Income received by an assessee who is resident and ordinarily resident is taxable in india. He is taxable for his global income and he has to pay tax in india.
U r liable to be taxed in India. However u can claim exemption by registering urself with STPI under section 10 of IT Act. Ur income will be free of tax till 2010.
Income received in convertible foreihn exchange in taxable in India.However, if you are registered with STPI and are providing IT services as mentioned in specified IT services, then you can claim deduction u/s 10A.
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