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Do i need firc for all paypal withdrawal ?

20 June 2016

Hello Experts,

I am an Indian citizen working for a company in US from India as Linux system admin ( IT service ) remotely. They transfer monthly salary through PayPal which is then auto withdrawn to my ICICI bank account in India. Do I need to request and keep FIRC for each monthly transfer ? ( ie 24 FIRC per Year, they transfer twice / month ).

Regards,

Unni

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Jignesh (Student CA Final ) (40 Points)
Replied 21 June 2016

Hello Unni,

For accouting purpose & Taxation purpose, You have to verify their is only salary tranfer trancation in corrsponding Ledger or any other trancation in account like commission or other trancation or if any bifurcation of salary then you have to take the Firc or Ledger Account of Your's in their Account for Taxation or Record purpose.