am a student and i dont have a job. my online income is through paypal and i withdraw money to my SBI saving account. i have also got my PAN Card. but i havent put my PAN no in paypal or any of my bank accounts. am confused as to whether i should submit my PAN to the banks. will tax be deducted from me if i do so? if i dont put PAN, what are my limitations? please help guys, am really confused
Having a PAN card doesnt mean you need to pay taxes. You need to pay tax only and only when your annual income is over a certain amount (probably 180000 now). Add into your paypal, there is no harm. It is in the bets interest of the country. This move was made to stop the undetected inflow of foreign money in India. Mostly terrorists fund themselves this way. So to trace them this is there. Moreover this also ensures you dont deceive us by not paying the taxes.
I am also a student and use PAN with bank and PP. Being a student doesn't mean that you don't need to pay tax. If you can earn being a student then why not pay taxes.
And it should be taxable income, meaning income after all expenses.. you can use PAN card it just to keep track
I am a student and using Pan Card, they is no problem in that. Just make sure if you cross taxable amount than pay your taxes.
For your question: PAN card and Bank. Bank require the identity proof (for that you can give PAN card, rationing card or Passport) Currently KYC (Know your customer) is going on in case of your account is old, where they need address proof and identity proof. IMO there is no worry by submitting your PAN details to bank. TDS (Tax Deduction at Source) is applicable in case of your interest income from Bank. G!
well i transferred around 1lakh from PP last month and this month also it will be like that. what is the limit on my savings bank account beyond which bank will ask for PAN and such?
Bank would ask you PAN details in case of your cash transactions are of 50K and more (Deposit and withdrawals) IMO, they will ask you the details of your (address and identity proof) as per the new norms (KYC - Know your customer) G!
Putting a PAN doesn't necessarily deduct taxes from your account; be honest and if your income is within taxable limits then pay taxes and be a good citizen. If your income is not taxable, you need not worry at all.
You need to mention your pan card details if you are transferring over Rs 50,000 from paypal to your bank account !
Paypal need your pan details also for security perpose with indian GOVT . Paypa mentain economic records of his each user .
Did you verified your bank Account with paypal. All indian Bank want PAN NO if you are withdrawing or depositing more than 50000/- per transaction.