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PayPal India and taxes

Discussion in 'PayPal' started by KaBoom!!!, Oct 16, 2009.

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  1. getjimmy

    getjimmy Prominent Member

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    #21
    What i mean is that no will questions him for money he withdraw from PP,so no issue of tax.
     
    getjimmy, Oct 18, 2009 IP
  2. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #22
    He is going to withdraw funds from his PP account to his bank account so if his income cross 1.6 lacs + 1.0 lac then he needs to pay tax on rest income as per income tax act.

    DON.
     
    deluxdon, Oct 18, 2009 IP
  3. getjimmy

    getjimmy Prominent Member

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    #23
    He can claim that income as "Freelance" income and there is no tax for freelancer income.:D
     
    getjimmy, Oct 18, 2009 IP
  4. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #24
    There must be some confusion at your end buddy as have you tried to consult your CA about this income ?? You have to pay tax on income from this. And its not small account so IT department easily trace that :rolleyes:

    DON.
     
    deluxdon, Oct 18, 2009 IP
  5. getjimmy

    getjimmy Prominent Member

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    #25
    Bro,been doing this from 2 years now,never paid tax from money i withdraw from paypal.
     
    getjimmy, Oct 18, 2009 IP
  6. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #26
    Not sure about you are doing right or wrong but i am paying tax regularly for income through paypal. Lets see what others (experts) reply on this.

    DON.
     
    deluxdon, Oct 18, 2009 IP
  7. getjimmy

    getjimmy Prominent Member

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    #27
    Are you showing your paypal income as earning for that month or kind of salary/month? In that case you have to pay tax, but not if you show as freelancer.

    I will also like to see other people replies.
     
    getjimmy, Oct 18, 2009 IP
  8. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #28
    Showing it as income from net (web) and was told by my CA that we need to pay tax on this income as its treated as normal income.

    DON.
     
    deluxdon, Oct 18, 2009 IP
  9. getjimmy

    getjimmy Prominent Member

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    #29
    Exactly my point, do ask him about freelance and related tax laws, i hope he may give u some details.
     
    getjimmy, Oct 18, 2009 IP
  10. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #30
    Ok so you need to fill up some forms for this (freelance thingy) ?? You don't have to pay any tax if any income from freelance ?? Any IT Act we need to mention in IT Returns for this ??

    DON.
     
    deluxdon, Oct 18, 2009 IP
  11. getjimmy

    getjimmy Prominent Member

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    #31
    Yes,as i remember i submitted a form with payapal screenshot, not sure about IT act etc.


    (ok mai chala sone,baad mai milte hai):D
     
    getjimmy, Oct 18, 2009 IP
  12. harshakiran

    harshakiran Notable Member

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    #32
    I got over 250K$+ to my bank last 6 months I never had problem but not via paypal though

    paypal not more than 15K but i withdrew in parts like 3K a week


    Better thing put a CA pay taxes if you are worried there are a lot of laws in india by which you can cut taxes or hide income
     
    harshakiran, Oct 18, 2009 IP
  13. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #33
    Actually withdrawal from paypal is not an issue but want clear picture of tax on income from paypal.

    DON.
     
    deluxdon, Oct 18, 2009 IP
  14. labaik88

    labaik88 Peon

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    #34
    this thread is losing its momentum and topic and actually its getting into WAR of talks , and in all of the replier only GETJIMMY is correct , not one wil question for any kind of money withdrawn from PayPal. and i too have doing this for2 years.
     
    labaik88, Oct 18, 2009 IP
  15. ToP_Designer

    ToP_Designer Peon

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    #35
    Well, Then ... i think i got my solution....

    because my earning is 400$ per month. So ... its almost 18k inr....

    Do i need to pay tax. :confused:

    or as you said..... NO need to pay TAX :p
     
    ToP_Designer, Oct 19, 2009 IP
  16. TheVccMatey

    TheVccMatey Peon

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    #36
    Don't worry about. I've gone upto $15,0000 to my SBI account. As long as you have a valid address, it's fine.
     
    TheVccMatey, Oct 19, 2009 IP
  17. seogoogle

    seogoogle Well-Known Member

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    #37
    There is no problem from PayPal Yeah your Bank have some Problem and If you Paying Taxes then NO issue

    Why we Worry from Taxes :p if we earn we have to pay too :)
     
    seogoogle, Oct 20, 2009 IP
  18. humm

    humm बहादुर बच्चा

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    #38
    Freelancer income again is taxable. A inquiry can be imposed anytime and you maybe asked for related proofs.

    You cannot cheat the government. One can earn lacs of rupees but can't pay few penny as tax - that sucks!

    - One needs a proper CA to fix taxes. ;)
     
    Last edited: Oct 21, 2009
    humm, Oct 21, 2009 IP
  19. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #39
    Thats what said by my CA so based on that i am regularly paying tax on my income from net.

    But i am confused by statement of getjimmy here :(

    DON.
     
    deluxdon, Oct 21, 2009 IP
  20. seogoogle

    seogoogle Well-Known Member

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    #40
    I also don't think so Freelance Income is also taxable if you really want to save taxes GO for Saving Policy :p

     
    seogoogle, Oct 21, 2009 IP
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