Tax applicable for Payments received from Overseas

Hi,

Hope you are doing well !

Yes, it will be taxable.

An individual who is a ‘resident and ordinarily resident of India’ as per the Indian tax laws, is liable to tax in India for all the India-sourced and non-India-sourced income.

Thanks & Regards,

Payal Chhajed

Hi,

You need not open a NRI bank account. All income received will be taxable since you will be a resident of India.

You can call me for further clarifications.

Regards,

Nikhil.

Further, you dont need to open NRI bank account.

We may help you in tax planning and return filing.

i need to open NRI account?

ans. you need not to open NRI account you can take credit to that your regular account

will the payments received from above company are taxable?

ans. yes, payment received in your account is taxable because your are resident in india so all income received and accrued within India and outside india both are taxable

your can also claim your expenses as business expenses

if your gross receipt is exceed 20 lace during the year your are also liable to GST registration and payment of GST

You are not required to open any NRI account and yes the amount received is taxable in India.

For better understanding you can contact us on *[deleted].

1) There is no need to open any NRI account.

2) Yes, Payments which you receive from the company are considered as your income and liable to tax if your income for the whole Financial year (Apr'18 - Mar-19) is exceeding Rs.2,50,000/-

3) GST is also applicable in case your total receipts exceeds Rs.20 Lakhs for the Financial Year.

Hi,

The amount received in your bank account shall be taxable in India if you are providing services in India.

There is no requirement of opening NRI Account.

The only issue here is that they might withhold your tax in that country. You need to check Double Tax Avoidance Agreement (DTAA) with that country so as to avoid double payment of taxes. You can get credit for taxes withheld by the company of that country under the provisions of DTAA.

You can reach us at [deleted]

Dear Sir,

1. You do not need to open NRI account.

2. Yes, it will be taxable subject to your total income. If it is below 2.5 lakh, then there will be no tax liabilty

3 If your total receipts exceeds Rs.20 Lakhs for the Financial Year, GST will be applicable.

4. Also, please check DTAA to avoid double taxation.

Warm Regards,

Karishma Chhajer

As you are resident of india, all income in taxable for you and there is no need for open NRI Account as that account is required for those who are non resident of india.

Yes the income shall be taxable in your hands as you are present in India and you qualify as resident and ordinarily resident of India.

You do not require a NRI account to get the payment. You can reach out to your Relationship Manager from the bank with which you have the bank account. He will allow the international credits.

Thanks

Damini

Thanks for your question.

You are not required to open any NRI account for income received from abroad .

Further, the income received from outside India is taxable in India as income is accruing and arising in India. It will be taxable under the head business and profession.

Hi,

Yes, the payment received from the foreign company will be taxable in India. You can claim all the business expenses as a deduction from your revenue.

You don't need to open NRI account. You can continue receiving the money in your savings account.

Further, if your turnover during a financial year is more than 20 lacs, you will have to take GST registration also.

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B. Com

Further, depending upon your nature of services, you can also take benefit of presumptive taxation wherein only 50% of your income will be taxable.

Let us know the nature of services.

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B. Com

Dear Sir,

Income received from foreign company is taxable in India. You are not required to open NRI account for the receipts received from foreign company but you need to open a current bank account as you are involved in profession. For specified professionals there is concept of presumptive taxation in income tax.

You are also required to pay GST.

Thanks

Its not required to open NRI account, however the payment received in Indiawill be taxable. However, you are also liable to register in GST as well

Hi

Yes, you need to pay income tax on such income.

Please share the nature of work done by you for suggesting proper tax planning.

Also, GST applicability needs to be checked. Share your nature of services and your expected annual receipts from the foreign company.

Yes all the payment received from company will be taxable ,no need to open NRI account for the same.