Hello All I'm a private online tutor in India. Now my concern is that in the past and also in the present my tutoring business has done well and there have been a good transaction of many currency through PayPal. The amount may range approx 6K+ USD. Now for all this transaction I don't have any business papers and all came in my Indian Bank account as direct transaction from my PayPal / MoneyBookers account. I did not pay any tax either fearing what will I show as documents. Is I'm in deep shit? Please help me in this regard and suggest how can I make this business legal come what may be the cost incurred. Thanks & Regards WF
Well, do the banks report on your income in India? If not, then you don't have anything to worry about anything unless you volunteer that information.
first talk to a CA and he will help you out. Login to your paypal and there you can download the history of transactions or perhaps take a print out in excel sheet of the income you received. This you can show as proof for source of funds. Like i said before, go first talk to a auditor and this will lessen your worries. It doesnt matter whether he uses 2co/paypal/moneybookers. All are payment processors.