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?