i just found a "Laws - Guide for freelancers in India" it says more details are on link below http://www.scribd.com/doc/11445538/Laws-Guide-for-freelancers-in-India
hi all, please clarifying few things to me..firstly i am a freelancer, with no company registered,no current account how can i get this export code. i have paying taxes since last 6-7 years but the problem arises in the IEC form they need company name,documents and other stuff so please let me know will it be possible for a indivdual to apply for a IEC code without having current account and company name? Regards Rahul
and dude i remember i read this somewhere if the amount of single transaction is below $2500 there was no requirement of IEC code
IEC code is compulsory for only those whose annual income is above 10 lakh. I read this in this forum before. Correct me if I am wrong. Its worth a hassle for those who don't have enough income to go for this IEC code stuff. I hope paypal will also give other solution to freelancers like us. Its should not be mandatory requirement if the income is not enough like as in the Case of PAN card also i.e. 1,60,000.
nope its not like that if amount is less then or equal to 160000 then no tax but IEC code is required for everything
yeah this was what i was looking for see page no. 7 it mentions something about 25,000rs transactions if your amount from a single transaction is below it there is no requirement for IEC code right?
yeah right and check this page no 7 at the bottom http://www.scribd.com/doc/11445538/Laws-Guide-for-freelancers-in-India if paypal doesnt work i will have to rely on bank wires....i am ready to pan card details on paypal since there is nothing to fear i have been paying taxes regularly...i hope paypal allows us to do so
nope dude i have read long time back somewhere that it depends on the amount of single transaction for which IEC code is required...you are wrong here
I read somewhere IEC not compulsory if income below 10 lakh. But the thread is buried somewhere in digitalpoint itself. Its worth a hassle if Govt made it compulsory for freelancers. Pls. share source of your claim If Govt. made this compulsory for freelancers who is providing only services??
there is a interesting old thread which i think guide on some issue related to tax laws. http://forums.digitalpoint.com/showpost.php?p=2378323&postcount=9 i think this DP guy "arvind_srivastava" has some serious knowledege abot this issue. if he can start a new thread on"Guide for freelancers in India" it'll be really helpful for all of us. btw that is $25000 not Rs.
After the rules of RBI, paypal allowed their withdrawal services to Indians. But only for those who have IEC code. Lots of peoples are thinking its hard to get IEC specially students.. RBI wants to track the payment coming from outside India. Before this rule paypal was a Havala.(becoz of no record of payment, you can withdraw money in any account) Now you have to give proper IEC code. So, RBI can track every transaction of you. To getting IEC is a process of 2 week to 6 week. Step 1.Open a current account in bank. (You need min 10k deposit, very bank to bank) Step 2. After some transaction in your c/a account. You have to take a certificate letter from your bank of current running account. Step 3. Complete your IEC file. Attach all document with it. You can take help of any CA. Step 4. IEC fees is now Rs.250 instead of Rs.1000 which you have to submit into bank and have attach the slip copy with IEC file. It will take 2 week to 8 week to come your IEC code. Depend on city to city. Note: Complete your all documents carefully. Uncomplete file means add 2-3 weeks more... Recommended : Better is to take help of any experienced CA.
are making youself that much accessible to the Govt THAT IS EXCATLY WHAT THE ISSUE WAS ABOUT. NOW YOU GOT IT.. THIS IS WHAT THE GOVT WANTS TO DO..
I think we simply have to provide PAN numbers in case of Freelancers who are just providing services. Also several freelancer sites only ask for your PAN information not this IEC code stuff. Its a burden if you are not having enough income and then file unnecessory paperwork and yearly returns. Ofcourse we are ready if our income crosses this threshhold. In any country its not like that and in US also if you are freelancer you only have to provide only your personal Tax number.
at last a good news came with some confusion... but i think we will get resolve it... congratulations guys and cheers.
yes so according to arvind it means that a guy/girl with PAN can do freelancing as an individual hmm lets all wait till march 1st
yeah i agree i cant maintain current a/c and all other stuff when my income is not that much....i am happy to pay taxes and provide all tax related information..we are no big time exporters.........
IEC code is compulsory for only those whose annual income is above 10 lakh. I read this in this forum before. Correct me if I am wrong? Its worth a hassle for those who don't have enough income to go for this IEC code stuff. I hope paypal will also give other solution to freelancers like us. Its should not be mandatory requirement if the income is not enough?? We can give paypal PAN card in case of freelancers that are providing only services.
The process is very easy. Here is the application form : http://74.125.153.132/search?q=cache:XBueFeREsOgJ:dgft.gov.in/dgftcla/database/IECFORM.doc+dgft+iec+code+application&cd=3&hl=en&ct=clnk&gl=in Get Certificate from the Banker of the applicant firm in the specified format. Other requirements are very easy to complete. Demand draft fee is also very low i.e. Rupees 250/- You can get IEC number within 4 weeks. Getting a check from Paypal takes same time. Good Luck.