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Hello,.

I have a problem here.

Now according to our FEMA [Foreign Exchange Management Act] there were no restrictions till 25,000 USD per year in transactions. [Yes it is all about transactions and not about income tax].

Well now there is an inward transaction of 50K which is going to be cleared in somedays. The client is on Hold and waiting for further instructions.

Now if I get this 50K then I do fall under the FEMA act, I think.

The details are like. The company has given me loads of work and I am to do it in upcoming months and years. So this is like advance deposit coming to start off the things and get the man power and assets.

They are not partners nor investors. They are giving me lets say on contract basis.

So I will be showing this as advance deposit for the project that is to be undertaken.

Now I can get the company listing going on in 4 or 5 days and can apply for IEC code [Import Export Code] Which is required even if you are outsourcing the internet signals from India. [I think my work falls under this category].

So will it be all right to get it rolling? Or would I need something else or something more?.

Opinions are most welcomed. If you are from India and have been doing transactions above 25,000 USD then are you enrolled for IEC? Is there anything that I need to know before going on.

Please let me know.

Thanks...

Comments (10)

Congratulations on your 50K transaction.

I for one never reached that level yet so it's an accomplishment.

All I know in my business dealings here and offline, it's not money yet until you're holding it. there are Indians here who can help yah that's for sure...

Comment #1

Money is not an issue Client is also not an issue. In fact he is getting frustrated with delays and he wants to send it and get the work going. The issue is my knowledge about the rules. And I do want to follow them and do it on legal basis...

Comment #2

I twould be best to talk to an accountant in India. With the amount of the transaction, that should ahve been your first move...

Comment #3

Talked to one today afternoon and also met one lawyer.

I was informed that there is a limit and I will need to register the company right now. So got the details of the person who can handle that.

Next step is to get the import export code. But that depends on the company registration. So hoping it will go well.

If there are some people who have done this then please advice.

Thanks...

Comment #4

Yes somewhat similar.

As this is on contract basis to provide the services...

Comment #5

I don't think you need anything related to import export.

I think it would be only with the service tax and you need to deduct the tds.

I do nearly thrice the business but I never was asked by my accountant regarding import export.

If you want I will get it confirmed from my accountant in the next 24 hrs time.

But I would need few details regarding wht you would be doing..

Comment #6

Sure It would be very nice of you.

Please let me know what details you would want. I will PM you about them all.

Thanks once again..

Comment #7

May be a good idea to post anything you find out so that others who hope to be in your position can benefit. Good luck...

Comment #8

Talk to your CA.

Afaik there's no ceiling on income - even in dollars.

But you do need tax advice as imo it should be tax free. Cheers!..

Comment #9

Tax Free.

No I just paid my tax of 2006-2007.

And am preparing the papers for 2007-2008 tax filing.

They said it's not tax free. But that issue is later on. After deducting all my expenses out of it...

Comment #10


This question was taken from a support group/message board and re-posted here so others can learn from it.

 

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