Does a freelancer working on sites like Upwork, or paid by PayPal, i.e. doing software development as a freelancer from India need to fill Schedule FSI in ITR-3? If yes, then what to fill as TIN if one has not left the country at all i.e. all income is wire transferred/sent by PayPal by clients to India.
Hi,
Schedule FSI have to be filled if any foreign income is taxable in India as well as in another country and on which any tax credit is being claimed in India. If you have any income and credit, you will need to fill these two schedules.
Since your income is only taxable in india you need not to fill schedule FSI.
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Thanks for the detailed answer. One follow-up question regarding filling up of P&L Section. If I fill 44ADA details(Section 62) then do I also need to fill Section 64? Or, just Section 62 is enough for 44ADA income?
Sir,
I dont think section 62/64 relates to your query.. kindly cross check the sections and correct your question, only then i will be able to reply.
Dear Sir,
Hope you are doing well !!
You are not required to fill schedule FSI in ITR-3.
This schedule needs to be filled only if the individual has foreign income on which he is claiming credit for the taxes paid outside India.
You need to fill column 62 and 64 for no accounts case.
We have handled such cases before. We may help you in return filing.
You are not required to fill Schedule FSI you just need to fill schedule normal profit and loss account.
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If you fill 62, then no need to fill 64 or else it will count the income twice.
- No need to fill FSI schedule. Fill both columns 62 and 64.
