Add Foreign Business Income

Add Foreign Business Income

If you operate a business outside India, income earned from such foreign operations must be reported in respective schedules.

Steps to Add Foreign Sole Proprietorship Income

Add Business Details

  1. Navigate to File > Business & Profession > Add Business

  2. Select the appropriate Nature of Business

  3. Choose your Taxation Scheme:

    • Regular – Maintain books of accounts and declare actual income and expenses
    • Presumptive – Declare income under Sections 44AD, 44ADA, or 44AE

  4. Enter your Business Details:

    • Business Name
    • GST Registration (if applicable)

  5. Provide your Business Address, including the foreign country

  6. Fill in Income Details:

    • Gross Receipts
    • Business Expenses
    • Net Profit

Add Assets & Liabilities

  1. Go to the Assets & Liabilities tab
  2. Add Assets, such as:
    • Fixed Assets (e.g., machinery, equipment)
    • Investments (e.g., stocks, deposits)
    • Current Assets (e.g., cash, receivables)
    • Other Business Assets
  3. Add Liabilities, including:
    • Reserves and Surplus
    • Non-current Liabilities (e.g., long-term loans)
    • Current Liabilities (e.g., payables)
  4. Click Save once all details are entered

Need Help?

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