I have no idea about that RBI will recover tax on income which will come from via paypal, picture will be cleared on 1st March, have patience and see the how paypal play game.
Though they have increased the tax slab, my friend (hes a CA) was telling that there is some changes in Direct and In-Direct Taxes too which can effect the final TAX amount you pay.
You are suppose to pay taxes if your income reaches the limit of taxable income irrespective of its sources. e.g. for indian male below 60 yrs, the tax level starts at INR 160,000. p.a.
Friend itismine, there are many many many guys are paying more than 30% taxes. That's why India Stands. Yeah Corruption is there but a good portion of the income is coming from direct Income Tax returns
Many people do pay taxes at such rate... but only after deducting a huge amount from their income under various deductibles! Eventually, they end up paying lot less in percentage terms with respect to their actual income! Regards, RightMan
Iam sure your dad may pay IT so just dicuss with them so they can help you in reducing the payment for IT
This is the new income tax structure for Indians: For Males (below 60yrs): Taxable income is above 1 lac 60 thousand Income between Rs. 1,60,001 and 5,00,000 the tax percentage is just 10% Income between Rs. 5,00,001 and 8,00,000 the tax percentage is 20% Income above 8,00,000 the tax percentage is 30% For Females (below 60yrs): Taxable income is above 1 lac 90 thousand Income between Rs. 1,90,001 and 5,00,000 the tax percentage is just 10% Income between Rs. 5,00,001 and 8,00,000 the tax percentage is 20% Income above 8,00,000 the tax percentage is 30% For Senior Citizens (above 60 yrs): Taxable income is above 2 lac 40 thousand Income between Rs. 2,40,001 and 5,00,000 the tax percentage is just 10% Income between Rs. 5,00,001 and 8,00,000 the tax percentage is 20% Income above 8,00,000 the tax percentage is 30% All male individuals are liable for paying taxes if their annual salaried income (net profit in case of proprietary business) exceeds the value of 1 lac 60 thousands and all female individuals are liable for paying taxes if their annual salaried income (net profit in case of proprietary business) exceeds the value of 1 lac 90 thousands.. Even if your net profit is less than this amount and gross income is above it, you should at least have to regularly file an IT return for that particular financial year.. The above mentioned structure is proposed in current budget.. But for the last financial year the older rates will only be applicable.. Just consult your CA or TAX Consultant for the same..