Context:  I am a professional based out of India and doing some contractual work for a company based out of SF. Now, they're paying me money via Deel in usd and I need to collect it here in India. ...

Welcome to Salary Discussion's Private Community

Context: 
I am a professional based out of India and doing some contractual work for a company based out of SF. Now, they're paying me money via Deel in usd and I need to collect it here in India. 

Queries:
1. What is the most cost effective way of withdrawing money from Deel?

2. What is an FICR and do I need it if the txn is under $3,000?

Would really appreciate the help. Cheers :)

Joined startup as a contractor. Need help understanding Withdrawals & Taxations

Software Developer

Joined startup as a contractor. Need help understanding Withdrawals & Taxations- Grapevine

Welcome to Software Engineers's Private Community

Hello,
I am expecting an offer letter from a company based outside India. They are quoting their salary figures in USD. 
I wanted to get an idea from the members of this group about the things to keep in mind while being paid in USD.
How much would I have to pay in conversion fees? Or does the employer typically take care of that?

I would need to provide them with invoices every month, for which they will pay me. So I have to take care of the tax on my own.

Does this mean that PF is not an option or can I deposit PF myself somehow?

What other kind of issues should I keep in mind?

Salary from Foregin Based Startup

Mechanical Engineer

Welcome to Personal Finance's Private Community

Hi, I need some help from the finance experts.. I have been doing freelancing for a few months. Until now I was doing it on upwork and other freelancing sites and the amount was also lower (<1lac). Recently I was working with a client outside of the freelancing sites. The client will be paying me in dollars. For transferring the payment he said he will only do via wire transfer.  Now my question is which is the best way to reduce the taxes which I have to pay to the government. The amount will be >10lac. I am already earning more than 10lpa from my job so if I get that money in my account I'll have to pay more tax. On the other hand my parents earnings are not coming under the income tax slab. Should I directly transfer the amount in my account or to my parents account or should I create a msme and register it under GST? 

TIA 🙏

Need help in getting usd from a client.

Software Engineer

I have got an individual contract offered by a company based out of Chicago. I want to know how this model works. 
1. Do I need to enable or inform my bank about the foreign payment coming in ?
2. Do I need to pay any income tax on this amount whole or if there is any slab after which I need to pay ?
3. How do I declare this amount in my ITR ?

Thank you.

Income Tax advice required for a Contract offered by a US based company.

Tech Lead

How does your startup pay you? Most startups use Gusto or Ripling but they don’t seem to offer a way to get paid in $USD to an Indian account. The tax burden for a contractor ( with GST ) is high and is saddening to lose out on the benefit of no tax for service export ( when paid in USD only )

Have any of your figured out how to take salary denominated in $USD in an Indian account?

TC: 35+
YOE: fresher

For those who get paid in via INTL Transfer

How to save income tax when you for a US based startup and pays you in dollars?

Product Manager

Are there any tax benifits/ loss while working for a remote company while staying in India?

I'm told that the pay would be a bank - wire transfer every month or it could be a payoneer.

Are there any specific questions should i ask to get more clarity on this?

If you have any resource, please paste the link below ...

Getting paid in usd in India

Welcome to Moving Abroad's Private Community

I am currently working remotely for an American startup from India. I recently received my Visa and now have an option to move to US. I also have another job offer on-site in India that I am evaluating. 

My question is mostly on taxation and calculating in-hand salary. 

Current - 85 lacs base. Working as consultant. Registered GST. I am able to save tax and get to a post tax income of 75 lacs.
Savings 

New On-Site Indian offer - Base 98 lacs. 

My question is, what will be my post tax income while working as an employee in the Indian company.

Question on Taxation and Savings

I graduated in May 2023 and joined a US-based remote startup as an SDE in September 2023. They don't have a physical office in India, so they hired me via Deel (https://www.deel.com/) as an independent contractor.

In the future, if I plan to make a switch, will I face any problems as all the documents state that I'm a contractor and not a full-time employee?

The full-time employees of the company also work remotely, so the experience I get is pretty much the same.

To add some more context, I participated in Google Summer of Code 2023 and received the offer to work full-time later. So it is an open source organization, and all the pull requests I make are publicly available on my GitHub profile, but I highly doubt that the HR team will consider that.

I really love working here, but if it'll create some difficulty in the future, then I might have to reconsider.

Help and suggestions would be really helpful.

Remote job right after college

What are some smart ways in which to minimize tax liabilities as a freelancer? Should I look at forming an HUF, sole proprietorship, PLC? 

Use Case - I am looking at remote opportunities with US startups and many of those pay their overseas teammates as independent contractors; not as employees. 

In such case where CTC > 40LPA fixed, what are some of the best tax saving hacks that one can execute?

TIA!

Best way to minimize taxes as a freelancer in India?

Analyst

Anyone has an idea on how taxes work if you're working remotely for a foreign (say US) company. Is it like you are taxed both from the US and India? For those who are working in such companies, it will be great if you can shed some light here.

