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am i liable for TAX?

Discussion in 'Money Matters' started by k006b, Jul 12, 2005.

  1. k006b

    k006b New IL'ite

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    Currently i am doing some back office operations from chennai for my friend in US and she is wire transferring (< $500) everymonth for my work to my ICICI savings account in chennai. I just want to know whether i am liable for paying tax?? Please help and guide me.

    Thanks
    KB
     
    Last edited: Jul 12, 2005
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  2. sheetal

    sheetal New IL'ite

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    Hi KB,

    Typically, Indian companies need to pay taxes on any income earned from abroad. However, I have heard that the government has given a 5 or 10 year income tax break for Indian BPO companies. Essentially, this means that companies in India engaging in BPO activities are exempt from tax on that BPO income.

    Since this is an important subject for you, I suggest that you consult a local tax consultant. Please update this thread on what you find out as well.

    Thanks.

    PS.
    BPO - Business Process Outsourcing.
    What does KB stand for :)
     
  3. k006b

    k006b New IL'ite

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    Dear Sheetal,

    Thanks for your reply. Currently i am doing the job at home and planning to start a company. As i am getting the money transferred to my savings account i am bit worried about the tax. I contacted few consultants but each differ from other and i am not getting any clarity. But still in the process and will surely update this thread.

    Thanks - KB

    I am known as KB to all my friends. Just initial of my First Name and Last Name. Its my petname. thanks for ur interest.
     
  4. Vidya24

    Vidya24 Gold IL'ite

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    am I liable ?

    AGR, Ushakrishnan, anyone, please help out here.

    We had a situation where we wished to sell a flat and buy a new house. It so happened, that we could not sell b4 we bought the house. And now we have managed to sell the house a month after purchasing the other one.

    My question is are we liable to be taxed on the income from sale of the house? Are we obliged to invest it again in a house, to avoid taxation? If, so how long can we take?

    Appreciate any leads on this
    Thanks in advance
    Vidya
     
  5. Varloo

    Varloo Gold IL'ite

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    Varalotti, are you there?

    I guess our own Induslad may be able to help. Are you listening, Varalotti?
    With warm regards.
    varloo
     
  6. Vidya24

    Vidya24 Gold IL'ite

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    Kind attn: AGR

    AGR,

    We had a situation where we wished to sell a flat and buy a new house. It so happened, that we could not sell b4 we bought the house. And now we have managed to sell the house a month after purchasing the other one.

    My question is are we liable to be taxed on the income from sale of the house? Are we obliged to invest it again in a house, to avoid taxation? If, so how long can we take?

    Not sure if this is exactly in your line of work, so if it is not no hassles.

    Appreciate any leads on this
    Thanks in advance
    Vidya
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