VIPIN (engineer) (21 Points)
15 March 2022Dear Members, I am living in india and currently employed by a foreign company as consultant, where my salary is processed in USD and then remitted to my bank account in India.
1. Will the income tax be applicable for this kind of income ?
2. Which ITR i need to file - ITR1 or ITR4 (as my work is kind of providing technical consultancy services)?
Thanks in advance.
JJJ
(Need help)
(673 Points)
Replied 15 March 2022
There's no impact on your tax liability based on the currency or where the employer is located.
If you're a consultant as it seems from what you wrote, you basically earn professional fees.
Whatever the rupee amount is that you got in your Bank account will be your professional income.
If that total income in rupees is below 50 lakh, you can simplify things by opting for presumptive income (depending on the profession) and calculate your tax based on a flat 50% profit and return your income in form ITR4
JJJ
(Need help)
(673 Points)
Replied 15 March 2022
Keep in mind though that you are probably required to have a GST registration. I might be wrong!
CA. Abhilash Krishnan P
(Chartered Accountant)
(529 Points)
Replied 16 March 2022
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
