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.
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 DON.
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.
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.
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.
Exactly my point, do ask him about freelance and related tax laws, i hope he may give u some details.
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.
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)
I got over 250K$+ to my bank last 6 months I never had problem but not via paypal though paypal not more than 15K but i withdrew in parts like 3K a week Better thing put a CA pay taxes if you are worried there are a lot of laws in india by which you can cut taxes or hide income
Actually withdrawal from paypal is not an issue but want clear picture of tax on income from paypal. DON.
this thread is losing its momentum and topic and actually its getting into WAR of talks , and in all of the replier only GETJIMMY is correct , not one wil question for any kind of money withdrawn from PayPal. and i too have doing this for2 years.
Well, Then ... i think i got my solution.... because my earning is 400$ per month. So ... its almost 18k inr.... Do i need to pay tax. or as you said..... NO need to pay TAX
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.
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 if we earn we have to pay too
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.
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.
I also don't think so Freelance Income is also taxable if you really want to save taxes GO for Saving Policy