Remote US job, Indian Tax + US Tax

Fellow freelancers of coders/designers.

I used to freelance via upwork. Now I have a direct UK based client outside of Upwork. 
I don't know how to receive a payment.

- Do i set up a PayPal account ?
- He said he can try using WISE transfer  ? Is it possible to transfer directly to my personal bank account ?
- What are the rules ? Does RBI creates issues in bank transfer/PayPal ?
- Anything I am missing?

Want to complete this all today so he sends it tomorrow and I get a Diwali baksheesh :)
Help appreciated.

How to receive foreign payment of freelance

UX/UI Designer

For US based company's employees which provide stocks - How do you file your income tax ?

1. Do you declare your foreign stocks in ITR ?
2. Do you do self filing ? Or use online tax filing websites ?
3. Do you take services of a CA ?

I'm looking for best way to do it with minimal involvement from my side. Please add service charges by websites/CA in your response as well.

PS - This is my first financial year where I hold foreign stocks. Looking for guidance. Thanks.

How do you file taxes with foreign stocks in your portfolio ?

Hello folks,
So I got an offer from a US based product company for remote role for Product designer.

This company just raised a seed funding.

They don’t have any office in India but their tech team and some of the people from leadership team (CxOs) are from India.

I’m confused whether to go with this offer or not.

Reason: 
1. Their interview process was too good to be true, it was very quick, no assignments given, they just saw the portfolio, ask some process related questions and then they agreed to give offer.

2. It’s a pure remote company with no plans to build office in India in coming future.

3. They have very small team, I’ll be working as 2nd designer only.

4. As per the current job market, I’m afraid about their future.

YOE : 3yrs
Hike that I’m getting is 50%

Help a fellow UX designer decide whether to go with this or not.

Need help to decide about job offer.

I'm a software dev contractor and I'm working for 2 companies, having a total income of 50L per annum. 

when I consulted a CA, he mentioned that I'll have to pay 18% GST (since business income is over 20L) and will also have to pay 30% income tax. 

i understand taxes are important and all, but I'm so not willing to give 6 months of my hard work to the government. 

can anyone please advise me on what to do to save on taxes

paying 48% tax. need a CA's advice

I’m not talking about companies like Meta, Google or companies that have their branch offices in India. Even Turing has registered India entity to pay employee salaries.

For example, take Miro. They have offices in Amsterdam but they don’t have a registered entity/office in India. Can companies like those hire Indian workers and make them work remotely from India?
If yes, how would they pay salary? They won’t have official payroll here and without a registered entity they can’t pay PF. How does this salary thing works in this case?
And do we have to pay taxes for both the countries?

Reason for asking: I was watching “Silicon Valley” and there was an episode where Pied Pieper hires 3 engineers from India, Pak and Europe without having any official offices in those country. How would they pay their salaries?
Also, read somewhere on Medium that few people are working this way and getting paid $ equivalent of their salaries. If anyone knows anything about this kindly share info on comments.

Can a foreign company hire Indian employee to work remotely?

Will this be a hawala transaction according to Indian crypto laws? If someone abroad sends me crypto and I offramp it into an offshore account to keep the value in USD.

If I then Revolut it back to India, will I have to pay anything beyond regular income tax?

Asking purely for educational interests and exploration.

Joined startup as a contractor. Need help understanding Withdrawals & Taxations

Discover More

Software Engineers on

by Jordon Hyrum

General Electric

Salary from Foregin Based Startup

Personal Finance on

by Karilyn Carmden

B2B SaaS

Need help in getting usd from a client.

Personal Finance on

by Dezi Everett

Carbyne

Income Tax advice required for a Contract offered by a US based company.

Personal Finance on

by Matilda Lee

Stealth

For those who get paid in via INTL Transfer

Personal Finance on

by Jordon Gabriel

Stealth

How to save income tax when you for a US based startup and pays you in dollars?

Personal Finance on

by Jordon Lee

Stealth

Getting paid in usd in India

Moving Abroad on

by Kendall Lee

Hubspot

Question on Taxation and Savings

Software Engineers on

by Isaiah Hyrum

Stealth

Remote job right after college

Personal Finance on

by Jordon Nadeen

Stealth

Best way to minimize taxes as a freelancer in India?

Software Engineers on

by Dezi Nadeen

Slice

Remote US job, Indian Tax + US Tax

Personal Finance on

by Aaron Carmden

Freelancer

How to receive foreign payment of freelance

Software Engineers on

by Matilda Carmden

Microsoft

How do you file taxes with foreign stocks in your portfolio ?

Designers on

by Dezi Lee

Raksul

Need help to decide about job offer.

Personal Finance on

by Kendall Lee

Startup

paying 48% tax. need a CA's advice

Software Engineers on

by Anise Lee

Early Stage Startup

Can a foreign company hire Indian employee to work remotely?

Personal Finance on

by Jordon Gabriel

Startup

Legal to keep offramped fiat from crypto in offshore accounts?