Do i need to pay it when getting foreign money ?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 February 2014
Recently I got some money from a company outside India. they hired me for some job. They paid me this money in my saving account (I have a current account also).
On the receipt they have generated and sent, they have mentioned that:
Purpose of Remittance: Remittance from Salary Income
They are claiming that this money is tax free.
But to be sure I want to know
a) do I need to give IT on this money?
b) do I also need to submit ST on this amount?
Kindly help me understand.
On the receipt they have generated and sent, they have mentioned that:
Purpose of Remittance: Remittance from Salary Income
They are claiming that this money is tax free.
But to be sure I want to know
a) do I need to give IT on this money?
b) do I also need to submit ST on this amount?
Kindly help me understand.
25 February 2014
1. Taxability of the above amount will depend on your residential status.
If you are a resident and ordinarily resident in India, then your global income is taxable in India.
Since this amount represents salary it will be taxable in India.
2. Service tax is NOT applicable on salary.
If you are a resident and ordinarily resident in India, then your global income is taxable in India.
Since this amount represents salary it will be taxable in India.
2. Service tax is NOT applicable on salary.
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