HI,
I am Indian citizen and file return in India only. I was in UK for few moths for office work. I have international prepaid card issued in London. Sometime i do free lancer work for Europe and I get payment in my prepaid card. I withdraw the cash here in India with international prepaid card.
Is it allowed ? If yes, then how can I pay taxes on that ?
Thanks,
Ashu
Taxation of global income: resident must report freelance earnings received on international prepaid cards and remit tax accordingly. An Indian resident receiving freelance payments on an international prepaid card and withdrawing cash in India must declare those receipts as taxable income, convert them into domestic currency for reporting, pay applicable tax through the regular return process, and retain records of receipts, source, conversions and withdrawals for compliance. (AI Summary)