1. Advertising
    y u no do it?

    Advertising (learn more)

    Advertise virtually anything here, with CPM banner ads, CPM email ads and CPC contextual links. You can target relevant areas of the site and show ads based on geographical location of the user if you wish.

    Starts at just $1 per CPM or $0.10 per CPC.

PayPal India and taxes

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

0
Page 3 of 6
  1. KaBoom!!!

    KaBoom!!! Peon

    Messages:
    65
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    0
    #41
    Ok. So basically now I should call my CA?

    Thanks all for helps!!
     
    KaBoom!!!, Oct 21, 2009 IP
  2. nowimhere

    nowimhere Active Member

    Messages:
    869
    Likes Received:
    6
    Best Answers:
    0
    Trophy Points:
    60
    #42
    I thought they did not have paypal in india!
     
    nowimhere, Oct 21, 2009 IP
  3. deluxdon

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

    Messages:
    25,480
    Likes Received:
    1,943
    Best Answers:
    32
    Trophy Points:
    480
    #43
    What do you mean by this :confused:

    India is in supported countries of paypal.

    DON.
     
    deluxdon, Oct 21, 2009 IP
  4. sachin410

    sachin410 Illustrious Member

    Messages:
    6,422
    Likes Received:
    573
    Best Answers:
    0
    Trophy Points:
    410
    #44
    well, I don't have much idea about Paypal withdrawals, but sometimes banks do try to find out the source of funds.

    Once, I had deposited a dollar check with "Bank of India" and they had asked me to explain what the cheque was for.
     
    sachin410, Oct 21, 2009 IP
  5. deluxdon

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

    Messages:
    25,480
    Likes Received:
    1,943
    Best Answers:
    32
    Trophy Points:
    480
    #45
    We are not talking about bank asking issue but we are talking about tax liability on income through paypal,moneybookers etc. (online web income).

    DON.
     
    deluxdon, Oct 21, 2009 IP
  6. sachin410

    sachin410 Illustrious Member

    Messages:
    6,422
    Likes Received:
    573
    Best Answers:
    0
    Trophy Points:
    410
    #46
    banks do inquiries on behalf of tax department.

    why do you think banks ask for PAN details at various stages?

    a lot of information is passed on to the tax department.
     
    sachin410, Oct 21, 2009 IP
    Feizar likes this.
  7. getjimmy

    getjimmy Prominent Member

    Messages:
    17,260
    Likes Received:
    1,005
    Best Answers:
    0
    Trophy Points:
    360
    #47
    This is not true regarding freelance income,however i do agree with you on point of questioning by bank for related proof,infact i was contacted by bank (some 15 months back) when i received a wire payment payment of $24k from affiliate network,but since i had all my tax papers and related stuff completed,nothing happened and never been asked for tax after that day.

    Infact i know other 2 Indian guys getting more than 40 lakhs/month into their banks and not worrying about tax,its simple,they all claim this payment as freelance even though its a affiliate payment.

    Just to let you know,you only have to pay tax if you claim your income as salary or if you have registered office in India performing online tasks and accepting online payments,like SEO companies.
     
    getjimmy, Oct 21, 2009 IP
    Feizar and sachin410 like this.
  8. sachin410

    sachin410 Illustrious Member

    Messages:
    6,422
    Likes Received:
    573
    Best Answers:
    0
    Trophy Points:
    410
    #48
    how does that make their income non-taxable?

    freelancing is nothing but self-employment and such income is taxable.
     
    sachin410, Oct 21, 2009 IP
  9. getjimmy

    getjimmy Prominent Member

    Messages:
    17,260
    Likes Received:
    1,005
    Best Answers:
    0
    Trophy Points:
    360
    #49
    Because they claiming that income as freelance income and hence not required to pay tax.
     
    getjimmy, Oct 21, 2009 IP
  10. Bohra

    Bohra Prominent Member

    Messages:
    12,573
    Likes Received:
    537
    Best Answers:
    0
    Trophy Points:
    310
    #50
    40 lakhs a month and no tax wow ... tell me wat work they do online ill start doing the same :D
     
