• Is income from abroad eligible for presumptive taxation

I am a freelance software consultant. I visited abroad on a consultation assignment and earned around Rs. 16 lakhs which I have credited to my account in India. Can I declare this income to avail the benefits of Presumptive Taxation?
Asked 5 months ago in Income Tax

If you are resident you can go for it

Vidya Jain
CA, Kolkata
941 Answers
41 Consultations

4.8 on 5.0

This option is not available to non resident. So you need to go for normal taxation 

Vidya Jain
CA, Kolkata
941 Answers
41 Consultations

4.8 on 5.0

Dear Sir,

 

Hope you are doing well !!

 

Yes, you can take the benefit of presumptive taxation scheme.

 

Under the presumptive scheme of taxation, profits are presumed at 50% of the gross receipts.

 

 

Payal Chhajed
CA, Mumbai
5077 Answers
152 Consultations

5.0 on 5.0

We may assist you in entire procedure.

 

It is advisable to take a phone consultation for detailed discussion.

Payal Chhajed
CA, Mumbai
5077 Answers
152 Consultations

5.0 on 5.0

Dear Sir,

 

You can avail presumptive taxation under section 44ADA. What matters is your residential status for the year and not whether the amount is received in NRE/NRO/Foreign/Ordinary Indian account. If you are considered to be a "resident" for a particular financial year, then gross receipts for that year can be offered for tax under section 44ADA, provided the gross receipts during the year do not exceed Rs.50 lakhs.

 

Hope it would clarify.

 

Thanks! 

Yogesh Malpani
CA, Mumbai
49 Answers
6 Consultations

5.0 on 5.0

Yes you can if you are resident for tax purpose.

 

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement. You can even book phone consultation for further personal assistance.

Thank you.

Naman Maloo
CA, Jaipur
3791 Answers
45 Consultations

5.0 on 5.0

- Presumptive taxation scheme is available to resident only i.e. ROR. It appears that you are RNOR for the F.Y. 2019-20 therefore not eligible for Presumptive taxation scheme.

Vivek Kumar Arora
CA, Delhi
4063 Answers
338 Consultations

5.0 on 5.0

Hi

 

Yes, you can claim the benefit for presumptive taxation for the assignment.

Lakshita Bhandari
CA, Mumbai
5460 Answers
539 Consultations

5.0 on 5.0

Being a resident, you can claim under 44ADA scheme.

 

Since you are a resident, you must convert your NRE/NRO accounts to resident accounts.

Lakshita Bhandari
CA, Mumbai
5460 Answers
539 Consultations

5.0 on 5.0

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