• Foreign inward remittance 44ADA

I am a radiologist- British citizen resident in India for past 15 years filing taxes in India. 
I have an income of about 40 lakhs from Indian hospital
I also have income of another 29 lakhs from uk as I work online for a teleradiology company in uk. They directly pay into my ordinary Indian account-foreign inward remittance. 

Can I show my foreign income also under 44ada or is only my Indian income eligible for 44ada ?
Thanks in advance
Asked 5 months ago in Income Tax

Yes sir you can show both income under 44ADA 

Vishal Khandelwal
CA, JAIPUR
32 Answers

Yes, you can 

If you need any assistance in return filling I can help you on that

Vidya Jain
CA, Kolkata
1020 Answers
58 Consultations

Yes you can avail the benefit of presumptive taxation scheme u/s 44ADA in respect to foreign income. Profits to be declared in the ITR is 50% of gross receipts or actual profit earned whichever is higher. If profits are less than 50% then you are required to maintain books of accounts and get them audited

 

Assuming your residential status as ROR

If you are having foreign assets, foreign bank accounts, foreign equity, any capital asset outside India etc., Schedule FA is applicable .If total income is more than Rs. 50 lacs Schedule AL is also applicable

 

For detailed discussion you may opt for phone consultation

Vivek Kumar Arora
CA, Delhi
4953 Answers
1106 Consultations

Hello,

Yes you can report your income under the head 44ADA including income from foreign sources. However, you need to register under GST and apply for exemption under the same to have your turnover recorded under the specific business code which will enable you to sync the same in your Income tax return as well.

 

Feel free to write to us on [deleted] in case of any clarifications needed or call us at [deleted].

Thanks
CA Damini Agarwal
Witcorp India Advisors LLP

Damini Agarwal
CA, Bangalore
461 Answers
31 Consultations

 

Utilizing Presumptive Taxation Scheme under Section 44ADA for Foreign Income

As a radiologist and British citizen residing in India for the past 15 years, you can avail the benefit of the presumptive taxation scheme under Section 44ADA for both your Indian and foreign income.

Key Points:

  1. Eligibility under Section 44ADA:

    • As a medical professional, you are eligible for Section 44ADA.
    • You can include your foreign income received from the UK teleradiology company under this scheme.

  2. Profit Declaration:

    • You must declare 50% of your gross receipts as income or the actual profit earned, whichever is higher.
    • If your actual profit is less than 50% of gross receipts, you are required to maintain books of accounts and get them audited.

  3. Residential Status:

    • Assuming your residential status is Resident and Ordinarily Resident (ROR)

Best regards,

For detailed, personalized advice, consider a phone consultancy.

Hope you find the information helpful. You are free to contact me for further discussion.If you could spare two minutes of your time to write a review, It would be really grateful and very happy to read it.

Thank you.

Shubham Goyal

Shubham Goyal
CA, Delhi
357 Answers
7 Consultations

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