Hello,
I am facing a problem and getting conflicting information. I will be glad if you experts can guide me.
We have started a software company which is less than 1 year. Our total income till date is less than 1 lac INR. We are expecting a customer from China for whom we would be developing a website. The customer will pay in USD and this amount will be transfered to our company account in India(using SWIFT code)
a) Do we need a IEC number for executing such type of transactions, having stated that my total income till date is less than 1 lac INR
b) Do we at all need IEC for software developments for foreign clients
c) If we do need IEC, when should I plan to get it?
d) How much will be the total cost(approx) for IEC
Look forward for your replies.
Thanks.
Regards
CAclubindia
