Is Internet Income is White Money ? (INDIA)

hey friends,

I am in trouble & trying to figure out how I show income from internet legal, white or pay tax on it ?

How you guys do big internet business with good earnings & still keep everything white as all your money coming from USA or any other country/currency

Need some good advise.

thank you

 

Of course it is white money unless your doing something illegal.

I do pay taxes, for the money from adsense, projects/trade (paypal).

It doesn't matter where it comes from, its legal as long as you pay the taxes.
The first time, I consulted a Tax consultant and he filed everything for me (for 500INR) . Its not that hard though, why don't you visit the Aayakar Bhawan in your place, and meet any officer there, they are indeed very helpful people (atleast here in TVM).

 

hmmm
thnx for making few things clear mate. I will go to my fathers C.A. (Charted Accountant) might be he can give me some good piece of advises as I don't know the exact difference between what is illegal & legal in India.

or anyone have any suggestion about where should I go ? I mean someone who knows about internet biz. & deal with people who are are doing internet biz. in Delhi & also can assist ?

thank you,

inetx

 

thanks this is good info. Even I was concerned about this. Do they (tax ppl) understand about paypal and stuff ??

 

If you declare it, yes, definitely. And definitely yes if it goes through any bank account.

 

The rule is that if you are in India while earning the income based on your skills and work then it would be deemed as income earned in India even if the internet is not in the US.

 

They do understand the money from it.

 

The best idea is start a company and start a current account in a bank. Then file the income at the end of the current year along with income and expenditure...

 

Not possible. Very expensive advice Min. Amt. required to open CA is 1Lac

 

i dont thing the internet money are white

 

U can register a trademark for less amount.Correct me if i am wrong.

 

What is 'white money' ?

 

Money on-record, taxable money... Money that you acknowledge.

 

You need not be a company to deduct expenses.

Even self-employed persons can deduct legitimate business expenses from their total income.

 

White money is the money with all the tax paid.

You can present your paypal log file as statement for paying tax.I thi nk first u start a Current Account and ask help from ur Bank Manager

I am also planning to register trademark.But can u help ?

Income Tax is the thing that we Internet Biz People should pay.

 

but how do you report all your income?

like i did forum posting there , and web designing there tralalaaa...lol..really i am not india..but i was thinking of this...

 

Show your paypal log file.Its a big proof

 

Lol... you can show your photocopy of your bank account pass book or bank credit and debit details...

 

I think Internet Income related to RBI Fema rules, if any CA here, please suggest.

 

What if income is some around 1 lac a month. I mean do we really need a current account ? As I have saving account.
Well what actually we will show that we are earning from where exactly ?

Like one person above said if a person is earning from (posting service, web designing work, a programmer for a project or like if someone earning from giving banner space on site site. As if we shows paypal statement that shows only money but no description. Well as an example if we earn from an online project of programming & the company you deal with is not giving you any written/signed agreement or contract, will government going to accept that income.

Well I say there are far more questions but we need some expert to answer this or some CA or someone earning in lacs from DP. We would like to know how he is making all his money white ?


Sorry don't know much about this, so if you find I am wrong on some point. CORRECT me plz.


thank you