I have an independent contractor agreement with a U.S. consulting company and work from India. I get paid through a wire transfer in my India account. I get paid on an hourly basis based on the consulting services I render.
I have following questions:
Do I need to pay tax for my income coming from the U.S. in the US? I am already paying the income tax in India like other consultants lawyers, doctors etc.
I have a US bank account to. Can I receive my consulting fee in my US bank account? Will there be any tax implications?
Is there anything I need to do to comply with the US IRS regulations?
Read IRS Publication 54 which explains this... You may be able to exclude up to $100,800 of income as not taxable by the United States, and there are residency requirements.... For example if you worked abroad for the full year, you may be viewed as a non resident in the U.S..