• Inward Remittance(ITR 4): wire transfer or plane.com

I am a IT consultant with a long tern client, my client is paying me via wire transfer for which I will get FIRC from my bank.
But they want to pay me via plane.com, which will give advice, is this fine legally?
https://help.plane.com/en/articles/5563993-how-to-get-a-foreign-inward-remittance-certificate-firc-in-india
Asked 1 month ago in Income Tax

The Plane Help Center provides detailed instructions for obtaining a Foreign Inward Remittance Certificate (FIRC) in India. This certificate serves as proof for foreign transfers to India, and Plane can assist you in obtaining the necessary UTR (Unique Transaction Reference) number for your FIRC request.

As for the legality of receiving payments through Plane.com compared to traditional wire transfers, both methods should be legally acceptable as long as they comply with Indian financial regulations and you obtain the necessary documentation, such as the FIRC, to validate the foreign income.

 

For detailed, personalized advice, consider a phone consultancy.

Hope you find the information helpful. You are free to contact me for further discussion.If you could spare two minutes of your time to write a review, It would be really grateful and very happy to read it.

 

Thank you.

Shubham Goyal

Shubham Goyal
CA, Delhi
212 Answers
4 Consultations

5.0 on 5.0

Take payment through wire transfer and obtain FIRC from bank

 

For detailed discussion you may opt for phone consultation

Vivek Kumar Arora
CA, Delhi
4840 Answers
1037 Consultations

5.0 on 5.0

Indian GST department would need FIRC to consider such receipt as foreign currency receipt hence it is advisable to take from modes where FIRC would be available otherwise this could create issue in GST.

 

Hope you find the information helpful, if yes do rate if 5 and provide your valuable feedback for my improvement.

Thank you.

Naman Maloo
CA, Jaipur
4272 Answers
97 Consultations

5.0 on 5.0

The Non-Objection Certification for Issuance of BIRC, detailing only INR, affirms the bank's acknowledgment of foreign currency conversion for regulatory and tax compliance.

 

For detailed, personalized advice, consider a phone consultancy.

Hope you find the information helpful. You are free to contact me for further discussion.If you could spare two minutes of your time to write a review, It would be really grateful and very happy to read it.

Thank you.

Shubham Goyal

Shubham Goyal
CA, Delhi
212 Answers
4 Consultations

5.0 on 5.0

This will not work in my opinion

Naman Maloo
CA, Jaipur
4272 Answers
97 Consultations

5.0 on 5.0

If NOC clearly mention remittance from Vostro account then it would be fine. Also obtain BIRC from your bank

Vivek Kumar Arora
CA, Delhi
4840 Answers
1037 Consultations

5.0 on 5.0

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