I have a OPC in which we are dealing with international clients. So we have to do payment to international clients and we do receive payment from international clients. What all tax will be applicable in this case?
Also, do we have any type of account in India in which I can maintain international currency so that I do not have to convert in INR everytime I make a transcation.
check attached file
Thanks Arpit
Also, do we have any type of account in India in which I can maintain international currency so that I do not have to convert in INR everytime I make a transcation
If u r non resident then, FC NR (B) account. Foreign Currency Non Resident Bank Account.
Hi Tina,
you have does not mention that what types of payment and receivement are there.
If those payments are covered under TDS chapter then you are laible to deduct the TDS on those. Futher you are sayting that you have more account as foreign currency account. So not porblem there. If you maintain the account in indian currency then you must convert in indian currency at same date. But you are maintaning the books the in foreign currency then no problem. However you can not report the more than one currency in one book. Meaning thereby reporting currency should be one. and further I think you have to convert this foreign currency in indian currency at time of finalisation of balance sheet by taking the converting rate on the last date of financial year.
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