hi, i have done MBA (Finance), i provide consultancy/advisory services to clients & firms overseas. i provide them services through chart, e-mail electronically etc. no physical paper work is involved and they wire transfer fees to my account in India. i am resident Indian. soon my consultancy/advisory fees is about to cross Rs. 10 lakhs per financial year. what all paper work should i have to do keeping in mind RBI, Income tax authority, banks and services tax authority and any other agency involved.???
1 Answers
As per income tax rules, you need to maintain your accounts (all expenses and incomes).
Your income is from profession, so you should file income tax return with ITR-4 form.
As account maintenance, P/L account and balance sheet is not a simple process, I would advise you to get help from an experienced CA/tax professional to maintain your accounts.
Thanks Mr. Pankaj much appreciate for your reply... as you mentioned i need to maintain my accounts but all my income i received through bank account still i do need to maintain account book separately and what about paper work that i need to maintain can you be more specific if possible....thanks for your time...
Its only about bank accounts, you will need ledger, records of all payments (cash/cheque), invoices etc. It can be maintained in software like Tally.
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