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Can i consider my business under Presumptive Income & its Taxation – under section 44AD?

Harish GV

Hello

I am Domineer from India. I buy and sell domain names to inside and outside India and domain names are like google.com, name.com, yourBusiness.in etc..
I purchase huge domain names from godaddy.com, bigrock.com every year and whenever any person/company wanted one of my domain name i sell to them.
Recently i opened Proprietor firm and i made turnover around 65 lakh and 100% receipts came from foreign vendors, since it is export of service it will fall under ZERO rated GST.


and now my questions are
1. Does it consider Professional or Business?
2. Does it comes under the auditing (since it is proprietor firm and turnover is 65 lakh)?
3. Can I Declare this as Presumptive Income & its Taxation – under section 44AD (8% sales of business turnover), it is a small business and turnover is less than 2 crore?
4. What kind of tax do i need to pay (my 100% earnings are from outside the India only)?

Thank you

Domain Name Trader Queries Presumptive Tax Eligibility Under Section 44AD for 65 Lakh Turnover and Foreign Earnings An individual from India, engaged in buying and selling domain names, seeks advice on whether their business qualifies for presumptive taxation under section 44AD of the Income Tax Act. The business, structured as a proprietorship, has a turnover of 65 lakh INR, with all receipts from foreign clients, qualifying it for zero-rated GST. The individual queries whether their activity is considered a profession or business, if it requires auditing due to the turnover, and if it can be declared as presumptive income. They also inquire about the applicable taxes given the foreign earnings. (AI Summary)
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