Income from outside India u/s 44 ADA

One of My Client received amount every month from outside India.  Since, he is resident & received payment  for his profession.  He did designing work for his customer who is in outside india & they paid for the work.

 

     How do i show this income in ITR 3 u/s 44 ADA.

 

     Shall i take 50% of the received amount directly or take full payment and should file P&L, & Balance Sheet and reduce 50% as expenses.

 

     Kindly clarify me. 

Replies (3)
Quick Summary
This discussion clarifies how to declare income received from outside India for professional services under Section 44 ADA when filing ITR 3. The advice given is to declare the full amount received and offer a minimum of 50% as assessable income. No separate P&L or Balance Sheet is required, nor is it necessary to detail expenditures when opting for the presumptive income scheme under 44 ADA.

You have to declare full amount of receipt and offer minimum 50% as assessable value u/s. 44ADA. No need to segregate expenditures when income declared u/s. 44ADA.

 

Thank you for your reply Sir

Most Welcome ...              

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