Do i need to pay tax
Respected Sir/Madam,
I hope this message finds you well. I seek your guidance on filing my Income Tax Return for the financial year 2023-2024. Here are the details of my situation:
Nature of Income:
I am engaged in creating and selling online courses on Udemy, a US-based e-learning platform.
My total income from Udemy for the FY 2023-2024 is approximately ₹3 Lakh, with no other sources of income or investments.
Tax Details:
Udemy has deducted a total tax of ₹12,000 for this financial year, as reflected in the Form 1042-S provided by them.I have filed Form 67 to claim the Foreign Tax Credit (FTC) for the entire amount of ₹12,000.
Indian Tax Slab:
According to the Indian tax slab, my total income results in zero tax liability for the financial year.
Query on Filing ITR:
Given that my income is derived from an online platform based in the USA, I seek clarity on whether this income is considered foreign income under Indian tax laws. I wish to know if I can file my return on a presumptive basis using ITR-4 under Section 44AD, declaring 8% of my gross receipts as profit.
Or should I file ITR-3 and still avail of the presumptive taxation feature?
I would greatly appreciate your advice on the appropriate ITR form to use in my situation and any other considerations I should keep in mind.
Thank you for your assistance.