Anyone here working remotely for overseas companies that pay in dollars?
How do you get paid? And what % do you lose in forex transaction fees?
I have worked with a couple of European companies in the past. I signed a consulting contract with them which allowed me to get GST exemption (export of certain services, including management consulting are exempt). I was able to claim 50% expenses and paid the taxes on the remaining 50% as per the regular slab.
As for the receipt of payment, I simply got it wire transferred to a current account. I had negotiated a good forex rate with the bank so the loss due to conversion was negligible (less than 0.5%)
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If anyone of you’re looking to convert $ to INR let know,,
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