Reply
This is an open group. Sign in and click the "Join Group" button to become a group member and start posting.
cancel
Showing results for 
Search instead for 
Did you mean: 
Reply
This is an open group. Sign in and click the "Join Group" button to become a group member and start posting.

Re: How to prove foreign remittance incase of LFT

Frequent Visitor
Faizan K Member Since: Aug 11, 2015

AOA,

I withdraw funds through local funds transfer to my standard chartered bank account. In bank statement those funds show as ATM transfer. Now for filing Tax Return and availing tax exemption on software export, I want to show that these funds came through foreign remittance.

 

Upwork provides certificate of earning document but there's no way to select custom date. July-14 to June-15.  It generates this certificate from 12 previous months starting from current date.

https://www.upwork.com/reports/certificate-of-earnings.pdf

 

Can anyone help me through this?

 

Regards,

Faizan

3 REPLIES 3
Highlighted
Frequent Visitor
Haris S Member Since: Nov 14, 2016

Hi Faizan,

 

Did you come up with any solution ?

I am facing the same issue.

 

Thank-you

Active Member
Sohaib M Member Since: May 22, 2016

AOA

 

I think there are 1 possible options. Provide Upwork Earning Certificate and your profile page print (on profile page there are full details of earning by a project and so on..) to your bank with your profile URL so that they can verify your earning. You can discuss with your bank advisor by telling them upwork limitation.

 

JazakAllah

Ace Contributor
Soumya N Member Since: Jun 22, 2015

Based on my experience and having gone through hell with the process myself, here are the steps that I'd like to share to help all my fellow freelancers in India:

 

Upwork processes the payments through Wells Fargo, the funds are then routed through Standard Chartered in India and reach your bank account.

 

a. Go to the bank in which your Upwork earnings are credited in INR. The system is centalized, so it doesn't have to be your home branch.

 

b. Make a note of each and every Upwork credit you would like an FIRC for as the bank issues one consolidated FIRC for all the entries. To know the same, go to Reports<Transaction History<Choose Withdrawls in the dropdown under All Transactions for "All clients" and also choose the time and date range of your choice.

 

This is how you can determine the credits:

 

c. Your line item will read: (1 single line) I'm breaking it down to help you.

 

Date

Type: Withdrawal

Description: Direct to Local Bank Transfer for XYZ INR to bank account number

Client: Blank 

Amount: ($XYZ)

Ref ID

 

d. Take these entires and go to the bank. The bank will have to as Standard Chartered to issue an NOC (No Objection Certificate). The format will have the date, transaction amount in INR, name of the remitter and the purpose code. Please visit this link: https://www.rbi.org.in/upload/notification/pdfs/52220.pdf

 

e. Once the bank receives the NOC, they can send you the FIRCs.

 

Hope this helps.