Holding a Virtual US bank account

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Ashish Agarwal (Querist)
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26 September 2024 I am doing affiliate marketing as an individual for Amazon USA from India for which they pay me in USD. For the purposes of receiving those funds, I plan to open a VIRTUAL US account with Payoneer. I will receive funds in my payoneer account in USD and thereafter they will transfer that money , on request, to my bank account in india in INR. My question is whether I need to declare this bank account anywhere? Like is there any technical requirement I need to fulfill before I open such an account or while I am holding that account? Does this have anything to do witrh FATCA? I do not have a GSTIN as my turnover is much below 20 lacs. And I am just an individual doing this as a side hustle.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 September 2024 Foreign Assets (‘FA’) schedule in the ITR form seeks to incorporate the details of assets which a taxpayer holds outside India. Disclose the balance in USD in such account.

Ashish Agarwal

Ashish Agarwal (Querist)
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26 September 2024 Thank you sir. But in case I have withdrawn all the funds to my bank account in India and the balance this account on 31st March of the previous year is zero? Do I still have to declare this account in the ITR?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 September 2024 No need to declare in such a case.

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