ITR
This query is : Resolved
04 March 2017
A salaried person drawing taxable salary of over Rs 50 lakh pa developed some google applications during his spare time with the help of some friends and professionals. He got foreign income of around Rs 30 lakh during d year and withdraw cash Rs 26 lakh for payment to friends n professionals by way of stipend, remuneration, out of pocket expenses etc for which no record is maintained by him.
The queries are-
1 whether any tax audit is required.
2 which ITR is to be used for filling return.
3 what will be d taxable amount.
4 whether it may be violation of any service full.
5 whether any information is to be prepared for any compliance or expected queries from IT deptt.
04 March 2017
1 Yes tax audit is required as you are declaring lower than 50% profit as per section 44ADA.
2 File ITR 4.
3 Declare 50% profit on 30 lacs u/s 44ADA no tax audit applicable no queries from IT dept.
2 File ITR 4.
3 Declare 50% profit on 30 lacs u/s 44ADA no tax audit applicable no queries from IT dept.
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