Income other than salary

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 May 2012 Hi,

I am working in a private company and getting salary. I have started some liaison work for overseas companies and will get commission in foreign currency.

My queries are:-

A- Can I ask overseas party to remit in my saving a/c (remittance will come in FOREIGN CURRENCY and will credit in INR)

B- If yes, how I will show this in my income tax return?

C- If I open any proprietor ship firm and take this money in that a/c then what will be the adjustment in IT return i.e. which form I should file, ITR-1 or 4.

Thanks in advance.

Guest

Guest (Expert)

07 May 2012 You have to show it as income from business & profession and have to file itr-4

Message likes : 1 times

Guest

Guest (Expert)

07 May 2012 Also u can get the remittance in your salary a/c and also get the FIRC from the bank

Message likes : 1 times

Ravi Jhamb

Ravi Jhamb (Expert)
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07 May 2012 For Salary You will fill ITR-1.
For commission there are three cases:-
1) Part time work or Full time
2) Receipt base 120,000 or above

if your commission receipt less than 120000 then your income is taxable in income from other sources.
or
Receipt 120000 and above taxable in business income ITR-4

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