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

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

Know someone who can answer? Share a link to this question via Email, Twitter, or Facebook

Your answer
toggle preview

Follow this question

Once you sign in you will be able to subscribe for any updates here

Markdown Basics

  • *italic* or __italic__
  • **bold** or __bold__
  • link:[text]( "title")
  • image?![alt text](/path/img.jpg "title")
  • numbered list: 1. Foo 2. Bar
  • to add a line break simply add two spaces to where you would like the new line to be.
  • basic HTML tags are also supported



Asked: Jul 29 '12 at 23:08

Seen: 1,299 times

Last updated: Aug 02 '12 at 21:36