Freelance trading of products in India
For most goods there is no license required, unless you are trading in restricted goods. Remittance need to be routed via banks and they should comply with FMEA. Your Bank or a qualified CA can guide you.
"ITR-4 is for incorporated business. For freelancing, You can fill ITR 2 and declare the freelancing income as ""income from other source"". Refer to the Income Tax website for more details" Under what section do I declare my profits when I pay tax? You have to declare this as income from other source and pay tax as per tax brackets. I'm from India and have been trading in binary options for a while now Trading in India on binary options is illegal. If you are using Forex from India for trading, this is not allowed as per Foreign Exchange Management Act. Manufacturer of Ramming mass in India http://quartzpowdermanufacturers.com/supplier-of-ramming-mass-in-india.php Shri Vinayak Industries-Our Ramming Mass product has features like corrosion &amp; wear resistance, better thermal stability, contains less binders, fire clay &amp; moisture in comparison with plastic refractory, Optimal bulk density, Free from sintering agent, longer shelf life, accurately processed, high purity, reasonably priced,  and durability. After that this ramming mass is delivered by us implementing precise quality control tests to the clients. Our product is usually available from ready stock. Blupier Company is located in City of lakes Udaipur, Rajasthan. We are providing natural and high quality products. We are supplying our products outside India also like Russia, Middle East, Europe, China, UK and USA. We value our clients and fulfill their requirements and providing best quality products with We mainly focus on quality range of product.https://www.slideshare.net/blupierc/semi-precious-stone-slabs As an individual freelancer, you would need to maintain a book of accounts. This should show all the income you are getting, and should also list all the payments incurred. This can not only include the payments to other professionals, but also any hardware purchased, phone bills, any travel and entertainment bills directly related to the service you are offering.  Once you arrive at a net profit figure, you would need to file this as your income.  Consult a tax professional and he can help with how to keep the records of income and expenses. i.e. You would need to create invoices for payments, use checks or online transfers for most payments, segregate the accounts, one account used for this professional stuff, and another for your personal stuff, etc. In a normal course the Income Tax Department does not ask for these records, however whenever your tax returns get scrutinized on a random basis, they would ask for all the relevant documentations. I am a freelancer based in Europe and I want to tell you: - if you are a freelancer, then you INVOICE your Swizzerland based client The word salary is improper. - So your client will DEDUCE the invoice from its taxes, and NOT pay income tax on top of that invoice. Because invoice = expense.  So, ONLY YOU pay income tax in India. Your client pays no tax at all, not in India, not in Swizzerland. As you are a freelancer and not employee, the company has no obligation to pay employer taxes for you. A company  has financial benefits from working with a freelancer. I feel the need to separate my freelance accounts from my personal accounts. Yes, you should. Should I start another savings account or a current account? Do you need the money for daily spending? Do you need to re-invest in your business? Use a current account. If you don't need the money for business expenses, put it away in your savings account or even consider term deposits. Don't rule out a hybrid approach either (some in savings account, some in current account). What criteria should I keep in mind while choosing a bank? (I thought of SBI since it has a lot of branches and ATMs). If you are involved in online banking and that is sufficient for most of your needs, bank and ATM locations shouldn't matter all that much. If you are saving a good chunk of money, you want to at least have that keep up with inflation. Research bank term deposit interest rates. The tend to be higher than just having your money sit in a savings account. Again, it depends on how and when you expect to need the money. What do I keep in mind while paying myself? Paying yourself could have tax implications. This depends on how are set up to freelance. Are you a business entity or are you an individual? You should look in to the following in India: The other thing to consider is rewarding yourself for the good work done. Pay yourself a reasonable amount. If you decide to expand and hire people going forward, you will have a better sense of business expenses involved when paying salaries. Tips on managing money in the business account. This is a very generic question. I can only provide a generic response. Know how much you are earning and how much your are putting back in to the business. Be reasonable in how much you pay yourself and do the proper research and paperwork from a taxation point of view. "HSBC, also known as ""The Hong Kong and Shanghai Banking Corporation"" has banks in India. I would imagine that might be a place to start.   Paypal, which is commonly used to pay for items on eBay -- is also available in both India and China.   You should, of course, respect any laws regulating this kind of money transfer."