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Clarification regarding FEMA 1999 for individual tax payers
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,
Hello, Maximum $ 2,50,000 Lakh per year is permissible under FEMA without any approval.
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