Hi all. Me along with 4 of my friends started a Software Development company as Partnership firm. We all are employed in different companies and is working as part time here. We got a client from aboard and is billing approx 2000 USD per month. Please advice how we can manage our income and tax. I have heard there is no tax if we bring in foreign currency. We have only client abroad and is being paid as USD. We are based in Kerala. Please advice.
The provision you are siting may be Sec. 10AA. In such case, you are exempted from the profits proportionate to the export sales. However you must be doing such business in a Special Economic Zone. Otherwise, it will not be applicable.
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