Hi,
I returned to India in may 2010 and started a sole proprietorship company after 7 months. Through this I entered in to a contract with a south african based company for providing market research and business development activities from India. This company is in to the business of developing and selling software products.
My income from this does not exceed 10 lacs and the first invoice was raised in March and was paid out in April. The engagement started from March and ended in July. The invoice was raised in south african currency and was the money was paid to my account in india through swift transfer. I need to understand my tax liability for this year and next year and whether i need to pay tax in India or South Africa.
I will appreciate your sincere guidance/ Thanks.
CAclubindia
