Dilshad Merchant 07 September 2021

overseas payments for online Classes

I am a teacher ( Indian ) who teaches the following courses and subjects:
1. English Grammar
2. Spoken English
3. Personality Development
4. Business Correspondence ( Writing Business Letters )

Since everything now is conducted online, I wish to record my lectures for above respective courses and subjects, and upload them on an App or conduct online.

Any person wanting to pursue these courses can Join and access them by paying its respective fees either by direct bank transfer or NEFT / RTGS, etc. or other payment options.

I am getting a lot of enquires for my courses from out of India.

I want to know if I can accept payments in my bank account from out of India legally, and, also what procedure I need to follow.
Kindly guide me.
Thanks 🙏

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Quick Summary

An Indian teacher offering online courses in English Grammar, Spoken English, Personality Development, and Business Correspondence is seeking guidance on accepting payments from overseas students. They want to know the legal procedures and requirements for receiving international payments directly into their bank account. Advice suggests that accepting foreign payments is permissible, provided all documentation is maintained for potential verification and the income is declared in the annual Income Tax Return. Key details like account number, bank name, and SWIFT code are needed for international transfers.

4 Replies

SIVARAMAPRASAD KAPPAGANTU (Retired Manager) 08 September 2021

You can accept payment for the services rendered online for foreign Clients. You need to keep all related/relevant documents properly filed fir verification in case of need. You have to add this income received to your Gross income while filing Income Tax Return for the assessment year concerned. You need to give your account number, bank name and SWIFT Code og the branch/forex handling unit if the bank to the overseas client so that the foreign currency amount shall be credited to your account.

Dilshad Merchant 08 September 2021

I havea pan card number but I don't yet file income tax and I don't have GST. when do I need to file income tax since till now I donot have any income.