    Bohra, Oct 21, 2009 IP
  11. getjimmy

    getjimmy Prominent Member

    Messages:
    17,260
    Likes Received:
    1,005
    Best Answers:
    0
    Trophy Points:
    360
    #51
    Affiliate marketing via PPC,not all 40 lakh is profit as they do spend money for PPC advertising.
     
    getjimmy, Oct 21, 2009 IP
  12. deluxdon

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

    Messages:
    25,480
    Likes Received:
    1,943
    Best Answers:
    32
    Trophy Points:
    480
    #52
    We have to pay tax on this type of income as far as my knowledge. I think better to contact any IT Officer regarding same :rolleyes: to clear my all doubts ;)

    DON.
     
    deluxdon, Oct 21, 2009 IP
  13. KaBoom!!!

    KaBoom!!! Peon

    Messages:
    65
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    0
    #53
    Ok. People, don't fight. Mods may close this thread.
     
    KaBoom!!!, Oct 22, 2009 IP
  14. deluxdon

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

    Messages:
    25,480
    Likes Received:
    1,943
    Best Answers:
    32
    Trophy Points:
    480
    #54
    Hehe. We are not fighting mate. :D Just clearing our doubts on taxes thingy on our paypal income.

    DON.
     
    deluxdon, Oct 22, 2009 IP
  15. humm

    humm बहादुर बच्चा

    Messages:
    4,346
    Likes Received:
    850
    Best Answers:
    0
    Trophy Points:
    310
    #55
    HAHA.... Btw मोड़ is himself fighting in the thread.. :D:D j/k...!!

    No one is fighting here, its a healthy and useful discussion, afterall we are will benefit sharing useful information. :)
     
    humm, Oct 22, 2009 IP
  16. piratesbi

    piratesbi Peon

    Messages:
    433
    Likes Received:
    5
    Best Answers:
    0
    Trophy Points:
    0
    #56

    Withdraw the total amount by 10 attempt at 1K each time. Below Rs 50000 deposit require no verification..:D

    Anyway..........how you earn that money?
     
    piratesbi, Oct 22, 2009 IP
  17. ToP_Designer

    ToP_Designer Peon

    Messages:
    496
    Likes Received:
    2
    Best Answers:
    0
    Trophy Points:
    0
    #57
    Members... we are here not to discuss about how much he /she is earning...( some useless post out here )

    Members are discussing about the paypal taxable .
    Nobody is fighting here... everyone is having there own question. which should be discussed and solved.

    As for me.
    i have a little concern
    Because i am getting 20,000 inr per month through net ... which is good enough for me....

    I dont work , i am a college guy . and i dont have pan.
    I have bank open in HDFC.

    So... do i put as myself as freelance... or even i DO have to pay TAX.
    I hope experience member could enlighten me.

    T_D
     
    ToP_Designer, Oct 22, 2009 IP
  18. checkblog

    checkblog Well-Known Member

    Messages:
    1,212
    Likes Received:
    5
    Best Answers:
    0
    Trophy Points:
    128
    #58
    I think bank will automatically cut your taxes.
     
    checkblog, Oct 22, 2009 IP
  19. ProDom

    ProDom Peon

    Messages:
    199
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    0
    #59
    Why do you not want to pay tax ?
     
    ProDom, Oct 22, 2009 IP
  20. deluxdon

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

    Messages:
    25,480
    Likes Received:
    1,943
    Best Answers:
    32
    Trophy Points:
    480
    #60
    As far as i know there is no harm for you to filing a return every year. You don't have to pay tax for 1,60,000 INR + 1,00,000 (excemption under IT section for investment in PPF,NSC,LIC,MF etc.). Just contact your CA about this and he'll guide you further for this.

    @checkblog - Nope thats not true. Bank cut TDS if you are earning more then 10,000 INR / year as an interest.

    DON.
     
    deluxdon, Oct 22, 2009 IP
Page 3 of 6