Everything I need to know about filing for Presumptive income from outside India
Hey, I have a friend who earns about 1 Lakh income as a freelancer from US company. He produced motion graphics for Ads.
Should I opt for 44AD or 44ADA?
Which business code should I chose?
Should I use any extra schedule such as FA, FSI etc. if the income is only from the business?
If I opt for 44AD should I show higher income? Cause the expenses is almost NIL
Should I disclose bank closing balance? I have heard it's mandatory. If so then where?
Should I show the amount he received as INR in his bank account?