Foreign remittance against expenses incurred
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 November 2018
An Indian faculty receives foreign remittance in his bank account for expenses to be incurred with respect to an activity entrusted to him by a foreign organization. I have 2 query. a) does the faculty need to have a designated FC bank account? b) Is this subject to tax in India?
20 November 2018
1 No need of any foreign currency bank account it can be credited to savings bank account.
2 Being resident of India any surplus over actual expenses is taxable in India.
2 Being resident of India any surplus over actual expenses is taxable in India.
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