Repatriation of Remuneration paid to NRI Managing Director

This query is : Resolved

Venkatakrishnan (Querist)
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30 October 2009 Hi,

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.

Thanks

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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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.

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
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16 May 2011 There shall be taxation issues in the same . As per FEMA there should be apparently no problem ,but all the facts need to be verified.

Anuj
0-981016211

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