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Hardik Parikh |106 Answers |Ask -Follow
Tax, Mutual Fund Expert - Answered on Jul 26, 2023
Hardik Parikh is a chartered accountant with over 15 years of experience in taxation, accounting and finance.
He also holds an MBA degree from IIM-Indore.
Hardik, who began his career as an equity research analyst, founded his own advisory firm, Hardik Parikh Associates LLP, which provides a variety of financial services to clients.
He is committed to sharing his knowledge and helping others learn more about finance. He also speaks about valuation at different forums, such as study groups of the Western India Regional Council of Chartered Accountants.... more
He also holds an MBA degree from IIM-Indore.
Hardik, who began his career as an equity research analyst, founded his own advisory firm, Hardik Parikh Associates LLP, which provides a variety of financial services to clients.
He is committed to sharing his knowledge and helping others learn more about finance. He also speaks about valuation at different forums, such as study groups of the Western India Regional Council of Chartered Accountants.... more
Asked by Anonymous - Jul 20, 2023Hindi
Sir, this is for someone who is settled in Dubai for the past 4 years and earns no salary in India. The person earned about 2.3 lakh as professional fees for some research work by raising two invoices last year from an educational facility in India. 10% TDS was duly deducted. Which ITR form the person needs to file and under which head will this income be shown? Thank you so much.
Ans: Dear Anonymous,
Based on the information you've provided, the individual you're referring to is considered a Non-Resident Indian (NRI) for tax purposes in India. As an NRI, the individual is only taxed on income earned or accrued in India.
The professional fees of 2.3 lakh earned for research work from an educational facility in India is taxable income. Since the income is from professional services, it should be reported under the head "Profits and Gains from Business or Profession" in the Income Tax Return.
As for the form to be used for filing the return, it would be ITR-3. This form is applicable for individuals and HUFs having income from profits and gains of business or profession. However, it's always a good idea to consult with a tax advisor or chartered accountant to ensure the correct form is used and all income is accurately reported.
I hope this helps!
Best regards.
Based on the information you've provided, the individual you're referring to is considered a Non-Resident Indian (NRI) for tax purposes in India. As an NRI, the individual is only taxed on income earned or accrued in India.
The professional fees of 2.3 lakh earned for research work from an educational facility in India is taxable income. Since the income is from professional services, it should be reported under the head "Profits and Gains from Business or Profession" in the Income Tax Return.
As for the form to be used for filing the return, it would be ITR-3. This form is applicable for individuals and HUFs having income from profits and gains of business or profession. However, it's always a good idea to consult with a tax advisor or chartered accountant to ensure the correct form is used and all income is accurately reported.
I hope this helps!
Best regards.
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