Is money received in Australian dollars into my personal account in India taxable?

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girish s

Is money received in Australian dollars into my personal account in India taxable?

I provide some services to an Australian company. I get paid directly into my personal bank account every week for the services rendered. The services rendered are obviously legal. Could someone tell me if this amount is taxable and if i should declare this in my returns? Only people qualified need answer. i am a citizen of India. Thanks in advance.

Veekay

Since you are an Indian Citizen and presuming you are residing in India only, any income earned by you anywhere across the globe, irrespective of the currency earned or whether it is brought to india or no, it is taxable

Vijay S

No. Earnings in friegn exchange is not taxable, in India. Anyhow, consult a Chartered Accountant or check, on this site
http://incometaxindia.gov.in/

delta

yes the amount is taxable and u need to file a return.

Raghavendra R

No not at all . You need not pay any tax for the dollars you receive from Australia.Yours VRVRAO

Nagmani S

Dear Girish,

Hope you are doing well, this is the case of dual taxations made in two countries from where income genrated to where income received please check first if tax deducted at source is done on your income or not in other words if the company who pays you after deducting tax applicable as per there income tax rule or laws and if you paid tax in india also there would be dual taxation on same income to check this you need to confirm with the australian company i am going to define both case 1) if tax deducted by australian company - than in your return's computaion caculate your tax as per the gross income than deduct that amount which is deducted by that company rest you have to file a another compulsary procedure you to follow that you have file a request in income tax department for reliefing you from dual taxation means you are paying tax in both the coutries. rest income tax department will do... 2) if australian company do not deduct tax - your residential status is "resident" as you give consultancy from india than compute your income tax on the income and simply pay the tax. remind it not paying taxes on foreign income would create a danger for you so you are requested to pay proper tax.

thanks
Nagmani Singh

CRYSTAL

ya!

Orthodox Purushottam Kabra

I guess that the company may be sending in Aus$ but credit in your bank account is in Rupees.
You are rendering services from India and you have no office in foreign country.
Your income is taxable in India.

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