Income tax & fema
This query is : Resolved
21 May 2018
Can section 269ST be attracted for receipt of USD 5000 in the normal course of business of Travel Industry for arranging travel hotel abroad and acceptance of forex cash in India and then inturn exchange with Authorised delarers in India and then the same be deposited in Bank. Advise
21 May 2018
No, section 269ST not attracted for receipt of USD 5000, as it is applicable only for receipt of Indian currency.
FEMA rules applicable for receipt of foreign currency. FEMA allows such receipts and the foreign currency so received has to be exchanged with authorized dealers within the time prescribed.
FEMA rules applicable for receipt of foreign currency. FEMA allows such receipts and the foreign currency so received has to be exchanged with authorized dealers within the time prescribed.
21 May 2018
the issue is not with Income-tax as much as it is about FEMA. I would suggest that you disclose the money to your bank directly and ask them to convert it into INR. You are required to convert the amount into INR within 90 days of return to India.
However, please note that if the amount exceeded USD 5000/- then you also need to declare this to customs at the point of entry. Otherwise, you are in violation of customs too.
However, please note that if the amount exceeded USD 5000/- then you also need to declare this to customs at the point of entry. Otherwise, you are in violation of customs too.
21 May 2018
Foreign currency notes/ travelers cheque may be received from a foreigner during his visit to India, provided the foreign currency so received is surrendered within the specified period to the authorized dealer of which the travel agent is a customer.
21 May 2018
Thank you so much, so an Indian company can receive a Forex Cash E.g USD 2000 from a person resident in India going abroad for tour purpose and can that Indian Tour company require any sort of licence to accept Forex cash
21 May 2018
Marshal - don't think you are asking the same query. You are now suggesting that Indian company (engaged in travel business) receive income in Forex from an Indian resident. Right?
21 May 2018
Indian company can't receive foreign currency from Indian resident. Take payments in Indian currency.
21 May 2018
Marshal - don't think you are asking the same query. You are now suggesting that Indian company (engaged in travel business) receive income in Forex from an Indian resident. Right?
yes correct that is the question ,is there any provision where they can accept it or if they are not allowed then according to which provision disallowed by FEMA or Income Tax Act
yes correct that is the question ,is there any provision where they can accept it or if they are not allowed then according to which provision disallowed by FEMA or Income Tax Act
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