My Managing Director who is a Non Resident Indian would like to take his Managerial Remuneration and Commission in dollars. Is it possible for us to pay the same from the perspective of Income Tax Act and FEMA? The payment is a fixed amount on monthly basis. Please clarify.
31 October 2009
Under Fema if the amount what you are going to pay in a year exceeds 25000USD you should get prior permission otherwise you should submit form no 15CA and 15CB of income tax to your Bankers before making payment in foregin currency. As far as income tax is concerned it will be filtered in 15CA and 15CB itself.
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