We have provided some consultancy to a foreign company to sell there material to another foreign company , for which we would receive commision in USD. What would be the Income Tax Implication will come for this type of transaction. Secondly what type of Inovice should I raise a commsion invoice or consultancy invoice .
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Income tax implication on commission received in usd
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The commission received in USD would get converted into INR at teh applicable rate when the USD was received. that would get added to your professional income in your Income & Expenditure A/c.
As you have provided consultancy you would provide your consultancy Invoice. Please also check if the foreign has witholded any tax on account of commiccions payment.
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