Hi all, I am earning $5k+ from internet and i withdrawn all money using paypal to my 4 bank account So my question is that should i need to pay tax for internet money?? If yes then if i dont pay then is there any risk? Please tell me in brief I am student i have no other source of income except internet
theoretically you gotta pay tax according to the government rules if you have income no matter it is offline or online
Definately you need to pay income tax as your earning is more then 30 lacs in a year. Contact any good CA near to you and ask about procedure to pay tax IMO. DON.
Your PayPal account has PAN entered, which automatically reports high value transactions to IT department. Yes, you'll need to pay Income Tax as per current laws. For Assessment Year 2013-14 If income is below 2 lacs to 5 lacs, you pay 10% tax If income is below 5 lacs to 10 lacs, you pay 20% tax If income is above 10 lacs, you pay 30% tax Use Form ITR 4 (for income from business/profession) to file your return.
You should declare it although you should get professional advise as there may be none to pay when you use your allowances and off set costs etc.
Good achievement ! A student is earning 2 lacs 75 thousands each month. It is comparable to the director of a company. You have to pay the tax. Would you like to share how do you earn that much each month?
Don't worry about tax , if you are earning 5K per month . Paypal will inform to Indian Government automatically, if you with drawl more than 500$ at a time where you are 5k.
Assessment year starts from April to March every year. Last date for filing Income Tax return is 31st July for individuals and 30th September for audited accounts. If income tax being paid is less than Rs. 10000/-, then it's called Self Assessment Tax If income tax being paid is more than Rs. 10000/-, then it's called Advance Tax Just like one pays monthly EMI for home/car/education loan, same way you pay Advance Tax in installments. Last date for companies to pay Advance tax is 15th June, 15th September, 15th December and 15th march (4 installments) Last date for individuals to pay Advance tax is 15th September, 15th December and 15th march (3 installments) You can pay taxes using net banking account (use Challan 280) at https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp and then efile your return at https://incometaxindiaefiling.gov.in/ I'll suggest every one to invest in schemes falling under Section 80C like PPF, tax saving ELSS funds, 5 year bank FD, etc. If you invest in those schemes, then you'll have less taxes to pay.