Foreign Exchange Management Act
Dear Sirs,
I am an internet entrepreneur
earning a regular income from the
internet. My income has recently
exceeded the $3000 per month
slab. My question is, does FEMA
prohibit me in any way from earning
foreign income this way? I have no
obligation to pay taxes, however I
wonder again how I need to quote
this income in income tax returns.
What valid documents will the
authorities accept as proof for my
income? I ask this because there
are no physical documents involved
in internet business. Is it enough to
archive copies of cheques I have
earned? One more question, I have
heard that it would be illegal for an
individual to bring in more than
$2500 per month in to the country.
However I found no regulation
conforming this anywhere. I am
really confused as to what to
follow.
Your expertise will really help.
Thank you very much,
KM
1 Answer from Attorneys
Re: Foreign Exchange Management Act
There is no prohibition but its better you consult some Chartered Accountact locally.
Related Questions & Answers
-
Salary Structures in manufacturing is there a rule that basic has to be not less... Asked 11/12/08, 7:03 am in India Tax and Taxation Law
-
Salary structure What slhould be an ideal salary structure for a manufacturing... Asked 11/12/08, 4:18 am in India Tax and Taxation Law
-
Taxation Law items included in income from Other sources ? Asked 11/11/08, 2:38 pm in India Tax and Taxation Law
-
Fund transfer I want to transfer 2 lac to uncle's account , will it attract tax , if... Asked 10/13/08, 2:14 pm in India Tax and Taxation Law
-
Taxation Law Can I purchase a property in my wife's name with my own funds? If not,... Asked 10/09/08, 12:03 am in India Tax and Taxation Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
