I recieved Interst, salary and youtube adsense income (Part time work on website or youtube). Google transfers this earning in US dollar and bank converted it to indian rupees. As per the instruction of income tax website "Any resident having income from any source outside India" can not fill ITR-1.
What is the best ITR ?
Any tax deducted? You may select new ITR 1 or 4 depending upon TDS, if any
No.
No tax deduction. NO TDS. Only bank charges for conversion and sevice tax on that charges.
If any tax was deducted, it should be reflected in my 26AS but no transaction in my 26AS.
Which Financial year? For FY 2016-17
If you consider Income from Adsense as Income from Other sources then you can file ITR 1
If you consider Income from Adsense as Income from Business or Profession you can file either ITR4
AY: 2016-17 also AY: 2017-18 (only TDS deducted from Indian income not on foreign income).
Is any law to consder as income from other source or Income fromm business or profession. or it is choice of person ?
But Sir , as per instruction "Any resident having income from any source outside India" can not fill ITR-1.
If TDS or tax not deducted from foreign income am i still eligible for the ITR 1 even its a foreign income.
As your income from Adsense is not primary income and can be considered under income from other sources. But if the income is taken as primary income (by considerations received, and also amount of expenses, deductions, depreciation etc.) it can be considered as Profits from Business & Profession.
Yes, you are right, but the income from blogging and/or adsense is generated in India.
It is a tricky issue, but in my view, given the severe penal consequences of Black Money Act, it is better to disclose adsense income as "foreign" income and make relevant disclosures in Schedule FSI of the appropriate return form. Thanks!
CAclubindia
