i tried to withdraw today and i noticed that i cant do it without adding PAN. is it necessary to add the real PAN number or some random number. can PP verify the PAN number which is added? will there be any problem from tax regulators if i add PAN?? please reply soon... am really confused
well i dont pay tax. not till now anyway anyone know whether PP can verify the PAN number? or can we just enter anything?
Not sure but maybe indian banks verify this at the time of giving you credit from paypal for the same. DON.
Paypal can verify your name and details registered with PAN card just for verification and nothing to do with tax. Since paypal withdrawals come with Govt issued no and PAN banks can also verify and backcheck. I suggest if you are earning high income, you have to start filing taxes, else if you earn small scale nothing to worry by giving your PAN to paypal.
Can we use same PAN no for both the accounts one personal account+ one premier/business account? Paypal says financial info should be different for both the accounts. But a person is allowed to hold two accounts in paypal. But most people have one PAN only. Perhaps you can get another PAN for your company. Can the enlightened ones enlighten us too?
i dont think you can add PAN number in two PayPal accounts, and you are not allowed to have more than one PAN card, as per RBI rules so that means i have to enter the correct PAN number, right? i withdraw around 20k-30k INR per week, is it high that banks will notice?
A person can't have two PANs as an individual but he can have another PAN by the name of his company as far as I understand. If this is not possible then there is no point in paypal providing two accounts and saying financial info should be different. You earn 20-30k per week...and you don't pay taxes and you don't want to put your PAN info...you are a thief !
PAN Has a structure and i think thats all paypal uses to verify it Structure of PAN PAN structure is as follows: AAAAA9999A: First five characters are letters, next 4 numerals, last character letter Each assesse is uniquely identified by the PAN If the PAN does not follow the above structure, then the PAN will be shown invalid The fourth character of the PAN must be one of the following, depending on the type of assesse: C — Company P — Person H — HUF(Hindu Undivided Family) F — Firm A — Association of Persons (AOP) T — AOP (Trust) B — Body of Individuals (BOI) L — Local Authority J — Artificial Juridical Person G — Govt The fifth character of the PAN is the first character (a) of the surname / last name of the person. In the case of Personal Pan card, where the fourth character is "P" or (b) of the name of the Entity/ Trust/ Society/ Organisation in the case of Company/ HUF/ Firm/ AOP/ BOI/ Local Authority/ Artificial Jurdical Person/ Govt, where the fourth character is "C","H","F","A","T","B","L","J","G". Source http://en.wikipedia.org/wiki/Permanent_account_number Though dont cheat paypal with wrong details coz it could cost you later
Since PAN is like SSN in India, it is used to verify our information. So don’t worry about tax. No random numbers can be given as that may fetch incorrect information.
Update on this: I added same PAN no to both accounts and paypal system accepted it. One account already had the correct PAN added to it. For other account which didn't have the PAN info, I went to withdrawal option, filled the blanks, put the same PAN no and paypal accepted it. I didn't withdraw money and didn't confirm as I'll wait for 7th day but I guess paypal doesn't have problem in using same PAN info in atleast two accounts. I again checked the withdrawal option later and it shows the correct PAN that I entered today.
You need to pay good enough income tax based on your income so i suggest you to regularly file income tax return to avoid any future problem. DON.
Thats a very good news.This means we can use Same PAN number on two Paypal account and Paypal systme accepts that
Guys i know someone who deals with income tax n all and he told me as far as the withdrawal is less then 50K RS its not a prob but as soon as u exceed that the indian bank will check n match the PAN number... and paypal will ban u if the Pan is wrong... i may be wrong but he said thats the deal n he even added in future the rules will increase
Withdrawal ONLY by cash above 50k needs PAN. No PAN is needed if you withdraw using online banking or cash or deposit cheque above 50k. Its just to counter cash flows.
I would say if your are collecting less than 1 lackh through your paypal then no worry about tax. just get a new pan card. it takes less than 2 months (if all goes right) to get a PAN card! And I think it's going to become compulsory in near future for any bank transfer to minimize corruption!
once again a big damage done by RBI. Most bad thing is limitation; even we can't pay hosting or domain fees via paypal. Now, the PAN card issue. I think PAN card is NOT just to verify your account/ address. RBI will track you are paying right TAX or NOT. If they can track you are paying less, they may take actions on you. But, when corrupted politicians playing with public money with millons an billions $$$ of scams like 2G, 3G, CWG etc Govt. is just watching like a JOKER without taking strong action. And, they are really worried about small earning FREELANCERS like us. just bad .........