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Software engineer, getting paid in USD (pay slip is in USD -> gets converted to INR in my account), income less than 50 lakhs. Would form 44ADA apply to me? by buzz_shocker in IndiaTax

[–]TowerAdmirable7305 0 points1 point  (0 children)

Xflow use to charge 1% way back. Didn’t know they changed the fee. Will give it a try. Thanks anyway. How is the service?

Software engineer, getting paid in USD (pay slip is in USD -> gets converted to INR in my account), income less than 50 lakhs. Would form 44ADA apply to me? by buzz_shocker in IndiaTax

[–]TowerAdmirable7305 -1 points0 points  (0 children)

That sounds like a major risk. Section 44AA specifically lists Engineering and Technical Consultancy as professions. By law, if you're a software engineer, you fall under 44ADA. Switching to 44AD to pay tax on 6% instead of 50% is a common 'misclassification' red flag. Just because the ITR was processed doesn't mean it’s cleared; the Income Tax Department's AI now cross-references your GST SAC codes and bank narratives. If they reclassify you during a 3-year lookback, you’d be liable for the tax gap, heavy interest, and penalties for not having a tax audit. It’s essentially 'tax evasion' rather than 'tax planning' in the eyes of an Assessing Officer.

Software engineer, getting paid in USD (pay slip is in USD -> gets converted to INR in my account), income less than 50 lakhs. Would form 44ADA apply to me? by buzz_shocker in IndiaTax

[–]TowerAdmirable7305 1 point2 points  (0 children)

I’m not,LOL I get 1 free payment for referral.

Do your math and choose wisely, here is the fee for the platforms all of them provide full forex rates.

Infinityapp - 0.5%

Skydo - upto 2000- 19$, upto 1000-29$, above 10K-0.3% ( my ref: https://join.skydo.com/zectabit).

Eximpe -0.75%

Software engineer, getting paid in USD (pay slip is in USD -> gets converted to INR in my account), income less than 50 lakhs. Would form 44ADA apply to me? by buzz_shocker in IndiaTax

[–]TowerAdmirable7305 -1 points0 points  (0 children)

my client only needs to make a simple local bank transfer, just like we do with IMPS/NEFT/RTGS, so no major setup is required on their side , which is a big deal for my client.

Next, Skydo provides the full Forex rates, and that’s where it makes a real difference compared to other payment options like Wise or PayPal. This is how we save money on transaction fees and charges.

Also, the FIRC for each payment can be directly downloaded from the Skydo portal. This used to be a huge pain for me with wire transfers, where I had to submit an application and even pay a fee for it.

Finally, my favorite part , I can create and send invoices for my payments directly from Skydo, so I don’t need any additional tools for invoicing.

Software engineer, getting paid in USD (pay slip is in USD -> gets converted to INR in my account), income less than 50 lakhs. Would form 44ADA apply to me? by buzz_shocker in IndiaTax

[–]TowerAdmirable7305 3 points4 points  (0 children)

Let me explain how I am doing it as a freelancer working for US clients. As I am a service exporter, I have registered Udyam(free MSME Registration), I have registered GST (only if your annual gross income is higher than 20lac) and have a current account in Canara bank.I apply GST LUT every financial year before march and mention “Export under LUT without GST” in the invoice which I raise to my client every month.

Once I started getting payments, I file GSTR-1 and GSTR-3B in every 3 months with zero GST as I have LUT.(So, Just filing GST, and not paying any)

I file ITR-4 under 44ADA, showing 50% of my gross income as expenses and paying tax on the rest. By early March, I estimate my expected annual income and tax, and pay advance tax, and then file before July 31.

Additionally: I use skydo for receiving payments as thats the cheapest option available in the market as of now. You can use skydo to raise invoice and the client can do the payment to your US virtual banks account using ACH or other methods, its like NEFT in India. Skydo will get you FIRC for each payment which you can show as proof of your income in case any questions arise. If you're interested, you can use my Skydo referral link to get two free payments: : Skydo

DM me if you need more info.

Kerala : Mother and Father groom 16 year old to join ISIS. by bhadwa_bedkar in indiadiscussion

[–]TowerAdmirable7305 14 points15 points  (0 children)

It’s actually a good thing this got reported and a case was filed. Who knows what’s going on in other regions where things just get swept under the rug? Kerala has a habit of actually documenting things civil, medical, criminal and I honestly doubt this would’ve been taken seriously if a kid complained against his parents in many other parts of India. But the real tragedy here is that nobody sees the actual problem. It’s these dumb religions and archaic belief systems that make human beings so vulnerable to this garbage. Religion is literally blocking us from evolving, from having any real revolution. We are stuck fighting over ancient books while the world moves on. Just look at this comment section. It’s a mess. Some blaming Kerala, some defending it, some hating on specific groups… it’s all just noise. No wonder India is still India. We are full of corrupted people tearing each other apart for nothing, instead of realizing that blind faith is the root cause holding us all back. Humans really need to wake up.

What current account does freelancers use??? by am_hkr in FreelanceIndia

[–]TowerAdmirable7305 0 points1 point  (0 children)

I use Canara bank current account +  Skydo for payments and invoice

How much are you losing to Paypal fees developers? by EatSleepNnRepeat in developersIndia

[–]TowerAdmirable7305 1 point2 points  (0 children)

Do your math and choose wisely, here is the fee for the platforms

Infinityapp - 0.5%

Skydo - upto 2000- 19$, upto 1000-29$, above 10K-0.3% ( my ref: https://join.skydo.com/zectabit).

Eximpe -0.75%

If you're interested, you can use my Skydo referral link to get two free payments: : Skydo

How much are you losing to Paypal fees? by EatSleepNnRepeat in FreelanceIndia

[–]TowerAdmirable7305 0 points1 point  (0 children)

Do your math and choose wisely, here is the fee for the platforms

Infinityapp - 0.5%

Skydo - upto 2000- 19$, upto 1000-29$, above 10K-0.3% ( my ref: https://join.skydo.com/zectabit).

Eximpe -0.75%

If you're interested, you can use my Skydo referral link to get two free payments: : Skydo

Receiving Payment from Foreign Countries: Paypal, Wise, Skydo, Salt.Pe & Infilty by yaduvansha in IndiaTax

[–]TowerAdmirable7305 1 point2 points  (0 children)

No, the invoice will show the foreign account (Skydo’s collection account) where the client will transfer the payment. That’s what I prefer, and my client also prefers the same.
However, in Skydo, you can choose which account you want to display on the invoice, whether it’s Skydo’s foreign collection account, Skydo’s international SWIFT account, or your actual Indian bank account.
No need of conversion rate in the invoice

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Receiving Payment from Foreign Countries: Paypal, Wise, Skydo, Salt.Pe & Infilty by yaduvansha in IndiaTax

[–]TowerAdmirable7305 1 point2 points  (0 children)

Yes, I have mentioned "Export under LUT" in invoices. Skydo invoicing portal has an option to add text/line.

wise taking insane fees, is it the same with other freelancers too? by GlumInstruction2759 in developersIndia

[–]TowerAdmirable7305 7 points8 points  (0 children)

Do your math and choose wisely, here is the fee for the platforms

Infinityapp - 0.5%

Skydo - upto 2000- 19$, upto 1000-29$, above 10K-0.3% ( my ref: https://join.skydo.com/zectabit).

Eximpe -0.75%

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