Need help with foreign transactions in savings account

[Pahulpreet Kaur]

My company is based in US, so the salary that I get, there is every month a deduction of $20 in remitted amount plus service charge deduction from the bank side. Does any one has any idea how I can save on this?

 

[ShavirB]

My company is based in US, so the salary that I get, there is every month a deduction of $20 in remitted amount plus service charge deduction from the bank side. Does any one has any idea how I can save on this?

Is this $20 conversion charges? You'll get to know the nature of these charges in the Bank Account statement

 

[Pahulpreet Kaur]

Is this $20 conversion charges? You'll get to know the nature of these charges in the Bank Account statement

No its not conversion charge. It's a fixed amount which is the difference between the Remitted Amount (paid by company) and settled amount (what bank gives me). I don't know whether bank takes this amount because it's a foreign transaction or the govt takes it

 

[arjungoyal12]

I think it is typically paid by the sender. Why they are putting that on you? Have you tried asking the company?

 

[Pahulpreet Kaur]

I think it is typically paid by the sender. Why they are putting that on you? Have you tried asking the company?

Haa it is adjusted by the company next month but eventually this monthly difference is getting added up in my taxable income which is based on the amount I claim to the company (this includes forex charges, conversion rate difference and $20 fixed deduction) and not on the basis of the amount I receive in my bank account. (Complex reason behind : GST comes into picture though I don't meet the criteria to have a GST number but it comes in export of service outside India, so I have to do a zero filling for GST monthly/quarterly). So, I end up paying tax on this additional amount that I don't even receive in my bank account. Hence, was trying to find with help of community if there is a better way anyone is aware of.