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Income recd in dollars??

Aisha (CA) (187 Points)

14 September 2007

If i make income from website running and the payment is received in dollars will it be exempt from tax in India ??

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5 Replies

Nitesh (Chartered Accountant) (340 Points)
Replied 14 September 2007

no u r running website from india and ur resident i deem so hence any income recd. by u is taxable

madhusudan (Professional) (267 Points)
Replied 14 September 2007

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.

Miss Komal Mantri (Chartered Accountant ) (1974 Points)
Replied 14 September 2007

Your income will be taxed in India as u r Resident in India...it doesnt matter whether you have received money in dollars or Rs.

tushar jain (Service) (107 Points)
Replied 15 September 2007

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.

(Guest)

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.