Indians: Tax On Money Received From Payment Processors? Please Share your Knowledge.

Hey. Im getting fear by reading this thread now.
I have saved around 15 lacs on my SBI Savings Account.


Is it any bad or is it going to be considered as black money ?
I have saved it for my new Audi now. I just keep on saving on that account and spend from other ICICI Account , where I send like 30-40k each month for house expenditure and my bill payments.

And is it bad, if we are withdrawing like 2lacs at a time from paypal ?

HELP GUYS!
I dont want to get into those shity Legal stuffs in India, as im a calm and hard worker and I cant see those stupids calling my hard earned money as black money.

And, I have one LIC of 25k each year. Do you suggest to do some NSC,etc and invest around 1 lac right this month , so that my CA is cool to do my taxation papers on march ??

 

You need to file returns at the very least.

 

GULP!
Yeah, I can show all the Paypal and Western Union transactions statements.

And yes I have filed the return also. But they were just for 2-3 lacs a year. CA said me not to show more. Is it cool ?

Or I have to drop Audi idea ?

 

HA!
Those were for 2007-2008 and 2008-2009.
Money has been saved this 2009 - 2010.
So, will buy from that money.
But now im thinking to buy a cycle and goto CA first.

 

Perhaps, you should try this cycle
http://timesofindia.indiatimes.com/...-Nano-its-Rs-2L-cycle/articleshow/4316074.cms

 

You can't buy an audi with cash/upfront payment even if you wanted to unless you have several crores declared assets. Theoretically as long as your declared income is sufficient to cover the EMIs reasonably, you can get away with it, but again talk with your accountant.

As for the cycle look into Mercedes cycles, they are around Rs.75,000 and really good. Or you can consider BMX which you can import the parts much cheaper and assemble it.

 

this thead given me good info

guys can you help me in this cause

iam buying online server for 400$ and selling for 415$ so 15 profit but there will be tranaction in my bank account for 400$ and i will trasver that 400$ to pay for that server but over all profit is just 15$/month but in bank tranaction it will be 400$/month it will have any issue?

 

Show the records of $400 spent as expenses. Although you need not worry at all for such small amounts.

 

As said so we dont require IEC or we require for selling goods outside india?

 

Should i pay tax?..
I am a freelancer doing odd jobs and earned 1000$(My first earnings) in november.i have withdrawn(using two accounts unverified paypal) the total amount to my SBI(two different) accounts...should i pay tax for this?
I think no because it does not exceed 1.5 lacks which is the limit...If i got more than the 1.5lacks should i pay then...I am newbie in this field where to fillup the application for this?..and tell me the remaining information...

I haven't purchased any thing the money i got is my doing the services.....

 

well limit is 1.6 lac not 1.5 and it is for total year not for a month.
So calculate your earning from april 200? to march 200?+1 and then pay tax accordingly.

 

Though the limit is 1.6 lakhs, you can safely ignore the tax aspect up to 2.5 - 3 lakhs per year by showing additional expenses and by availing income tax deductions through Section 80C. Your CA should able to guide you better.

 

And If income should be More then 10,000$ Per month I think Fix Deposits and other things don't help.

I have read all post's but still confusing how can we save Tax

 

Yeah Don Your right I also Think to donate to NGO. It's Better to pay to NGO Rather then Government

 

But you have to find an NGO that is good. Most of them also just eat up the money themselves.

 

we will a notification for tax to the home or can pay online?...How can i know the tax?