Ofcourse tax laws will apply for any income you make if ur citizen of that country, but i meant was its for indians who are in india and making money in india , not indians who have not changed their citizenship. Even in canada there are indians (native indians) so i doubt this topic concerns them. So i think title should state this instead : Living in india or earning money in india than Pay Attention!!! Indians is too broad a term
Dude ... if someone's that stupid that he cannot differentiate if the topic concerns him or no .. I guess he shouldnt be on DP ... ..even if ur in the USA but still an Indian maybe studying or somehting and offering any kind of services ... you are supposed to be knowing all this ... and anyways a little extra knowledge doesnt harm ... Abhishek
When he (or she?) said native Indians I think he meant American Indians. You know, the ones that are known for running casinos, practicing Sundance, and who have been fighting terrorism since 1492.
He definitely didn't mean that .... *Offtopic alert* This is a serious topic, please donot pull it away ... Abhishek
Dude u ever thought that Native indians from other countries will also be mislead into reading this thread? Desis are not the only indians out there.
Interesting post with alot of useful tips and information. Wow I am going to give a rep for this one. I am not even Indian but found this information useful.
I have something to say.you had given alert about debit card.I have earned few money through ikobo money transfer which is reloadable debit card.I withdraw money through ATM.I am going to offer the statement of that ikobo account to income tax and pay the taxes.(My CA suggested me so.)
You sure your CA is a CA ?? Dude ...IEC codes gives you foreign trade rights without it you can't!!! And in India it is mandatory to inform the RBI of any international trade transaction that happen And getting your foreign currency in your bank account you are doing so and paying the conversion fees to the government itself whereas in case of Ikobo or any other ATM card you are paying it to the Private company! Heck who is talking about IT here ? I just asked you to keep a record thats it, since these are "foreign funds" and your bank may question you anytime. Receiving funds into an IKOBO debit card doesnt at all provide you any source of funds, whereas a wire/paypal withdrawal etc can denote the source of funds very clearly! Hope you got my point Abhishek
I know this is on old thread, but i would like to add something here. If you are registered under STPI (Software Technology Parks of India) you'll get 100% income tax rebates if you can show 5 crores (read $1.1 million USD approx.) incoming funds over the span of 5 years. STPI charges 50,000 INR ($1100 approx.) fee for 5 years of registration. For being eligible for the tax rebate you'll have to produce invoice and method of payment received for every single transaction. If you don't show an invoice that transaction wouldn't be counted in. If you fail to achieve the target of 5 crores ($1.1M) you'll have to payback all the tax exemption you received. Our company has an IEC code and STPI registered as well for over 3 years now.
Same here SumitBahl, they give you what they call the "Green Card" and we enjoy complete Tax Holiday. Thanks for the info ... Abhishek