the issue is not paying tax but the issue is the hassle involved in registering for an IEC Code,Pan No and exposing ourselves more.Please note I am not evading tax as whatever few bucks I earn through Ebay I need to credit to my Bank account only.The moment I am crediting to my Bank account its liable for tax and am paying so if it crosses the desired limit.
if you are a regular tax payee , you wont have any problems with the pan card Problem is most people dont pay the full tax and dont show there net income while filing the return..As a result they dont have the Pan card with them..
There is no hassle involved in getting IEC code or Pan card.. Fill the proper forms and submit proper docs..Everything will be approved..
No problem in getting a Pan card as most of us have our own personal PAN Cards.But the issue is applying for the IEC Code and also the moment you attach the PAN Card to your Paypal account you are making youself that much accessible to the Govt.
IEC is for business who export goods. But not sure for individuals. The worst thing in that procedure is having a Current bank account since that will need time if you do not have it already. From today there is a 3 day bank holiday which will delay the process even further. So all the best guys who does not have an IEC code and who is an individual selling his services.
So if you have proper earning methods and nothing blackhat , then i cant see anything wrong with that...
Getting a PAN card is no hassle at all these days, Simply apply it and you get it within 30 days fees is very nominal just 100rs ... You should have a pan card even if you not paying taxes or earning .... for IEC it might be hassle, but not much....
I think you are misquoting me or trying to read inbetween lines.A post above clearly says that IEC Code obtaining is not easy for individuals like us who do not run a business firm or have a current account.We sell individual services through Ebay and these codes or current accounts were never required by us.the concern is that only.
Truth is no one knows even if its easy to obtain for companies also...On the other hand it may be very easy for everyone to obtain...Or maybe paypal itself provide us with some code.. Thats why i am saying to wait rather than making our own assumptions..
Not sure if they are saying "Current Account" (Bank account type) or current Bank account. I downloaded that application form to get IEC Code. The procedure seems to be OK. You can put "N.A." (not applicable) for fields whichever are not applicable to you. I guess we can select "Service Provider" and company type "Others" as we are freelancers. Documents they require are photos, Pan Card, Banker's certificate (attested) etc . And the fees also seems reasonable (Rs.250).
I just found some details regarding IEC 1. IEC (Importer Exporter Code) 1) What is an IEC Certificate and who can procure it? a. IEC stand for Import Export Code Certificate issued by the Director General of Foreign trade registering an individual, firm, organization, entity, etc as an Exporter or Importer. b. An IEC can be obtained by any PAN Holder desirous of conducting Exports or Imports. 2) What is the tenure of an IEC? a. An IEC once issued is permanent in nature till the same is surrendered by the IEC holder or cancelled by the Licencing Authority upon any default made be the IEC holder. 3) How often is the IEC required to be updated? a. An IEC once issued needs to be updated within 90 days in the case of the following: 1. If there is any change in the 1. Name of the IEC holder; 2. Address of Registered / Branch office / Factory address; 3. Constitution viz. Change in Directors, conversion from Proprietorship concern to Firm, Firm to Company, Pvt Ltd to Public Ltd, change in Bank details, etc. 4. PAN Details of the IEC holder. 2. Any change is required by the Government for moving towards an Integrated One Number Regime; b. Upon the change being intimated beyond a period of 90 days, the changes shall be registered by the RLA upon payment of a penalty;
Thanks zymon, Is that we have to file some info to Govt about the transactions we made/month, when we get this IEC code? i heared this from someone before.. but is this true?
This is nice...IEC is good, easy to get...but the problem is too many people apply at ones and it gets messed up.
so for premier accounts also we need IEC ? any location where i can find in hyd that dgft something ?