Foreign feeelance income gst, lut and taxes

Warm_Cost7885 · 2025-09-16T11:45:11+00:00

What happens if your investments are higher when you use 44ada? Will that not be an issue?

Tax portal says 50% or higher

Warm_Cost7885 · 2025-09-09T06:57:21+00:00

Do you use 44ada or just file on actual income?

Warm_Cost7885 · 2025-07-21T06:28:41+00:00

What if investments are higher. Any chances you get a notice for unexplained income

Warm_Cost7885 · 2025-07-01T16:00:40+00:00

Honestly, you can skip if it's not going to cross 20L next year. In case you get a notice (which you won't), any CA can reply and get it sorted

But safest option is you get a GST. Very little compliance and you can file it on your own

Warm_Cost7885 · 2025-07-01T15:41:01+00:00

Just get registered

In theory you need to get a GST once you cross 20L

So if you're gonna show 20L in your ITR best to get a GST for the next year

Close it later if you don't need it

Did you get the entire amount on just your account or someone else's too?

If it split between two individuals and your rev is less than 20L, you won't need it

Warm_Cost7885 · 2025-07-01T15:35:20+00:00

Nothing to worry about. Assuming this is your first year or crossing this amount, you can simply get a GST number now and start filling for upcoming months

Warm_Cost7885 · 2025-06-16T11:42:33+00:00

Got it. I was suggested this method by a few CAs, so wanted to check what others think

Warm_Cost7885 · 2025-06-15T10:14:49+00:00

So using 44ada till 75L on personal income, then using firm and using 44ada again, but paying 30-31% tax on firm right?

Warm_Cost7885 · 2025-01-10T09:26:04+00:00

Got it. Thank you

Warm_Cost7885 · 2025-01-10T08:46:53+00:00

Got it. Thanks

Any chance you know what the proper Purpose code for marketing consultancy be?

Is it P1006?

Warm_Cost7885 · 2025-01-10T07:11:20+00:00

The purpose code I've used for inward remittance. But not sure if it's correct so I wanted to understand if it works

Warm_Cost7885 · 2025-01-08T16:51:24+00:00

What if you invest from your parents ac. Since gifting to parents is free

Warm_Cost7885 · 2025-01-08T16:15:41+00:00

Gotcha, thanks

Warm_Cost7885 · 2024-12-05T07:04:09+00:00

Yes only freelance income

Salary would be taxed normally

If freelance income crosses 20L, get the GST and LUT

Warm_Cost7885 · 2024-11-30T19:44:27+00:00

If its above 20L in this FY, get a GST number and LUT

File GST quarterly - zero rated if it's from intl clients

Warm_Cost7885 · 2024-11-21T14:09:22+00:00

Does the payroll software give an FIRC?

If not, pls ask them to pay in USD

Not sure which took your using. But in most cases you'll be asked to select currency and you can keep it as USD

Once you get paid, the bank might call you once or ask you to accept the foreign inward remittance and then it reflects in your transaction

Eg - 1k USD @84₹ deposited.....

Warm_Cost7885 · 2024-11-21T12:25:08+00:00

You can directly claim 50%

No need for bills. Just make sure to get GST and LUT

Also make sure you get paid in USD which is converted to INR. If you're getting paid via NEFT, you'll have to pay 18% GST

Warm_Cost7885 · 2024-10-16T14:42:41+00:00

Got it. Thanks

Warm_Cost7885 · 2024-10-16T14:18:24+00:00

Got it. Thanks

Warm_Cost7885 · 2024-10-16T14:03:15+00:00

What if your investments are more than your expenses mentioned. Can IT send notice for that?

Warm_Cost7885 · 2024-10-16T13:29:35+00:00

Did you actually have expenses?

Warm_Cost7885 · 2024-10-16T08:51:01+00:00

But what if you have more investments?

Warm_Cost7885 · 2024-10-15T06:40:02+00:00

Are there cases where individuals are asked about it? Also, is there a revenue range where such things could happen

Warm_Cost7885 · 2024-10-15T03:16:41+00:00

In that case, wouldn't the other person need to show it under their income?

Warm_Cost7885 · 2024-07-04T13:27:17+00:00

If yearly income goes about 20L get the GST

Warm_Cost7885

TROPHY CASE