RECEIVED MONEY VIA PAYPAL AS A FREELANCER
This query is : Resolved
27 July 2023
Dear Experts,
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
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
For what purpose you received money?
What was your services?
What was your services?
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27 July 2023
We outsourced projects to provide engineering services, Sir
27 July 2023
You can file ITR 4 with presumptive assessment.
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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?
For example if i received 15 lakhs in the FY, what would be my taxable income, sir?
27 July 2023
What is the amount of total receipt?
Any tax deduction by paypal?
In whose name the paypal issued warrants?
Any tax deduction by paypal?
In whose name the paypal issued warrants?
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.
Thank you again for resolving our issue
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.
Thank you again for resolving our issue
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.
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
As per your services provided it will come under sec. 44ADA IT act.
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?
27 July 2023
Why 30% the tax liability will be as per slab rate.
27 July 2023
Oh. Got it, sir. Thanks much for the help.
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27 July 2023
You are welcome.
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