I am currently working for a company located in Bahamas and I work full time remotely from New Delhi, India as the Vice President of Engineering at this company. I get paid a certain amount of say $X per month before tax deduction. However, as a tax payer in India, since my company is not located in India so technically I am a consultant and as per the presumptive tax benefit available for freelancers and consultants, I am required to pay tax only on 50% of my receipts. So, the net income that gets reflected on my Income Tax Return is lesser than my actual earnings. So, my question is that is it ok if in my visa application, I declare my actual monthly income of $X after substracting the actual tax that I pay? Or I will have to go strictly as per the Income Tax Return and show the net annual income as per that?
Also, if I can declare my actual income of $X, should I attach my Income Tax Returns and explain why the net income in those documents is less than the income that I am declaring and receiving in my bank accounts?
Or should I not include the Income Tax Returns at all with my application and only provide the bank statements, payslips and certificate of employment from my employer ?
My bank statements reflect the credit of $X every month and also I have online payslips for the same for every month. I have also requested my company to provide me a certificate of employment, mentioning my monthly salary, date of joining and current designation with company's letterhead and seal.
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