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Income In Foreign Currency


28 October 2021  

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.?

 3 Replies

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)   (2919 Points)
Replied 28 October 2021

arrangements with major banks across the globe for Fund Transfers through the SWIFT mode, which ensures secure and safe remittance to any place of your choice.

Sumegh Kelkar (29 Points)
Replied 28 October 2021

Apart from bank account and other things, you must be GST registered as it would be export.

Replied 02 November 2021

Thank You. For the information.

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