Hi Friends
Please help on understanding the tax situation and the way to go ahead in the best manner.
I'm an employee of an MNC where I'm drawing a salary of more than 5 Lacs per annum. I'm also engaged in providing services to an overseas client (Individually) who compensates me to the tune of 8 Lac Rupees, this by way of transfering foriegn currency directly in to the bank account, in the converted indian rupees. The later arrangement is a simple one, not bound by any contracts or related agreements.
My total earnings thus is approximately 13L. I need guidance on the best way to take it forward at the tax front. Would it be a good idea to club the non salaried income as PGBP or is there any better way to portray such income?
If it is PGBP, then what are the points to keep in mind. Thanks in advance!
Regards
CAclubindia
