I have got an individual contract offered by a company based out of Chicago. I want to know how this model works.  1. Do I need to enable or inform my bank about the foreign payment coming in ? 2. ...

Welcome to Personal Finance's Private Community

I have got an individual contract offered by a company based out of Chicago. I want to know how this model works. 
1. Do I need to enable or inform my bank about the foreign payment coming in ?
2. Do I need to pay any income tax on this amount whole or if there is any slab after which I need to pay ?
3. How do I declare this amount in my ITR ?

Thank you.

Income Tax advice required for a Contract offered by a US based company.

Tech Lead

Income Tax advice required for a Contract offered by a US based company.- Grapevine

How to save income tax when you for a US based startup and pays you in dollars?

Product Manager

Hello folks,
So I got an offer from a US based product company for remote role for Product designer.

This company just raised a seed funding.

They don’t have any office in India but their tech team and some of the people from leadership team (CxOs) are from India.

I’m confused whether to go with this offer or not.

Reason: 
1. Their interview process was too good to be true, it was very quick, no assignments given, they just saw the portfolio, ask some process related questions and then they agreed to give offer.

2. It’s a pure remote company with no plans to build office in India in coming future.

3. They have very small team, I’ll be working as 2nd designer only.

4. As per the current job market, I’m afraid about their future.

YOE : 3yrs
Hike that I’m getting is 50%

Help a fellow UX designer decide whether to go with this or not.

Need help to decide about job offer.

UX/UI Designer

Welcome to Software Engineers's Private Community

For US based company's employees which provide stocks - How do you file your income tax ?

1. Do you declare your foreign stocks in ITR ?
2. Do you do self filing ? Or use online tax filing websites ?
3. Do you take services of a CA ?

I'm looking for best way to do it with minimal involvement from my side. Please add service charges by websites/CA in your response as well.

PS - This is my first financial year where I hold foreign stocks. Looking for guidance. Thanks.

How do you file taxes with foreign stocks in your portfolio ?

Software Engineer

Just want to get inputs from those who freelance along with being salaried. I am wondering how people do ITR filing when they’re directly receiving payment from their clients abroad (inward remittance) on their own name (no company created for offering ur service) as well as have their monthly salary ? As much as I’ve read you would be filing ITR-4 but then wouldn’t this reveal to ur current or next employer that u worked 2 places?
Really curious to know as it’s ITR filing time.

Wouldn’t ITR be a mess for salaried employee who also freelances?

Anyone has an idea on how taxes work if you're working remotely for a foreign (say US) company. Is it like you are taxed both from the US and India? For those who are working in such companies, it will be great if you can shed some light here.

Remote US job, Indian Tax + US Tax

I heard recently from a friend that a company offered the candidate 36lpa and there is no pf cut or anything. 36/12 = 3 lakhs would be monthly in-hand directly. It's a startup and recently got registered in India so benefits would take some time to reflect. And equity yet to be decided.

Has anyone heard of such things?  Does any company pay the whole compensation/12?

Pay divided by 12

I have been freelancing since Dec'23. They connected my account details via RIPPLING. They asked me to fill a form (W8-BEN) in which I had to add my PAN.

I pulled 26AS for 23-24 but not seeing anything from this company in there. 

Since this is my first time doing freelancing I'm not sure how to move from here. 
Should I add it as income from foreign sources? 
Or I need to do something else.


If someone has any experience in this field do enlighten me please 🙏

ITR for freelancing gig

I'm a software dev contractor and I'm working for 2 companies, having a total income of 50L per annum. 

when I consulted a CA, he mentioned that I'll have to pay 18% GST (since business income is over 20L) and will also have to pay 30% income tax. 

i understand taxes are important and all, but I'm so not willing to give 6 months of my hard work to the government. 

can anyone please advise me on what to do to save on taxes

paying 48% tax. need a CA's advice

What are some smart ways in which to minimize tax liabilities as a freelancer? Should I look at forming an HUF, sole proprietorship, PLC? 

Use Case - I am looking at remote opportunities with US startups and many of those pay their overseas teammates as independent contractors; not as employees. 

In such case where CTC > 40LPA fixed, what are some of the best tax saving hacks that one can execute?

TIA!

Best way to minimize taxes as a freelancer in India?

Analyst

Any full time employees freelancing here? How do you manage your taxes? Also, is it a violation of corporate policies?

Growth Manager

Welcome to Moving Abroad's Private Community

I am currently working remotely for an American startup from India. I recently received my Visa and now have an option to move to US. I also have another job offer on-site in India that I am evaluating. 

My question is mostly on taxation and calculating in-hand salary. 

Current - 85 lacs base. Working as consultant. Registered GST. I am able to save tax and get to a post tax income of 75 lacs.
Savings 

New On-Site Indian offer - Base 98 lacs. 

My question is, what will be my post tax income while working as an employee in the Indian company.

Question on Taxation and Savings

I recently exercised my stock worth 1L. Stock is listed in NYSE. I was taxed 30% federal tax, and will be receiving 70k arpx in indian currency. 

Will I be charged tax in India as well ?

Tax on Exercised stocks

I just started my first full time job and will be filing ITR for 1st time next year, no one in my family has been in high tax slab previously so not much experience from there :D

Some questions:

- Almost 50% of my base pay is getting used in paying EMIs (Mostly mortgage) of my family, nothing is on my name, all on father's name, is there a way to claim this in deduction ?

- We have our own house in a tier 3 city and I'm getting 30k/month as HRA, what will be safe HRA amount to claim ?

- Can we claim any other expenses in deduction ? Leave travel allowance seems useless to me as I'm working remotely.

- Which tax regime do you prefer ? New or old ?

I could have done investments to save taxes but nothing is left after all the expenses and nothing on my name 😛

Advice needed for filing tax

hey folks do you declare any side/freelancing income information during return filing?  
if your side hustle is over 5L but less than 20L, will you declare or keep it hidden?

income tax on freelancing

Engineering Manager

I’m not talking about companies like Meta, Google or companies that have their branch offices in India. Even Turing has registered India entity to pay employee salaries.

For example, take Miro. They have offices in Amsterdam but they don’t have a registered entity/office in India. Can companies like those hire Indian workers and make them work remotely from India?
If yes, how would they pay salary? They won’t have official payroll here and without a registered entity they can’t pay PF. How does this salary thing works in this case?
And do we have to pay taxes for both the countries?

Reason for asking: I was watching “Silicon Valley” and there was an episode where Pied Pieper hires 3 engineers from India, Pak and Europe without having any official offices in those country. How would they pay their salaries?
Also, read somewhere on Medium that few people are working this way and getting paid $ equivalent of their salaries. If anyone knows anything about this kindly share info on comments.

Can a foreign company hire Indian employee to work remotely?

I need help deciding whether to be an Employee of a company or a contractor. 

When I am a contractor, I am basically stating my company is my client and am charging for my services. So responsibility of tax is on me. And I have heard that businesses can declare 50% of revenue of as expenses. Thereby saving alot on tax ( not that knowledgeable in this )

But being an employee, the company will handle the taxes ( I become an employee of an agency and my company hires me from this agency) 

Can you all please guide me what option should I take? How do freelancers handle their taxes?

Contractor or Employee?

Software Developer

Welcome to Indian Startups's Private Community

I recently received an offer from a early stage startup. But they told that that pay in contractual basis. when asked about the reason they told that it helps the company and employees to save tax.

How does it work?
will it affect my future employment if I take this job? like if I join some other company will they accept that I was actually working fulltime.

The role is fulltime, but only the money transaction will happen as contractual.

Income Tax advice required for a Contract offered by a US based company.

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