOU ARE REQUIRED TO FOLLOW CERTAIN RULES .
ITS UNDER PRESUMPTIVE SCHEME.
CERTAIN ELIGIBLE PROFESSIONALS WHOSE GROSS RECEIPTS ARE 30 LAKHS OR NET PROFIT 2000000 .
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