Can i consider my business under presumptive income and its taxation - under section 44ad?

[Sunil Gowda]

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
 

AI Summary

Presumptive taxation under section 44AD: applicability for a domain trading proprietor with foreign receipts and sub threshold turnover. Whether income from buying and selling domain names by a sole proprietor qualifies for presumptive taxation under section 44AD. The proprietor reports a turnover of around sixty five lakh with 100% receipts from foreign purchasers treated as zero rated for GST. The core issues are business versus profession classification, audit obligation at the stated turnover, eligibility for the presumptive scheme for qualifying businesses below the turnover threshold, and tax consequences of exclusively foreign receipts.