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

Income tax on foreign service receipts: taxable as Profits and Gains from Business or Profession; service tax may apply.
Resident tourist guide receipts from foreign clients credited to a domestic account must be computed as income under Profit and Gains from Business or Profession, taxed after allowable deductions; services are likely subject to service tax per CBEC guidance, and FEMA Export Regulations and related master circular guidance apply for reporting and compliance.