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

Domain Name Trader Seeks Clarity on Business Classification, Auditing Needs, and Section 44AD for Tax Purposes An individual from India engages in buying and selling domain names globally and recently established a proprietorship with a turnover of 65 lakh INR, all from foreign clients. They seek advice on whether their activity is classified as a profession or business, if their firm requires auditing due to the turnover, and if they can declare their income under the presumptive taxation scheme of Section 44AD, given the turnover is below 2 crore INR. Additionally, they inquire about the applicable taxes, considering all earnings are from outside India and fall under zero-rated GST.