I'm from india. Indians share your tricks?

MY accountant told me that unless you're earning more than 10 laks per year, you don't need to worry. After that there's service tax. Its foreign money so we don't need to pay tax under 10L. Also you can show that you're earning only 30% of amount u're getting. rest you're paying others.

Just go to an accountant and he will take care of the rest. Thats the trick.
 
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I heard that expect sikkim, all tax free zones have been withdrawn & sikkim only is now a tax free zone till 2017.
Any ideas?

Thanks
 
no one doing business in sikkim or manipal?
 
Yup, go to an Accountant and figure out how to expense most of it !
 
Look, me too from India and I know how it pissing me off too.
Those who are giving to get a USA/UK or any other countries PP and etc etc method.
Let me tell you, its really very risky, 1 single mistake and all funds will be limited, you will have to be very careful.
Rest, I can say get a C.A and he will guide you how to save taxes. :)
 
May be thats why we dont have paypal here :D cuz no one pay taxes here ... by here i mean pakistan :D but i live in sydney so i have one :)
 
drwhite said:
Buy appartments in foreign countries and rent them.
Click to expand...

I can say that is useless to do like that.

Comming to Original Post, OP i recommend to avoid tax free, there is only one way, to make from white hat to blackhat.

Get a Business Bank Account in tax free countries, get money into that account, and keep it, when you want to withdraw, send money in parts to different bank accounts, wire them.

It is easy, some banks offer international prepaid cards which you can withdraw upto $30,000 per year. So, setup account in that country, get a card shipped to you, and withdraw whenever you want. :)

No one knows what you are doing. But i can say still, trying this method still consider as black money, because you are withdrawing money which you are not getting in accounts.

So, make sure, income tax wont have a eye on you.
 
But doesn't it get counted when your transferring those money into your local bank account.
I mean doesn't it come into account?

wittyhat said:
I can say that is useless to do like that.

Comming to Original Post, OP i recommend to avoid tax free, there is only one way, to make from white hat to blackhat.

Get a Business Bank Account in tax free countries, get money into that account, and keep it, when you want to withdraw, send money in parts to different bank accounts, wire them.

It is easy, some banks offer international prepaid cards which you can withdraw upto $30,000 per year. So, setup account in that country, get a card shipped to you, and withdraw whenever you want. :)

No one knows what you are doing. But i can say still, trying this method still consider as black money, because you are withdrawing money which you are not getting in accounts.

So, make sure, income tax wont have a eye on you.
Click to expand...
 
bump.

wittyhat said:
I can say that is useless to do like that.

Comming to Original Post, OP i recommend to avoid tax free, there is only one way, to make from white hat to blackhat.

Get a Business Bank Account in tax free countries, get money into that account, and keep it, when you want to withdraw, send money in parts to different bank accounts, wire them.

It is easy, some banks offer international prepaid cards which you can withdraw upto $30,000 per year. So, setup account in that country, get a card shipped to you, and withdraw whenever you want. :)

No one knows what you are doing. But i can say still, trying this method still consider as black money, because you are withdrawing money which you are not getting in accounts.

So, make sure, income tax wont have a eye on you.
Click to expand...
 
interesting thread.

I am a CA student. May give some advice.

If you are earning over 50L annually, then first congrats for that.

regarding tax if assuming your income is 50L and you declare that as your net income after all deductions then you will have to pay tax of rupees 11,40,000 as per current I.T slabs in india. That's about 23% of your income.

According to income tax, any payment you receive in your bank account for which no traceable source (for I.T. dept.) is declared then it shall be included as income from other sources, so acc. to that all money you withdraw via PP to your bank acc is taxable.

Also somebody was referring to service tax. regarding that you are in field of IM, so whatever you are doing whether freelancing work, or website services or any other that will be covered under Service tax. Acc. to service tax, the service provider is reqd to charge and pay the service tax to the govt. but there is a general exemption limit of rupees 10,00,000. After that service tax will be charged at 12.36% on amount of service provided.

thats all. Now for the savings tax part, here is what you can do (sorry dont have many ideas im still learning):

For service tax, all money you get via paypal or other online payments you withdraw to your bank account can be easily saved from service tax as you can claim that you are providing services online to outside countries people as that will amount to export of services which is completely exempted from the net of service tax. So you dont have to worry about that.

Regarding income tax, there can be several wayouts like claiming deductions for the expenses you pay (can produce fake invoices also), setting it off against other losses (establish some fake prop. business and show loss in that), make multiple paypal accounts on your family members name and spread your income to them that will greatly reduce your tax burden.

Ask your relatives to let you use their PAN card and bank account (your uncle, aunt, grand father, grand mother, parents, spouse, spouse's parents, for detailed relatives list contact any CA).

after that just get the money from your relatives as gift as all gifts that you receive from your relatives is exempted from i.tax (but you can do it not for big sums as your relatives will then be taxed so stay within the lower tax slabs upto 8 lacs only for them).

utilising some of these you can easily cut your tax to like 2-3 lakhs per annum which i feel you should pay. Dont be a complete stealer lol. :P
 
Harry 2706 said:
interesting thread.

I am a CA student. May give some advice.

If you are earning over 50L annually, then first congrats for that.

regarding tax if assuming your income is 50L and you declare that as your net income after all deductions then you will have to pay tax of rupees 11,40,000 as per current I.T slabs in india. That's about 23% of your income.

According to income tax, any payment you receive in your bank account for which no traceable source (for I.T. dept.) is declared then it shall be included as income from other sources, so acc. to that all money you withdraw via PP to your bank acc is taxable.

Also somebody was referring to service tax. regarding that you are in field of IM, so whatever you are doing whether freelancing work, or website services or any other that will be covered under Service tax. Acc. to service tax, the service provider is reqd to charge and pay the service tax to the govt. but there is a general exemption limit of rupees 10,00,000. After that service tax will be charged at 12.36% on amount of service provided.

thats all. Now for the savings tax part, here is what you can do (sorry dont have many ideas im still learning):

For service tax, all money you get via paypal or other online payments you withdraw to your bank account can be easily saved from service tax as you can claim that you are providing services online to outside countries people as that will amount to export of services which is completely exempted from the net of service tax. So you dont have to worry about that.

Regarding income tax, there can be several wayouts like claiming deductions for the expenses you pay (can produce fake invoices also), setting it off against other losses (establish some fake prop. business and show loss in that), make multiple paypal accounts on your family members name and spread your income to them that will greatly reduce your tax burden.

Ask your relatives to let you use their PAN card and bank account (your uncle, aunt, grand father, grand mother, parents, spouse, spouse's parents, for detailed relatives list contact any CA).

after that just get the money from your relatives as gift as all gifts that you receive from your relatives is exempted from i.tax (but you can do it not for big sums as your relatives will then be taxed so stay within the lower tax slabs upto 8 lacs only for them).

utilising some of these you can easily cut your tax to like 2-3 lakhs per annum which i feel you should pay. Dont be a complete stealer lol. :p
Click to expand...

Wow.. CA on BHW.. great.. bro..can you comment on my post here: http://www.blackhatworld.com/seo/indian-im-total-tax-avoidance-strategy.883054/#post-9334719

Also, I wanna know what are the regulations for NRIs living in India and are citizen of another country, say Singapore or HK etc.. Need expert advise on the tax matter as large companies are getting away with paying 0.5% tax and we little guys are screwed here.. :/
 
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