Hi, I am a seller who sells stuffs through ebay.Neither I have a IEC Code as I am not a business exporter nor do I pay tax for the few bucks which I earn through ebay.Am sure there are many in this forum having similar profile.What about us?
Dude its very easy to say that but maximum of us who deal through ebay do not pay tax as thats not the only source of Income we have.Most of us are salaried people here who pay taxes but earn few extra bucks through Ebay.
Pay tax ? ... Are you serious ? There are people who withdraw 100 $ (once in a month) from paypal. Not everyone is earning moolah online. Do you expect these people to pay taxes... What are they going to save then ?
Well Tax apply on annual income above 1.60 Lakh, if your income is not above it then you not need to do anything but it is over then 1.6 L then you have to pay Tax in legal system! Also if you are not making huge money then what is problem to have PAN Card!
An Individual also can apply for IEC, it is not necessary to be a company for applying a IEC. I have had applied IEC code in past in my name
It seems the whole forum is ga ga with Paypal's latest update that Indian Banks withdrawal will resume from 3rd March provided we give them some IEC Code. I do agree that to bring in systems these type of restrictions need to be introduced but its mainly applicable for exporters who earn a living out of it.But small timers like myself who earn a few bucks by selling stuffs through Ebay its not possible to get a IEC Code and then register ourselves as most of us don't show that amount as Income also. So is it then the only option of withdrawal left with us is REQUESTING FOR A CHEQUE TO PAYPAL?
So dude why not show your extra income and pay the tax...Everyone hates to pay the tax , including myself but i always pay the tax....No other option
paying tax isnt necessarry..Depends upon your income actually..i got my pan card 4yrs ago , that time i wasnt earning nething...I got it for some proof... So you can get pan card , however dont try to fool the govt..Pan card links all your bank accounts and govt can netime check your accounts
cant you wait till 1st March?? paypal has clearly said that on 1st March they will explain in detail..
If your income is below taxable limit, then you don't need to worry. However, if it crosses the taxable limit, then you got to pay taxes to the Government. And unfortunately, taxable income is not yet considered as "a few bucks".
That anyway gets showed up as its credited in my Bank Account.But the moment we open up the PAN Card and IEC Code bla bla it will be difficult days ahead.Isn't it?
IEC for services ?? Never heard about it.. Of course there is no harm in getting IEC even for a individual since you can now purchase cool electronics from ebay without getting a rude call from customs that it has been confiscated.
Tell me something.I am seeing the entire forum is painted saying that lets wait till March 1st.But on 1st March what hell will break loose???Am sure Paypal wouldn't say that no IEC Codes required,no PAN Cards required,all will function like what happened in the past bla bla. So definitely out of concern only we are discussing here as what's next!!
Pan card links all your bank accounts..So after getting the pan card its always a good idea to show your extra income and pay the tax... I am surprised that most of the people here dont have the pan card with them..
As we see as Paypal have resumed withdrawals to Indian bank accounts but need to enter " Export Code " but will xoom work in that case? I mean many of us or all of us don't have Export code and it may be really trouble to get so will xoom work in this case? Will xoom resume their service too? I just called Xoom customer care they dint had any proper answer on this.