My friends and I worked as a group, We received money in my personal account via paypal. We shared the money among us. What ITR should be filed for myself in this case? P.S: I haven't paid any advance taxes yet.
Also, please let me know under which section I can show my expenses (like salary, investments) or how do I calculate the taxable income
27 July 2023
Thank you for the response, Sir. How do i calculate my profit here. As I already mentioned, we worked as a group but the money had been received on my personal account.
For example if i received 15 lakhs in the FY, what would be my taxable income, sir?
27 July 2023
The total amount we received is 16,54,145. They deducted their service charge as 4.4% + 0.3 USD + 18% GST for their service charge and also conversion charges. The paypal is in my name. But i issued MSME certificate as business proof, sir.
27 July 2023
Here your fried is not on board. The transactions have appeared only in your name and should have been reported in AIS report. Confirm AIS details.
27 July 2023
In AIS, the transactions were not reported but the interests credited to the respective accounts have been reported, sir. Can i use 44AD and show 6% of my gross as my profit, sir?
27 July 2023
The total amount we received is 16,54,145. if we filed under section 44ADA, We have to show 50% of gross as profit (8,27,072.5/-). I have to pay 30% from that as tax. Is it so, sir?
CAclubindia
