Paypal and Income Tax India

hi guys...

Have you planned your tax? Have you prepared any data about tax??

Is there any need to show Paypal receipt in the Income tax return?

I want to know how to fill the income tax and what should be our service category. I am providing web related services.

Thanks

 

If your earnings are beyond taxable income according to the current financial year, then you need to pay appropriate Income Tax and file your return.

Treat all your online income as normal 'Income from Business/Profession'. There's no need to submit any proofs, but be ready to show proofs if asked.

 

Depend on Your income and Bank account you used.

There is no need to show PayPal receipt Calculate your income and expenditures or you can Hire CA

 

If you fall Below 1.7 Lakh ( i guess or if i am wrong someone can correct me ) Male

You dont need to pay tax

T_D

 

it is 1.6 lakh for men.

 

Don....

Yaar, I am not any Tata Birla. My income in this financial year is around 4 lakhs. Can u give me rough idea about how to fill income tax etc.

Thanks

 

Thanks...

Is there any separate category for freelancers?? Actually I am a student also and doing this work as a freelancer.

Please suggest.

Regards

 

Thanks Don...

Can you tell me how i open my PF account? I heard that PF account is only for those person who are doing jobs.

 

Hire a CA...these things arent as simple as they seem..

 

Your income 4 lakh first clear things you want to pay Tax or want to save

If you want to pay simply pay and if not there are too many ways to save it

 

Yup its the best for saving..But remember you cant withdraw the funds before 6yrs...

 

I am thinking to show all the payments coming from NEFT as taxable.

And when is the correct time to pay tax? in April ??

 

Mate, our income is taxable as normal indian resident, i've hired CA and he told me about section 10(B) which allows 100% tax deduction for foreign income. But we're not eligible for that since we're not earning $$'s from RBI approved bank. Paypal is not a bank it is processing company like WU and xoom.

So as good indian, i paid my tax sincerely and waiting for RBI/GOV. to treat us same as infosys and wipro.

 

Section 10(b) Newly established manufacturer and for a certain time only later you will pay tax on foreign income as well...


and the day govt start treating you like infosys/wipro you will start crying as this will increase your tension

 

Yes the tax holiday is for 10yrs since business started.