Working in Pune?
Working in Pune
Pune has the eighth largest metropolitan economy in India and the sixth highest per capita income in the country.
Large on engineering sectors, Pune houses many automotive research centers. One of their main sites - the Automotive Research Association of India - is responsible for the granting of approval to all vehicles in the country.
The booming IT sector is making the city particularly attractive for people changing employers or careers. The newly constructed Hinjewadi IT Park, which was initially a small village, is now one of the seventh largest centers in India for IT, housing over 20 software companies. There are 70,000 people employed throughout India’s IT sector, with Microsoft said to be setting up a 7 billion USD project in Hinjewadi.
Job Hunting in Pune
Whether moving to Pune with your existing job or seeking work when you get there, there are many options available catering to both scenarios. If you’re transferring with the company you already work for, check if anyone else you work with has been to Pune before. This can be a great way of gaining knowledge of the processes of your new working environment.
If you’re looking for work once you arrive, dropping your resume personally to offices and businesses is a method that shouldn’t be overlooked, as well as checking out the local newspapers. Like with property hunting, India has a leading site for job hunting. Here, it’s possible to search for work by organization, skill-set, and location.
Income Taxation in Pune
As a resident of Pune, you will be subjected to income taxation, however this depends on the length of your stay in India. You are classed as a resident in India if you have spent 182 days or more in a one year period, or 365 days in a 4 year period. If you are classed as a resident of India, you will be taxed in the same format as a citizen.
Income tax rates for the 2015-2016 fiscal year are as follows:
- Up to 250,000 INR = No tax
- 250,001–500,000 INR = 10%
- 500,001–1,000,000 INR = 20%
- Above 1,000,000 INR = 30%
India has a double taxation agreement with most of its trading partners, so if you’re also a resident of another country, you may be able to escape paying tax twice. However, this is something that should be checked with an advisor to see if your country of residence has such an agreement.