Foreign Income

[RAHUL MALHOTRA]

Hi

I am resident of India. I receive receipts from foreign that directly credited to my saving account. I provide tourist guide services to clients of one of foreign company. Certificate of foreign inward remittance shows purpose of receipt as Tours and Travel. Now i want to know what are statutory liabilities that i have to incur. Shall i have to pay income tax on that. Amt exceeds 10lakhs shall i have to register under service tax as these are export of services.? Should i have to inform RBI. Very much confused.

please guide me as i ve to file my return before 31st march 2013.

AI Summary

Tourist Guide in India Advises on Tax Liabilities: Income Tax, Service Tax, and FEMA Compliance for Foreign Payments An individual residing in India provides tourist guide services to a foreign company and receives payments directly into their savings account. They are seeking advice on statutory liabilities, including whether they need to pay income tax on amounts exceeding 10 lakhs, register for service tax, or inform the Reserve Bank of India (RBI). A Chartered Accountant advises that the income should be computed under 'Profit and Gains from Business or Profession' for tax purposes and may be subject to service tax according to the CBEC's Education Guide. For Foreign Exchange Management Act (FEMA) compliance, relevant regulations should be consulted.