I am an Indian resident individual earning income from a foreign online platform(Stripchat). The platform remits my earnings directly to my Indian bank account.
Assume the following:
- Monthly receipts: approximately ₹3,00,000
- Annual receipts: approximately ₹36,00,000
- Payments are received directly from the foreign company into my Indian bank account.
- I incur some business-related expenses such as internet, rent, computer equipment, streaming equipment, electricity, etc.
My questions are:
1. Under which head should this income be reported in the Income Tax Return?
-
Business income?
-
Professional income?
-
Any other category?
2. Am I eligible to file under presumptive taxation (Section 44ADA or Section 44AD), assuming other conditions are satisfied?
3. If annual receipts are around ₹36 lakh, what would be the approximate taxable income under presumptive taxation?
4. Is GST registration mandatory for this type of income when the services are provided to a foreign company and payment is received in India?
5. If GST registration is required, would GST actually be payable, or can this be treated as export of services subject to LUT/zero-rated treatment?
6. Are there any FEMA, foreign remittance, or compliance requirements that should be considered when receiving such payments from a foreign company?
- At this 3,00,000₹ assumption, what will the total payable to Govt.
I would appreciate guidance on both Income Tax and GST implications for this scenario.