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

Discussion in 'Payment Processing' started by Helvetii, Nov 8, 2009.

0
Page 4 of 4
  1. seogoogle

    seogoogle Well-Known Member

    Messages:
    1,258
    Likes Received:
    15
    Best Answers:
    0
    Trophy Points:
    195
    #61
    Yeah we can pay to Local NGO which are good :)

    You can know about tax through Your Income how much you earn per year and also can calculate tax.

     
    seogoogle, Dec 2, 2009 IP
  2. ToP_Designer

    ToP_Designer Peon

    Messages:
    496
    Likes Received:
    2
    Best Answers:
    0
    Trophy Points:
    0
    #62
    Same here.

    i am getting paid through affiliates .... and i have withdraw almost 90k inr to my bank (paypal to bank) and making it 1 lac. ( in my bank statement ).

    Now, i dont know anything about tax.... Also i dont have pan :( .

    what should i do.... Should i stop earning :( ... A complete Noob who have just gone through this whole post reading about filing tax money getting from paypal to bank.

    what is the limit for paying tax for male and female ?

    T_D
     
    ToP_Designer, Dec 5, 2009 IP
  3. Remotay

    Remotay Well-Known Member

    Messages:
    2,426
    Likes Received:
    61
    Best Answers:
    0
    Trophy Points:
    140
    #63
    Such a ridiculous thread. Everyone is talking about cheating their way out of paying taxes by hiring fake employees / making fake business expenses. This is all highly illegal. If you plan to LIE to the government anyway why do you even bother reporting ANY income.
     
    Remotay, Dec 5, 2009 IP
  4. eXe

    eXe Notable Member

    Messages:
    4,643
    Likes Received:
    248
    Best Answers:
    0
    Trophy Points:
    285
    #64
    To stay out of jail.
     
    eXe, Dec 6, 2009 IP
  5. peepin2me

    peepin2me Well-Known Member

    Messages:
    2,097
    Likes Received:
    66
    Best Answers:
    0
    Trophy Points:
    115
    #65
    Not everyone. At least, I did not!
     
    peepin2me, Dec 6, 2009 IP
  6. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

    Messages:
    25,481
    Likes Received:
    1,943
    Best Answers:
    32
    Trophy Points:
    480
    #66
    That is not called cheating but proper way of investing your money and save tax on that. Why not taking benefit by investing in ppf,nsc,lic,taxsaver MF,buying new car,bike,computer while government giving benefit on them ??

    DON.
     
    deluxdon, Dec 6, 2009 IP
  7. sumeetrajaggarwal

    sumeetrajaggarwal Peon

    Messages:
    185
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    0
    #67
    look at that taxes coming on PF's also and increasing VAT
     
    sumeetrajaggarwal, Dec 7, 2009 IP
  8. ToP_Designer

    ToP_Designer Peon

    Messages:
    496
    Likes Received:
    2
    Best Answers:
    0
    Trophy Points:
    0
    #68
    anyone who can shed some light on poor me.... :(
    T_D
     
    ToP_Designer, Dec 7, 2009 IP
  9. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

    Messages:
    25,481
    Likes Received:
    1,943
    Best Answers:
    32
    Trophy Points:
    480
    #69
    First of all why don't you apply for a PAN Card for yourself ??

    Why you should stop earning ?? If you are earning is bigger and you need to pay tax on that then do it instead of stop earning.

    Limit is 1.60 lakhs for male and 1.90 lakhs for female. There are some other excemptions as well so you need to contact good CA near to you for more details.

    DON.
     
    deluxdon, Dec 7, 2009 IP
  10. AaRGeE

    AaRGeE Notable Member

    Messages:
    2,252
    Likes Received:
    347
    Best Answers:
    0
    Trophy Points:
    230
    #70
    I have been to a CA ..
    I have earned 15 lacs+ in Past 19 Months

    I showed him all my statements ..
    Currently my Bank Account only had 70,000+ INR ..
    CA asked what I did with rest 14.3 lacs .. I said I burn it! (well actually I gave all to my Dad and have no idea what he did with that.. I bought many things aswell)

    So He advised me this!
    A Proper Way (legal way) .. Paying 30%+ tax .. which I declined!

    Another way!

