Hi,
I'm an individual tax payer. I have a query about tax on royalty income generated from foreign countries.I need to know what ITR form I would have to fill to show my royalty income as an individual (Self-Business) that is being generated form foreign countries.
I heard about a presumptive taxation scheme of section 44AD where a person can show his/her income tax return at any percentage above 8% and there is no necessary to maintain balance sheet and tally records in the individual case.
Is royalty income comes under this section 44AD if yes what ITR form I have to submit?
Any response would be greatly appreciated.
Thank You,
Jeetu
