I am doing some online business and earns money in my paypal.I used to transfer it via xoom - > my HDFC Bank acc.Few days back I got a mail from my bank asking me to present the details of source of money ; PAN etc ... But I have NO PAN and what to do ? Did anyone face the same problem ?
How much money you have recieved yet...? well i am over 5 Lakhs in 3 months... they never sent me any mail..
I think ur having PAN card ? I only send less than 60k within four months.I used to use xoom to transfer my paypal funds to HDFC bank. Plz help!
I was reading http://incometaxindia.gov.in/PAN/Overview.asp about the PAN Card and it seems like if you are receiving or depositing money, you will inevitably need a PAN Card. Why not just go apply for one then you be compliant and satisfy all conditions. As for the source of income, there is a worldwide step to stem out money laundering and illegal money. Just provide documentations of where the money comes from and you should be fine.
I am getting money from paypal for my services and I just used to transfer it via Xoom to that bank. So what doc I need to present ?
Invoices, Sales Receipts and/or perhaps a printed copy of the Paypal Transaction Details for the said periods.
Getting Rs 60000 in four months in not a small amount. You better get yourself a PAN card. If the income tax guys think you are evading taxes, they can impose strict penalties on you. The thing is, in India, it is not important whether your are paying taxes or not; the important part is whether the IT guys think you are paying taxes or not. .
But 1.5 million is the boundary of IT.When I cross that I will surely pay it. But why come this HDFC bank guys are like that ?
It is not 1.5 million, it is 0.15 million. . IT guys always keep a watch on large transactions, whether or not they are by an IT payer. PAN is mandatory whenever a single transaction crosses Rs 50000. My dad has a bank account with Bank of India. Many times, when he deposits multiple check (none having value more than 50000), the bank still insists that he gives his PAN number. It is just a routine affair.
Banks will all start requesting PAN card details in a few days its gonna become mandatory for all types of bank accounts.