Kel (Software Engineer) 18 July 2020
I am a software professional, I have started to work for an international organisation since sometime, my income may be around 35 lakh.
I would like to know what options do I have for tax saving, what legal documents do I need for doing the job.
Am I eligible for an IEC certificate and an EEFC account, if so would getting those help me in any way?
Aditi Kaur (Practising CA) 19 July 2020
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Raj C Doshi (Practising CA) 19 July 2020
If you are salaried employee,then no need of IEC or EEFC account. If you are engaged in professional capacity, you will be required to obtain IEC,GST. EEFC account is optional in both cases.
Kel (Software Engineer) 20 July 2020
The company has no physical presence in India, so they cannot employ me thus the job technically is a contract on paper.
What tax benefits can I get working as a contractor for foreign company?
Can IEC and GST be applied online?
Raj C Doshi (Practising CA) 20 July 2020
IEC AND GST can be applied online.
Proper PROFESSIONAL contract would be necessary so that the GST converts your inward remittance of foreign currency into INR.
There are No Direct Tax benefits as a contractor however tax planning can be done.