Indian Tax Rules

[GauravMehta]

I am a resident of India and I had opened a US LLC in Jan 2022 under my name and got some money transferred there (into Payoneer & Brex) from a client (not direct investment from my end). I haven't got that money back in India yet.

Do I need to mention anything about it in the ITR this year considering I haven't got the money back in my Indian account?

 

[whitecupg]

no don't mention

 

[Gogol]

Most probably no, you don’t have to. However, it is always a good idea to check this with a local CA who is good with foreign investments/remittances etc.

 

[NirvanaWolf]

Yes, you have to. As far as I know you need to report all your financial holdings and earnings overseas in your return. US shares data with India btw so you can't just skip it. Contact your CA.

 

[Gogol]

Yes, you have to. As far as I know you need to report all your financial holdings and earnings overseas in your return. US shares data with India btw so you can't just skip it. Contact your CA.

Oh well there we go. Conflicting opinion!

This is why OP should go to a CA for sure. They are the experts in this. Tax theft can bite you back very hard. Don't take chances!

 

[NirvanaWolf]

Oh well there we go. Conflicting opinion!

This is why OP should go to a CA for sure. They are the experts in this. Tax theft can bite you back very hard. Don't take chances!

I'm a half CA too
Dropped out because it was boring and monotonous. I'm 99.99% sure he'll have to report it. Or else people would just keep their income in foreign accounts without paying tax on it. I'm sure he is not paying tax in the US either, so he'll have to pay it here. Even if his income is below exemption level, he still needs to report it. I'd still strongly recommend consulting an expert though.

 

[Gogol]

I'm a half CA too
Dropped out because it was boring and monotonous. I'm 99.99% sure he'll have to report it. Or else people would just keep their income in foreign accounts without paying tax on it. I'm sure he is not paying tax in the US either, so he'll have to pay it here. Even if his income is below exemption level, he still needs to report it. I'd still strongly recommend consulting an expert though.

Makes sense.

 

[AuraMarketing]

Most CAs here won't have answers to your questions. Plus I have not yet seen an Indian leaving CA. CA leaves you. The finals are tough!

 

[Gogol]

Most CAs here won't have answers to your questions.

Not all though. The agency we work with is a specialist in this. They charge us 7k inr a month, but they manage everything for us. We just have to provide them with the account details and invoices.

 

[NirvanaWolf]

Most CAs here won't have answers to your questions. Plus I have not yet seen an Indian leaving CA. CA leaves you. The finals are tough!

I left CA by choice. It was uninspiring, boring and monotonous. Didn't want to stay messed up in accounts for the rest of my life. And I know a lot of others who left it too. It's not like you're wasting your time or anything. Most of your CA course gets completed along with your graduation anyway. I chose MBA instead and it was umm, more fun than CA but still not worth it imo. You learn more while working in real life.

They charge us 7k inr a month

Damn, that is cheap if they're managing accounts for 2 companies, I assume they are even filing GST returns for you.

 

[Gogol]

Damn, that is cheap if they're managing accounts for 2 companies, I assume they are even filing GST returns for you.

nono not 2, but 7k for each.
The other account is funded by our foreign director so it's not from our pocket.

Edit: Yepp, GST included.

 

[High Council]

You do realize that cards work internationally??

 

[High Council]

You can get it next day usually if you're using a bank sir

 

[MKSKS]

As everyone has pointed op needs to consult a CA.
Pro tip if you have a Baniya/Marwadi friend it's a plus.

 

[Chris Newman]

If you are a resident Indian as per the income tax rules, the income earned anywhere in the world is taxable in India for you. But how should this income be included in an income tax return, only a good chartered accountant can tell you that.
In my case, I do not declare such income. I convert it to USDT and keep it in a decentralized wallet.
However, always consult a tax expert for tax related matters.