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Clarification regarding FEMA 1999 for individual tax payers  

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garvind25
(@garvind25)
New Member
Joined: 2 weeks ago
Posts: 1
09/10/2020 7:06 pm  

Hello All,

 

  I am an individual tax payer residing in India and had the following query on FEMA 1999. I hope someone will answer:

 

** I do content writing and earn part time from online websites. I receive payments in my SBI account through financial services like Payoneer. Does my savings account need to be FEMA 1999 compliant? I earn not more than $1500-2000 per year. I already pay taxes on the amount by showing it as an income from other sources.

** In case I have to get my account FEMA 1999 compliant, what is the procedure pls?  Also, is there any lower limit below which I need not get my account FEMA compliant?

 

 Since I have no idea on how to proceed in the matter, any guidance will be thankfully acknowledged. I look forward to hear from your end.

 

Thanks and Regards,

Arvind Gupta.


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Riya
 Riya
(@riya)
Member Moderator
Joined: 1 year ago
Posts: 44
21/10/2020 11:14 pm  

Hello, Maximum $ 2,50,000 Lakh per year is permissible under FEMA without any approval.


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