a Pvt ltd (IT company) has 2 directors, one indian local and one foreigner from europe (resident in europe)
the director is working for the Pvt ltd, but from his remote european location. he will earn income from the Pvt ltd.
are the following assumptions correct ?
1) this income has to be filed and taxed in india
2) the income can - after taxation in india - be wired to his european bank account without any problems
i am asking cause whoever i asked so far - i hear 2 different opinions. some say that after paying tax in india on this income it is no problem at all to wire it to his european bank account, whereas some people told me that the money can only be wired overseas if the Pvt. ltd is "registered with the RBI".
Is registration with RBI needed or not ? in cas eit is, what kind of registration is this, how can we get it and how complicated is it ?
CAclubindia
