Hi, I have a business paypal account and a personal bank account. The company is a proprietorship firm, so I guess it does not require registration. I have been providing content writing services to clients all over the world and now when I withdraw money to my personal account I use the purpose that reads - "Freelance Journalism" Now how do I go about showing this in my tax returns? Any guidance? Also, how frequent can I initiate withdrawal and in how much amounts? Does $200 every alternate day sound OK? Or should I reduce this? Regards
You can show this as 'Web Income' in your return IMO. Of course you can withdraw whatever amount from your paypal account to your bank account. DON.
There is no withdrawal limit to paypal for verified account, you can withdraw as much as you want or as much as you have For Tax returns, just give your bank statements to your CA when you file IT