Inward remittance from us uk
This query is : Resolved
04 September 2016
I am a freelancer IT engineer and a citizen of india residing in india. I had deliverd some online lectures to some of the US students from india. Now they want to pay me for my lectures and want more lectures on IT for which they are ready to pay. Should i direct them to transfer money to my normal saving account in SBI/ICICI or should i open a new account. they will be paying me 3000-5000 USD per month for 50 lectures i.e USD 100 per lecture but they will be paying lecturewise not monthwise So what i will be getting is usd 100 or 50 , but frequently in a month. pls also tell me the tax implications here in india ?
PRAKASH
PRAKASH
SANTOSH SAGAR K
(Expert)
05 September 2016
Dear Prakash,
The income received would be considered as business income. Tax shall be payable on gross receipts less expenses incurred for business.
From a practical perspective, please check with your bankers on the number of permissible transactions in a SB account, without payment of additional charges. If the inward receipts are expected to be more and involve costs, opening a current account is suggested. Alternatively, a separate bank account (SB) is also suggested to track the business receipts and expenses.
The income received would be considered as business income. Tax shall be payable on gross receipts less expenses incurred for business.
From a practical perspective, please check with your bankers on the number of permissible transactions in a SB account, without payment of additional charges. If the inward receipts are expected to be more and involve costs, opening a current account is suggested. Alternatively, a separate bank account (SB) is also suggested to track the business receipts and expenses.
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