I earn income from USA and Europe citizens and the money is sent to my Bank Account in India through a employment managing company Freelancer.com, and I'm resident of India.... How do I declare this income in USD and Euro in new ITR 2 form as money gets converted to Indian Rupee and gets credited to my bank account here in India? Please help as I think the ITR 2 form is also asking for these kind of details...
2 Replies
Wae Jing Lonthaw
(Others)
(341 Points)
Replied 08 July 2015
Can someone answer this Query of mine posted above?
J S BHAVSAR
(CONSULTING)
(1288 Points)
Replied 14 July 2015
I maybe wrong here and maybe assuming few things like you have bank account abroad.
In the ITR2 utility there is a excel sheet for declaring Foreign Assets. In that you can declare your bank accounts you hold that are located in USA and Europe. Then in the same table you can add the amount of the peak balance in that account. Lastly you can see columns for the amount to be considered for computing income during the financial year. There you can mention the amount.
Disclaimer: Please take the above advice with a pinch of salt as I am not a legal tax professional. Please consult a CA or Chartered Accountant.
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