Which itr form to file with stcg and foreign income

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This discussion clarifies which Income Tax Return (ITR) form to file when you have both Short-Term Capital Gains (STCG) and income from a foreign company. For individuals providing services to a foreign company via invoices, rather than employment, and who are not professionals, ITR 3 is the recommended form. Income from foreign companies and STCG should be declared within ITR 3, with foreign income treated as business income and any applicable expenses claimed under the business head. The 44ADA scheme is not applicable in this scenario.

NNVAHI

NNVAHI (Querist)
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26 July 2023 Hi sir,

sir, I have income from a foreign private company, made through invoices every month,

in F.Y. 2022-2023, my total income from a foreign company is less than 250000 ( no tax or anything deducted ), also I have gain through STCG
which ITR form I need to file and where to show my foreign income while filling it ?

can i file itr 3 , showing profession income in 44ada

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 July 2023 Yes, if you are a professional.

NNVAHI

NNVAHI (Querist)
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26 July 2023 NO, I AM NOT PROFESSIONAL,

NNVAHI

NNVAHI (Querist)
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26 July 2023 i am commerce graduate, i provide service to migration company in australia
instead of any contract of employment ,
they just askme to issue invoice every month
so it is not salary but business income

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 July 2023 File ITR 3, 44ADA not applicable.
Claim expenses under business head.

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