Right from the very begining, your business is made as a domaining startup; once you register (or transfer) your purpose of life as your domain name at https://system.sangkrit.net. That is the way of enterprising your education.
Being a domaining startup, until your gross receipts in a financial year do not exceed ₹ 2 crore, you are entitled for presuming only 6% of all that as your annual income to file for income tax in India under section 44AD. Take care to receive all the payments only digitally in your personal bank account so that the gross receipts remain digitally received; otherwise your anuual income is to be presumed as 8% of the payments received manually.
- Fill the simplest ITR4 form if you do not have to file for any capital gains.
- Fill the ITR3 if you have to file for capital gains as well.
You just cannot show income less than the above percentage of the gross receipts/turnover since in such a case it is mandatory to maintain books of accounts and have a tax audit under 44AB.
In any case, write down ‘your domain name’ as the name of your business. Suitable business code is ‘14010’ as ‘other computation related services’. Business description is ‘domaining’ whether whatever you do to make money upon your domain.
You need not having any office, shop, current account, accountant or audit. Domaining your purpose of life only with your personal bank account; digitally receiving all the income and making any necessary expenses itself; is enough to make your living.
