Question & Answer

CA Roomi Gupta       12 Mar 2022

All exports will be deemed as inter-State supplies. Exports of goods and services will be treated as zero rated supplies. The exporter has the option either to export under bond/Letter of Undertaking without payment of tax and claim refund of ITC or pay IGST by utilizing ITC or in cash at the time of export and claim refund of IGST paid. For more detail reach to us @ www.tarunguptaca.com.

CA Hunny Badlani       12 Mar 2022

Hello,

Yes, if your gross receipts crosses Rs. 20 Lakhs threshold limit, you would be required to take GST registration and make compliances.
Further, To qualify as export under GST regulations, the payment for such services should be received in convertible foreign currency. If this holds true for your case, you can supply such services under LUT without payment of GST. But regular return filing compliances would be required.

I hope that this answer satisfies your requirements. For any query, please feel free to contact us at badlaniassociates at Gmail.

Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5

CA Naman Maloo       13 Mar 2022

Yes you need to get GST registration since your total receipt would be more than 20 lakh in a year.
You should send them invoices to be legally compliant.

If you need any assistance you can book consultation with experts at: https://www.taxontips.com/tax-notice-personal-consultation/

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CA Deepak Kucheria       12 Mar 2022

Hi,
Professionals can file their ITR with income showing u/s 44ADA in which they are eligible to show 50% profit out of their revenue. Further, there are two mechanisms for filing the returns: (i) Claim deductions such as LIC, PPF, Mediclaims with higher slab rates or (ii) No deductions with lower slab rates. So we need to do the comparative analysis to determine which option would be more beneficial for you in saving taxes. For more information and assistance, kindly connect with us at +91-9911744028 or deepakkucheria@gmail.com.

Thanks.

CA Hunny Badlani       12 Mar 2022

Hello,

Yes, specified professionals under Sec. 44ADA are eligible and can declare a minimum 50% of their gross receipts as taxable income from their profession.
You need to check whether you are a specified professional under Sec. 44ADA, or else you can use Sec. 44AD.

For further tax estimation or consultation, you can contact us directly.

I hope that this answer satisfies your requirements. For any query, please feel free to contact us at badlaniassociates at Gmail.

Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5 

CA Naman Maloo       13 Mar 2022

You can check out here about taxability of working as a freelancer: https://www.taxontips.com/is-it-beneficial-to-work-as-an-employee-in-a-company-or-to-work-as-freelancer-taxability-when-working-as-a-freelancer/

If you need any assistance you can book consultation with expert.

CA Puja Sharma       14 Mar 2022

Yes, professionals can show a minimum of 50% profits and file their taxes. For more detailed discussion you can connect with me at ca.pujasharma@outlook.com

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CA Deepak Kucheria       12 Mar 2022

Hi Sir, we would need some more information to solve your query. Kindly connect with us at +91-9911744028 or deepakkucheria@gmail.com

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CA Roomi Gupta       11 Mar 2022

Taxpayers with gross total income (GTI) below the exempted limit of Rs. 2.5 lakh are not required to file ITR. For more detail reach to us @www.tarunguptaca.com

CA Naman Maloo       13 Mar 2022

No need to file income tax return.
Read more on who needs to file income tax return: https://www.taxontips.com/who-needs-to-file-income-tax-return-u-s-1391-of-income-tax-act/

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