Which ITR form to file if income is in dollars?

Which ITR form to file if income is in dollars?

Amit Maheshwari Partner, Ashok Maheshwary and Associates replies: Assuming your friend is earning this income in the form of royalty, it will be considered professional income and he will have to use Form ITR-3 to file his return.

Further, if income earned from royalty is less than Rs 50 lakh, he can avail 50% deduction for expenses without maintaining any books of accounts under Section 44ADA and he will need to file his return of income via Form ITR-4. He can also claim deduction for royalty income under Section 80QQB of up to Rs 3 lakh or the actual amount earned, whichever is less, if the royalty amount is received as a lump sum.

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If the royalty amount is not received as a lump sum, then royalty received in excess of 15% of the value of the books sold will not be tax deductible. However, if the royalty is received as lump sum, this 15% limit is not applicable………….Read More>>
Source by indiatimes



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