USA based Chess Academy is sending me USD worth INR 15000 towards office maintenance cost , as I am coordinating Indian Chess Masters for USA based students online. Do I require to discharge any compliance under FEMA,FCRA,other Acts? Kindly guide.
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Regular forex inward remittance from USA to Indian resident
Replies (1)
FEMA & FCRA: The remittance is fully legal under FEMA as a current account service transaction; you just need to provide the correct Purpose Code to your bank. FCRA does not apply because this is a commercial service, not a charity donation. Tax & GST: The income is taxable under Business/Professional Income in your ITR. GST registration or an LUT is only required if your total annual aggregate income from these services crosses the INR 20 Lakh threshold.
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