Software development income from foreign

There will not be problem with Service Tax Department, as Software export exempted

As, exempted Service no need to get Registration too

But, you have to clean up your end from Income Tax angle, though proprietary concern

You can file Belated returns now for the last two years, Prepare financials of Bisiness and Pay tax

Though it is 100% EOU, Exemption of 10B not available to you, as you need to get the approval as 100% EOU to claim that, its been so late now

From this Financial Year No such exemption to others too

Hi ,

I too am starting a new software export firm.

@ Prakash -

From IT point of view , what are the documents that I need to maintain things perfecty clear.
 

Since my work is database processin , there would be no proof of work done or source of Income.
Only the Bank account statement of the transfer.
 

Prepare financials of Bisiness and Pay tax
To put it in a basic form , My Entire Revenue is service tax free - then minus som allowed expences would be my Net Income. I categorise it as Income from other sources and pay the 30%.

Please do share your opinion.

Thanks

Aces Joanh