If you are resident you can go for it
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?
I was a non resident till March 2018. After that, I was in India for an year and I went abroad for the stated assignment on March 2019 till October 2019, and credited the above stated amount to my NRE account. Due to my frequent travel, I could stay only for 140 days abroad, so I was not qualified as a Non Resident. Though I am a resident now, the amount still lies in NRE account. Does it have any impact on the Presumptive taxation stated above?
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.
We may assist you in entire procedure.
It is advisable to take a phone consultation for detailed discussion.
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!
Yes you can if you are resident for tax purpose.
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Thank you.
- 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.