I am an Independent Contractor. I have a contract with a Company for 1 yr. I provide them IT Service.
The company pays me via a foreign bank.
Which ITR Form and Section I should fill?
Thanks
13 Replies
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 14 April 2022
You may fill ITR-3 OR ITR-4 based on turnover
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 14 April 2022
Then you may file ITR under presumptive Taxation with 50% profit
Gaurav Yadav
(19 Points)
Replied 14 April 2022
In the official ITR 4 Sugam, I found they mentioned that under section
Who is not eligible to use this Return Form
A. This Return Form should not be used by a person who –
(a) is a Director in a company;
(b) has held any unlisted equity shares at any time during the previous year;
(c) has any asset (including financial interest in any entity) located outside India;
(d) has signing authority in any account located outside India; or
(e) has income from any source outside India
After reading (d) and (e) I am confused wether I can fill ITR 4 ?
Gaurav Yadav
(19 Points)
Replied 14 April 2022
Does the client sending money as a fee for my IT(Software) Service will be considered as under (e)
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 14 April 2022
Fill ITR-3 and pay tax after deducting expenses
sabyasachi mukherjee
(27636 Points)
Replied 15 April 2022
If it is presumptive taxation it's sec 44AD
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 15 April 2022
44AD is not applicable to service sector
sabyasachi mukherjee
(27636 Points)
Replied 16 April 2022
Sec 44AD IS APPLICABLE . CITE CASE LAWS.
LET ME EXPLAIN THE PROVISIONS OF SEC 44AD
1.Applicable for small business and Profession need not disclose books of accounts . profession may be designated as service also.
if gross receipts 8% if in case of non digital receipts
receipts less than rs.2 crore.
There is another section 44ADA.
LET ME EXPLAIN THE PROVISIONS OF SEC 44AD
1.Applicable for small business and Profession need not disclose books of accounts . profession may be designated as service also.
if gross receipts 8% if in case of non digital receipts
receipts less than rs.2 crore.
There is another section 44ADA.
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 16 April 2022
44AD is not applicable to small professions and service sector
Susmita Dutta, CA , CPA
(CA )
(2141 Points)
Replied 16 April 2022
Section 44AD is applicable only for business.44ADA is a simple method of taxation for small professionals .
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