tax liability on export of consultancy services ??

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.???

asked Jul 29 '12 at 23:08 by lokesh 12


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.

answered Jul 30 '12 at 12:28 by Pankaj Batra 5.2k320

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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...
(Aug 02 '12 at 20:16) lokesh
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.
(Aug 02 '12 at 21:36) Pankaj Batra

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Asked: Jul 29 '12 at 23:08

Seen: 1,302 times

Last updated: Aug 02 '12 at 21:36