    According to my Bank Statements ..
    I was getting Paid by only Paypal and Ebay .. Both ebay and Paypal uses a Same Account or NEFT to transfer in my account!!

    So he advised me this!

    Always withdraw all Online Income to my Saving Account (Account A) which I am currently using!

    Open a New Saving Account (Account B) in any other Bank Account!
    Transfer 10,000-13000 Each month into that account!
    Make Your all Online Purchase or Debit Card/Credit Card Purchases via Account B!

    Do not keep more than 1 lac in your Account A
    Do not Withdraw more Than 50000 in one transaction within 72 hours! via both Accounts

    If you are Transfering around 1 lac a month in Account A
    than transfer 10-13k in Account B
    withdraw 40k twice in 6 days from Account A ..
    Leaving 7k in Account A only!!

    Now how that will help?
    First of All he said that IT knocking your door holds only 0.1% Chances!
    If they did ..
    You can Purely say that You are doing Buy/sell business

    That is, you buy Laptops,other things .. even can say used furnitures from here and sell them online for Profit of 1-4%
    Show them your Account B and tell them thats only what you profit each month!

    Thats it ..

    File Return on all your incomes each year!
    Dont have to show your Account A on IT returns as you only have to show your Profits and not your expenses!


    I am still concerning 1 more CA on next Sunday so lets see what she says!
     
    AaRGeE, Dec 8, 2009 IP
  11. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

    Messages:
    25,481
    Likes Received:
    1,943
    Best Answers:
    32
    Trophy Points:
    480
    #71
    All i can say is 'don't you think that IT People easily catch your account A' which is also in your name ?? :confused: Don't underestimate them.

    DON.
     
    deluxdon, Dec 8, 2009 IP
  12. AaRGeE

    AaRGeE Notable Member

    Messages:
    2,252
    Likes Received:
    347
    Best Answers:
    0
    Trophy Points:
    230
    #72
    lol .. Thats why they come to my House for! :confused:
    Why would they come for Account B ?? :p

    Thats what I have to say that I buy and than sell than withdraw income to account A and than buy new things and sells and keep 30 day profit in account B
     
    AaRGeE, Dec 8, 2009 IP
  13. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

    Messages:
    25,481
    Likes Received:
    1,943
    Best Answers:
    32
    Trophy Points:
    480
    #73
    Split your income in your other family members if possible and show full income to IT ;)

    DON.
     
    deluxdon, Dec 8, 2009 IP
  14. peepin2me

    peepin2me Well-Known Member

    Messages:
    2,097
    Likes Received:
    66
    Best Answers:
    0
    Trophy Points:
    115
    #74
    If you tell them you buy and sell products, you will need to show receipts for both sale and purchase which I doubt you will be able to provide. Further, by checking your paypal account, they can track the sources of your income. IT dept has the authority to ask Paypal for your account statements.
     
    peepin2me, Dec 8, 2009 IP
  15. seogoogle

    seogoogle Well-Known Member

    Messages:
    1,258
    Likes Received:
    15
    Best Answers:
    0
    Trophy Points:
    195
    #75
    Great :) We can Open Joint Accounts too and I don't think so That if we have 2 accounts in separate Bank they can easily track all transaction by your Pan Card :). Best Option is to Open FD's



     
    seogoogle, Dec 10, 2009 IP
  16. getjimmy

    getjimmy Prominent Member

    Messages:
    17,260
    Likes Received:
    1,005
    Best Answers:
    0
    Trophy Points:
    360
    #76
    You open 2 or 5 accounts,they can easily track everything as long as its under same name.
     
    getjimmy, Dec 12, 2009 IP
  17. ankit_frenz

    ankit_frenz Active Member

    Messages:
    1,111
    Likes Received:
    41
    Best Answers:
    0
    Trophy Points:
    63
    #77
    Okay this is the thread i was looking for..same is happening with me..i am now making serious money..so need to pay taxes..anyways..what i know from a CA is that if you are earning $100 or more a day you should regsiter a SSI and open a paypal with its name..hire somone to maintain accounts and show payment to 10 dummy employes that will save enough of tax for you..well i will soon go to consult personally to a CA will update this thread when i do so..
    hope it helps
    Thanks
     
    ankit_frenz, Dec 14, 2009 IP
Page 4 of 4