Hi,
I have one query. One of my client has been hired by foreign company on work from basis. Employeeis designer. Company is into Decorative articraft. Company remit his salary to Indian Saving account in INR. Beside that when company wants to source some items from india, they trf required amount with courier involved to employees account. And Employees pays to vendor and courier the goods to foreign company. All remittances are INR but marked as Global remittances by banker (HDFC).
My query is how to treat the remittances which are received over and above salary for company's purchases and other related expenses. Is it legal under FeMa and Income tax to accept such receipt in personal account . Please guide about this transaction. And which precautions we need take to safeguard client and professionals as well.
Thanks
CAclubindia
