Yes, thats correct. But who knows, it might get extended. Actually there are a lot of people using this illegally to convert their money from US or other countries to white money and get the tax exemption as well. They show their companies as IT firms to get membership with STPI and produce fake invoices and get tax exemptions. Basically a little sophisticated and legal hawala (so called).
of course, it's good at present too - it saves, I guess, about 30% tax so that means around 1.5 crores in tax saving over 5 years
Actually this tax exemption is one of the many incentives the government is offering in order to support the IT boom in India! It may change with the change in government but the bill was passed with the votes of the members of the Rajyasabha! Getting registered with the STPI is not that hard as compared to what general people presume! But then STPI is necessary only when your company's project starts from 25k USD and as mentioned abt the 5 crore thingy! Abhishek
Hi, Tax (like death) is unavoidable. The IRS (Indian and elsewhere I guess) does not recognize your personal description of what consitutes a low project fee. You have to pay tax on $0.01 too (if you are an incorporated company). Even as an individual, any income ($0.01 too) would count as income, and if you cross the threshold of non-taxable income, you will pay tax. This is cumulative earning in a fiscal year and not based on project to project fee.
I have one CA (equivalent of the US CPA) who does my record keeping for me. I have another CA firm who does my ongoing audit, and I have a big name CA firm who does my year end statutory audits. But, I still worry about these things. I hope you know that you (and not your CA) is responsible for any screw ups.
This guy is doing plagiarism. This information is copied from another forum at http://forum.scriptlance.com/showthread.php?t=247 made by a member called hexadesigns. He didnt even mention the original writer's name!!! and he is asking for green reps, What a shame
If this guy from scriptlance 'hexadesigns' (who BTW is banned from scriptlance) is not Abhishek then its really a shame. CrazyBoy can you confirm us that these two are different guys ????
I did a little research on hexadesigns. He is some Mr. Aritrim Basu from Kolkata (India). He has profile on sites like scriptlance, GetACoder and elance. Elance: http://www.elance.com/c/fp/main/viewprofile.pl?view_person=hexadesigns&type=seller&catid=10217 GetACoder: http://www.getacoder.com/users/hexadesigns/hexadesigns_profile.htm ScriptLance: https://www.scriptlance.com/cgi-bin/freelancers/feedback.cgi?p=hexadesigns outsourcetoday: http://www.cc.net/cgi-bin/outsource/freelancers.cgi?viewprofile=hexadesigns scriptexchange: http://www.scriptexchange.com/index.php?a=uview&user=2788& His website is: http://www.hexadesigns.net/ I dont think they are same.
If its proved, then i say ABHISEKH you did a very Cheap thing acting out here, and talking out big things. You already said in your First post that you wanted GREEN REPS and thats the reason you posted it, also recieved that, but wtf you copied others work Seems sumit's research is correct seeing the stats he has given and CrazyBoy's Post. SHAME of Your Part
Currently Active Users Viewing This Thread: 5 (4 members and 1 guests) SumitBahl, CrazyBoy, hexadesigns, westhaven
Huh! Guys .. Contact Mr. Aritrim ...He's a friend! This is a generalised post about Indians .. the rep was asked as I am on other forums too and asking for reps is quite common .... And regarding \asking for reps .. i guess I have got enough of red reps for it .. about 11 of them ... Anyways ... it isnt plagiarisation ... it was a generalised post huh! And I am an IEC/Softex holder ... so I am aware of everything !!! Abhishek
Being aware of IEC doesnt relieve you of copyright issues!! It was written by Hexa and you didnt even mention his name. This is plagiarism no matter whatever justification you give. If you wanted to give your fellow indians some info, you should written an original post.
wtf @ scammer ... Did I ask for money or whatever ?? This is an Info posts ... and I know hexa well before you people do! Abhishek
Hi Community, This is Aritrim from Hexadesigns Software and Web Solutions and I can see someone has copied my original post that I posted here an year ago. http://forum.scriptlance.com/showthread.php?t=247 Sumit Bahl asked me personally if I am Abhisek...the answer is NO. I am not. Neither Hexadesigns Software and Web Soultions has anything to do with Abhisek, who posted this here. While such things are trivial (the information is important), but such practices hampers the allover image of us programmers. A request to Abhisek - Please ask the original author before copying and pasting, that takes only an email. And I would have allowed you to take the credit as well. To all your success Aritrim