I work over internet and earn foreigh exchange in Dollars in the mode of commission & incentives. there is no exchange of goods and all activities are done over internet.
The amount is paid to me in my own name.
Now the questions arises what formalities should i do so that i get 100 % deductions on my forex earnings i.e i dont have to pay any tax on my earnings.
there is no exemption unless you have your unit set up in STP.
Can u pls explain one thing .. that suppose i open my company a proprietorsip firm in STPI (software & technology park of india ) on 15th march 2010. and my profit for the year 1 april 2010 to 31st march 2011is Rs 1 crore . what is my tax incidence. can i keep 100 % of this profit ? or if i need to pay any tax then how ill it be computed or what type of tax will i b required to pay ?
Thank you
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