Important Update from Paypal for PayPal India Users : Change in User Agreement

lol if thats the case, it'd be a big mess for us. We have to show proofs of all payments receeoved and made if someone Income Tax Department questions.

 

They are bigger entity, they'll take care of it.
Do you think it's best to enter any random pan, withdraw all funds to bank, delete the account and create a new account?

 

when u withdraw bank knows about your money and gov also knows. so why you delete account and create new one.

 

I don't want to show income tax department my last two years transactions i made in paypal. My query is not about bank, the quesiton if find will share the entire account details, like the entire transacton list made since account creation for that person.

 

Is the $500 per transaction limit applied yet? About to receive a couple of payments above that.

 

Have you faced any issues yet after entering your pan? Did you pay tax only for the withdrawls made? or total balance in paypal. Intake of funds to bank is counted taxable, similarly wil intake to paypal also be taxable? These days, it will be, but will all previous transactions be recorded as well?

 

Unless you are earning more than 10 lacs per year, usually the IT dept won't bother you. Still, going forward give the government record of every penny you earn.. I know its tempting to NOT pay tax especially when you feel that the govt has not actually contributed towards your employment or earning, always think of what troubles you can face in case you get caught.

A small and very simple mantra was given to me by a Sindhi woman once .. "Never do wrong" those were her exact words and despite of temptations, I often steer clear of wrongdoing when I remember her advice.. it may not seem like much to you but its a short and simple gem.

PS: Unless you are a very big businessman, don't worry about the IT dept following you up on past taxes...

 

I did and always do pay tax. But the earlier expenditures through paypal have not been filed. It always paid tax for whatever i took to bank (withdrawal). So what i am worried about is, if they will track the previous transactions which might cross 20-30k$.

Anyway so its safe to enter pan directly and withdraw to my account (current).

 

Just close the paypal account and open a new account with same email. Make sure you take all backup of old records. If closed you cannot extract any old data.

do not worry much. even if they catch you, you need to pay the taxes with some interest. Unless you earn in crores it won't hurt a lot. so do not worry.

 

Are you sure that anyone can close his paypal account and open a new one under same details and same email?

without being considered as a duplicate account?!

 

why u think it is duplicate ?

i used to do this when paypal limit have 100$ for accounts

 

Can u please elaborate on the last line??

 

I think its duplicate because its another entry in their database.

let guess you have an account that is limited and you withdraw all the funds from it then you closed it.

Can you then open a new paypal account using the same email and same details?

 

I think dpsubi1 has some confusion in this regards.

When Paypal is able to catch duplicate accounts with your IP, address, name, bank details, cc details, cookies or heck, even flash cookies - and any duplications in the above stuff can be caught - do you really think that they will just ignore a same, "Guilty" email opening another account?

 

Dont you think account age matters in maintaining reputation at paypal? A new account is more prone to ban. isnt it? I havnt dealy in crores but quite a bit.

 

can we withdraw from paypal using another PAN ? since now paypal allows to change PAN info during withdrawal. will it create any problem?

 

thats what i was doing that time. same email id

 

I made a withdrawal of $540 from Freelancer site. But it made 2 payments $500 and $40

Seems like the $500 rule is implemented.

 

Could you tell me what are the benefits to create a new paypal with the same old email address instead of a new email?