Hi all
I am in the process of moving to India with my current employer and my salary will be paid in USD. My employer asked me to determine how I would like the exchange rate to be determined.
Here are the option
-Monthly salary in USD, converted to INR using daily rate
-Quarterly or halfyearly or yearly rate updation
-Fix an exchange rate of on now and go on with it for the future.
What do you guys suggest?
M
Salary question
Salary question
Good question. The answer to this lies with the answer to the question, Will dollar crash in future?
I think the current rate of 46 Rs/$ is actually a pretty good one. If you can negotiate to fix a rate of 50Rs/$, then that would be awesome. IMHO over long term, dollar's value will decline.
I think the current rate of 46 Rs/$ is actually a pretty good one. If you can negotiate to fix a rate of 50Rs/$, then that would be awesome. IMHO over long term, dollar's value will decline.
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chicago2i2011
- Posts: 120
- Joined: Thu Dec 03, 2009 12:33 am
Salary question
If the employer is paying you in USD, then why not just keep it in usd and withdraw it when you need it by using services like money2india. What am i missing here? Why would the employer need to convert it to Rs.?
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kkassociate
- Posts: 173
- Joined: Mon Oct 05, 2009 4:45 pm
Salary question
Dear Mr Menon,
Fixing the exchange rate now will definately give you a peace of mind, but to get the complete peace of mind you should also think from the India tax point of view. Even if you receive your salary in USD or INR you need to File the return of income disclosing this amount on India tax return, Will your employer be giving you a 1099 or W2 , all these questions are also important as each of this has strong implications on your tax returns filing.
Please provide with more detailed information in order to plan it properly. We provide both USA and India tax filing and planning services. You can email us with your detailed queries on [email protected]
Regards,
KKA
Fixing the exchange rate now will definately give you a peace of mind, but to get the complete peace of mind you should also think from the India tax point of view. Even if you receive your salary in USD or INR you need to File the return of income disclosing this amount on India tax return, Will your employer be giving you a 1099 or W2 , all these questions are also important as each of this has strong implications on your tax returns filing.
Please provide with more detailed information in order to plan it properly. We provide both USA and India tax filing and planning services. You can email us with your detailed queries on [email protected]
Regards,
KKA