Implications of Service Fee received in Tether (USDt) from foreign Client.
This query is : Resolved
16 September 2021
Please guide me regarding Tax implications of Service Fee received by a IT service provider to a foreign client as service fess received in Tether (USDt) via wazirX.
16 September 2021
It will fall under export of service exempt from GST on registration under GST and furnishing letter of undertaking in GST portal.
Income tax applicable including the income with local income.
Income tax applicable including the income with local income.
16 September 2021
Do I have to report it as foreign exchange earning in Balance Sheet & Directors Report. Also is their any special compliance as the payment is being done in Crypto i.e Tether (USDt).
17 September 2021
Yes, report it as foreign currency earning.
17 September 2021
Thankx for your guidance.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR 1: Details for showing Exempt Income
- ITR selection for salaries and capital gain less than L
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Reporting Income under Section 44ADA
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
