Violation under income tax act & fema
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 August 2018
One of the assessee has worked in US for the past 6-7 years and he does not have NRO/NRE account in india.
He transfer funds from US to India through Money exchanger to his accounts in india.
Whether there is violation under Income tax act & FEMA?
He transfer funds from US to India through Money exchanger to his accounts in india.
Whether there is violation under Income tax act & FEMA?
K Srinivas, CMA CS
(Expert)
28 August 2018
Non maintenance of NRO/NRE account is not an offence.
K Srinivas, CMA CS
(Expert)
28 August 2018
On the account of being a non resident,the income abroad will not be taxable in any case. FEMA regulations won't be attracted for remittance from abroad to one's own accounts
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