I am a free lancer and have started providing engineering consultancy to a foreign company from india and receive remuneration in foreign currency to my SB account. in india. services are mostly rendered thru web.
My query are
1) Is this income taxable? and if so how much taxable (any slabs).
2) Can I claim any deductions if taxable under section 80r/80rr/rra/rrb etc. or any other section.
3) any intimation in any form to be given to authorities.
please respond at the earliest.
thanks shailaja
Income will be taxable under the head of income from business & profession or under other income as the case may be. Expedituer in relation to business will be allowed as deduction.
In my opnion, There is no deduction allowed U/S 80.
Thanks,
Yes Bansal is right. The income will be taxable under the head business & profession. In my opinion Deduction under section 80 are allowable only if services are rendered by a person outside india i. e. during his stay outside india. Also i think there is No need to inform any authority as this is a very common thing done by many people.
| Originally posted by :Lovenish Bansal | ||
| " | Income will be taxable under the head of income from business & profession or under other income as the case may be. Expedituer in relation to business will be allowed as deduction. In my opnion, There is no deduction allowed U/S 80. Thanks, |
" |
Thank you for your replies. could u provide me the slab for calculating the income tax payable?
Enclosed
Thanks
Dear Aditya Sir, I too wanted to Know if a person say IT Consultant is exporting Service outside India , will he can claim an 100% deduction, if yes then in which section. If not then previously there was such sections!
Dear Aditya Sir,
I too wanted to Know if a person say IT Consultant is exporting Service outside India , will he can claim an 100% deduction,
if yes then in which section.
If not then previously there was such sections!
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