I am working as a freelancer and I am getting payment from using paypal check. I am going to file my return this year. How can I show this income in Income tax return. I have another question should I have an I.E. Number to do online business. Plz help me regarding this.
This is the same question that lots of freelancers wants to know. I always follows all thread on this subject. I have read lots post of arvind, bilal and other DP members. But still didn't get any satisfactory answer.
In other thread of arvind shrivatava stated that : "This IEC applies to companies mainly and as an individual you should possess a PAN card even if you don't have a IEC number, however your income from overseas should not cross $25000 in a year.According to the ammendment to income tax act 2006" refer this http://forums.digitalpoint.com/showthread.php?t=250498 well i am not confirm regarding this and need Comments from Other members. If this post helps you then do Rep for me.
Well PAN card will solved our problems. I think arvind shrivatava told right. We don't need IEC number for less than $25k amount. We have to confirm it from out IT officers.