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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 July 2010 I am doing part time account works. One of my client is working as a video recorder. He has received a contract from a foreign client for recording 100 hrs of religious programs. He received the payment in British Pounds. Please guide me about the tax procedure,registration or any other type of legal formalities that needed to comply with in this matter.

Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)
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20 July 2010 Tax procedure will depend upon his residential status u/s 6 on Income Tax Act. For accounting purpose you need to pass entries in INR. For this you have to take the conversion rate of contract date.

I want to know whether you have received this amount in India or outside India. If you have received this amount in India, did you received them in INR or in Pounds??Have u taken the permission of RBI or not??