I plan to have a consultancy business outside India. I do not plan to remit my income to India immediately. I would do it later maybe after 2 or 3 years. Do I need to pay taxes now? or can I pay tax when I bring the money into the country?
Three points for you to keep in mind.
1. In the very first year, you should have 182 days outside India. So that in the year when you start your consultancy, you will not have any liability to pay tax on earning abroad.
2. Although you may be starting a consultancy abroad, if you do any services in India, there will be withholding tax depending on the country in which you have started the consultancy business.
3. Whatever money you repatriate is not taxable in India. However, if you you repatriate the money as gift to anyone who is not a relative, will be taxed in his/her hand.