I got income for one gig from an Australia based company, who paid via Paypal. Money was converted by paypal into INR and deposited (after lot of fees cut) into my domestic bank acccount. This was a relatively small amt, and all my other income (over 97%) is from India only. Can I file my return under ITR-4, Presumptive Profession (Section 44ADA)? Or must I file under ITR-3 due to a foreign income?
Yes you can surely file ITR 4 if the income is from the source mentioned in 44AD and 44ADA. It doesnt matter whether the amount received is from India or outside India till the time its covered under 44AD or 44ADA.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
Hi
If you are an eligible professional as per section 44AA, you can claim presumptive taxation benefit ok the foreign income also. Accordingly, ITR 4 can be filed.
Dear Sir,
Hope you are doing well !!
Yes, you can take the benefits of presumptive taxation scheme.
So, you can file ITR 4.
Hi
Yes you can file ITR 4.
You are eligible for presumptive taxations
Thanks all for replies. As per previous AY's official instructions on filing ITR-4, see point 3 (e) on first page: Who is not eligible to use this Return Form : (e) has income from any source outside India. This year's ITR3 form has entry for the same on pg.42 (Schedule FA setion G): https://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/ITR_Notified_Forms/AY_2020-21/ITR-3_Notified_Form.pdf .. but no such entry in ITR-4. It seems small amounts can fall in grey area, but I still have my doubts. I am not able to find AY 20-21's official ITR rules docs unfortunately; if you can point me to official documents which show a clear here-or-there that would be most helpful.
Hello,
Yes, you can file ITR-4, assuming you are eligible professional as per sec. 44AA.
I hope this answer satisfies your requirements.
Regards,
CA Hunny Badlani
You may file ITR 4.
By the instructions, it means any income earned outside India, like interest on foreign deposits, gains outside India, etc.
- Take benefit of presumptive taxation while filing ITR-3.
According to my understanding ITR 4 is not for people earning from foreign source i.e. from assets or business from outside India.
What you are doing is export of service and you don't have any foreign asset to show under schedule FA.
Hence I don't think you would fall under this exception.
Hi
Yes you can file ITR 4.
You can still file ITR 4 as you have no earned the same from any foregin assets/business.