Dear Learned Experts,
I have a query regarding foreign receipts. If I take online classes, say for teaching piano. I do it through online mode. So, some students are also from foreign countries and might give fees in foreign currency.
What will be the implications of such transactions in my ITR and how will transactions be reflected?
Should I get the money directly in the bank or is there a better way to get the foreign receipts? (i.e. my savings account or some different account required for the same)
And also, about accepting directly through the bank, are there any regulations or limitations for the same?
Also, some students give me foreign currency but the same is in rupee terms, is there any regulations or restriction on the same.?
CAclubindia
