Hi,
I am indian resident and have invested some thousand dollars in an U.S based advertising company through my credit card online. And also withdrawn some part of it to my credit card. So for these credit card transactions, do I need to pay income tax in india? If so, then which catagory of tax form I have to fill? Also please inform me the limits of amounts I can transact.
Thanks
Nobody is there to reply me????
use of forex under credit card is restricted transaction, credit card company have to report such transaction to DGFT /RBI/CIT,
if you have completed all formalities, then such income should be offered for taxation to incometax by adding the same to your taxable income and pay taxes as per slab,
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