Reserve Bank of India

Do we have to file returns with Reserve Bank of India for any foreign inward remittance received?

Public Comments

1. You should check to see if it's taxable or not. Normally, you have either tax-exempt income or tax-excluded income for amounts that are outside the code.
2. Your question has two part.One is related with Foreign exchange & other with Taxability of the same.As far as remittance is concerned, income tax is charges either on receipt basis or on remittance basis/Accrual basis. Therefore the taxability is depend upon the above criteria.As far as foreign exchange is concerned everyone in india has to deal there foreign transaction with the appointed agent by RBI. So there were no need to file the returns with RBI for any foreign inward remittance received.
3. I differ from two above answers. For remitance a certificate issued by the certificate is required to be produce to the RBI. The charted Accountant decided that the payment is taxable or not. Accordingly the tax is deducted (or NOT) Even otherwise, what ever deducted by the indian entity , will be adjusted against your tax liability in your own counter. [To whom ever the Doubble Taxation Avoidance Agreement entered by the INDIA, has the similar text, as decided by the UN, So, you are covered by the DTAA and credits will be available to you of tax deducted in INDIA]