Hi
One of my friends has casual contract income from Australia from April to july'21. How he has to treat such income?? whether to add it in the salary?? or have to be show under another heads of income?? someone please enlighten me in this issue
Menu
Regarding casual contract income
Replies (8)
Show as salary
Can I club the salary income from aug to march'21 received in india and the casual contract income together under the head salaries??
Yes....
It should be declared under head IFOS or PGBP.
Why sir??
The contract income would not have been added in form 16.
While it is foreign remittance, query may be raised if not declared in proper manner.
Under what category we have to show that foreign income?? what tax rate will be applicable on that or it will be taxable at normal rates??
Easiest option is to declare it under IFOS.
Yes normal slab rate will apply.
Recent Threads
- Treatment of Capital subsidy for calculating taxab
- Time limit under section 119(2)(b) of ITA for AY 2
- How much cash allowed to loan prepayment to bank
- Procedure for 'inter-unit job work' under GST Act
- Advances received and Advances adjusted - HSN Summ
- Tax on Sale of Companys Shares
- Refund on Hold - Section 245
- CLARITY REGARDING ESIC WAGE CALCULATION AFTER NEW
- GST Rule 14A for Export of Service with Hypothetic
- GST ON QUERY
Related Threads
CAclubindia
