• Income tax return filing

I have form 16 from my employer till Nov 2019. From Dec 2019 i joined new company and i am getting salary from new company transferred as USD- directly to my account as INR.
There is no different salary components. 
Should i put the complete amount as earnings?

Thanks
Aravind
Asked 3 years ago in Income Tax

Yes.but details should match with Form 16

Vidya Jain
CA, Kolkata
1012 Answers
58 Consultations

4.8 on 5.0

Yes you can

Vidya Jain
CA, Kolkata
1012 Answers
58 Consultations

4.8 on 5.0

Dear Sir,

 

Hope you are doing well !!

 

Yes, you should add complete amount paid as salary as total earnings.

 

Payal Chhajed
CA, Mumbai
5188 Answers
291 Consultations

5.0 on 5.0

We may assist you in ITR filings.

Payal Chhajed
CA, Mumbai
5188 Answers
291 Consultations

5.0 on 5.0

Hi Aravind

 

Regarding the salary from the foreign company, do you have a employment contract with the company? If you are receiving this as a consultant, you may declare this under presumptive taxation under section 44ADA claiming only 50% of the receipts as income.

However if it is a pure employment contract, you need to add the total receipts to the salary from previous employer.

Lakshita Bhandari
CA, Mumbai
5687 Answers
912 Consultations

5.0 on 5.0

You may contact us personally for better clarity.

Lakshita Bhandari
CA, Mumbai
5687 Answers
912 Consultations

5.0 on 5.0

Yes I can. In that case the taxability will differ if you are a consultant. You can opt for 44ADA benefit in that case.

Vidya Jain
CA, Kolkata
1012 Answers
58 Consultations

4.8 on 5.0

You can take the benefit of presumptive taxation scheme u/s 44ADA.

 

Presumptive taxation scheme (PTS) allows you to calculate your tax on an estimated income or profit.

 

Professionals who are governed or regulated by an institute or body such as doctors, lawyers, architects, interior designers and others can adopt PTS. For them, 50% of the total receipts during the fiscal will be considered as profit and get taxed accordingly. A professional can voluntarily declare the income at a higher rate than mandatory 50% of the total receipts.

 

We may assist you in ITR filings & entire procedure.

Payal Chhajed
CA, Mumbai
5188 Answers
291 Consultations

5.0 on 5.0

Hello,

 

Salary from the previous company would be declared under the Salary head as per the details in Form 16.

Further salary from the new company, if in the nature of employment, would also be declared under the Salary head by adding new employer details.

However, if it is in the nature of consultant, it can be declared under the business head using the presumptive taxation scheme for tax advantage.

I hope this answer satisfies your requirements.

 

Regards,

CA Hunny Badlani

Hunny Badlani
CA, Madhya Pradesh
2608 Answers
16 Consultations

5.0 on 5.0

Yes, for the preparation and filing of the income tax return, you can contact us directly or take a phone consultation.

 

Regards,

CA Hunny Badlani

Hunny Badlani
CA, Madhya Pradesh
2608 Answers
16 Consultations

5.0 on 5.0

Hi

 

Yes you need to show full amount as salary

Karishma Chhajer
CA, Jodhpur
2450 Answers
29 Consultations

5.0 on 5.0

Hi

 

Yes we assist you in filling.you can benefit of section 44 ADA.

Karishma Chhajer
CA, Jodhpur
2450 Answers
29 Consultations

5.0 on 5.0

Hi

 

For detail discussion please have a phone consultation.

Karishma Chhajer
CA, Jodhpur
2450 Answers
29 Consultations

5.0 on 5.0

Yes, we may assist with the filings.

 

Since it is as a consultant, you may claim benefit of presumptive taxation provided you ae a specified professional as per section 44AA.

Lakshita Bhandari
CA, Mumbai
5687 Answers
912 Consultations

5.0 on 5.0

A)  Yes, you have to show both the Income as Salary,

B) Yes, both will qualify as Income earned from Salary. If your co has not deducted TDS, then you will have to deposit the same as Self-assessed tax

C) Yes, we can help you for filing Income Tax Return

Sushma Munoyat
CA, Bangalore
27 Answers
2 Consultations

5.0 on 5.0

Total amount will be included in salary. You can mail me the details. We can file your ITR. Our charges are 1500+ GST

Ruchi Goel Anchal
CA, Gurgaon
525 Answers
16 Consultations

5.0 on 5.0

Yes you will have to put entire amount as salary.

Are they paying you salary or they have you on contract basis.

I need to see the contract before commenting on same.

 

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Naman Maloo
CA, Jaipur
4280 Answers
98 Consultations

5.0 on 5.0

Yes if it's salary you'll have to add.

Naman Maloo
CA, Jaipur
4280 Answers
98 Consultations

5.0 on 5.0

Yes you can book a phone consultation and I can assist you in filing your ITR.

Naman Maloo
CA, Jaipur
4280 Answers
98 Consultations

5.0 on 5.0

You should offer both amount as salary Income and pay tax accordingly

Narendra Sonagra
CA, Ahmedabad
57 Answers

Not rated

Yes you to show both income one as salary & later as consultancy  under Business & profession head 

Nitin Jain
CA, Jaipur
214 Answers

4.7 on 5.0

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