Foreign Income

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..... Hi I am resident of India. I receive receipts from foreign that directly credited to my saving account. I provide tourist guide services to clients of one of foreign company. Certificate of foreign inward remittance shows purpose of receipt as Tours and Travel. Now i want to know what are statutory liabilities that i have to incur. Shall i have to pay income tax on that. Amt exceeds 10lakhs shal .....

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..... l i have to register under service tax as these are export of services.? Should i have to inform RBI. Very much confused. please guide me as i ve to file my return before 31st march 2013. - Reply By CA. Surender Gupta - The Reply = If you are providing services to the clients, you need to compute the income under the head Profit and Gains from Business or Profession under Income Tax Act, .....

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..... 1961 .. You income may be taxable as per your profit and loss account and computation of income after availing deductions, benefits and exemptions. As long as service tax is concerned, though my personal views are different after scrutiny of the facts, as per the Education Guide issued by the CBEC, your service would be liable to service tax in India. For FEMA provisions you may refer to F .....

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..... OREIGN EXCHANGE MANAGEMENT (EXPORT OF GOODS AND SERVICES) REGULATIONS, 2000. and Master Circular on Export of Goods and Services. - Reply By RAHUL MALHOTRA - The Reply = Thanks sir - Foreign Income - Query Started By: - RAHUL MALHOTRA Dated:- 18-3-2013 FEMA - Foreign Exchange Management - Got 2 Replies - FEMA - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinio .....

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..... n Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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