Hi, I would like to know whether there is any income tax procudeure that should be followed so that i can get my payments safely from xoom.
Xoom sends you money through cheque or bank deposit so both count as your income. You have to pay tax same as your other income IMO. Contact your C.A. for more details.
Yeah..i know that i shld pay taxes on the income that i receive from xoom...the the cheque or bank deposits that xoom makes is same as the cheque or et that an individual makes from abroad??? As for asking the CAs here in my town...they dont even know what xoom or paypal is
The cheque or bank deosits that xoom makes is same as the cheque (other income) IMO because they also pay to you in INR.
Either you take payment by demand draft,cheq or online bank transfer through xoom, they all are includes under your income . you are taking money from outside india, and doing business, so you have to pay tax for it and contact your C A . In india you don't have any need to pay tax , if your income is less then 5 lacks . but you are doing business outside indian and taking money from oputside india. so u have to confirm it with your C A
Unless you have a registration with STPI or and SEZ as an 100% EOU you do have to pay your taxes even if it is income from abroad. And if you do register with STPI and any SEZ then XOOM is NOT a legal way by which you can bring in your funds. STPI - Software Technology Park of India SEZ - Special Economic Zone EOU - Export Oriented Unit
Just wanted to add for eligible webmasters above 18 No limit for tax upto Rs100000 Women - Rs150000 And senior persons are exempt to Rs180000 All figures correspond to yearly maximum non taxable income. Also I support the above thread completely. There are various other bankig procedures available and many tax rebates applicable if you are registered under STPI or Technology SEZ. Al
Hi Al How are you doing ? I own a very small business. We had a question about paypal and need to know a few things I am withdrawing all my money from paypal into bank business account directly with the paypal withdrawal option to bank transfer in INR Questions 1) Is this legal ? 2) I am registered into STPI too after reading your threads, but does STPI accept payments into INR ? even though it is ultimately from foreign client but payment hits us in INR. So Bank does not give a BRC stamp for STPI purpose of accounts. So will I not get tax exemption on the income which has come from paypal into INR even though all payment and withdrawals are directly done in bank account ? (IF) Stpi doesnt get a brc stamp on softax forms.! Can you please explain ? Thanks Brij