Hi All, I am a freelancer from India. I earn about 500$ every month and I want to know weather I need to pay tax for the same. I heard somewhere in this forum stating that "If your income is less than $25000k per year You need not pay any tax. Is that true". Please give me a right suggestion
yes its taxable. when u withdraw money to bank u will be notifying to bank right $25000k its few lakhs Rs per year lol
Please refer to this link http://forums.digitalpoint.com/showthread.php?t=250498 I earned at least 5 lakh this year. I want to know weather I need to pay tax or not.
Well, if your income is more than $3500. So, if your's is more than $25000k, you need to pay tax and that too a lot of. - Digital -
Paypal does not give you income, it is only a mechanism for transferring money from one company/person to another. The income you receive from that buyer is taxable.
Do you only earn from paypal? No other cash deposits or assets in your bank records? You 100% taxable just like any other normal cash and cheque deposit into your bank account. IT Departments is not concerned from where the cheque is coming, the fact is that it comes into your bank account which should have a PAN (??) and hence taxable too. 500$ a month = 6000$/yr = 2.4lacs ** Please confirm with your CA.
I am thinking the same way and paying tax as well. But see what getjimmy said on this http://forums.digitalpoint.com/showpost.php?p=12707107&postcount=24 Full discussion -> http://forums.digitalpoint.com/showthread.php?t=1534838 So confusion DON.
I don't agree such such tactics and steps. Moreover if you consult a proper CA he would too advice to advice to go the proper way. Any wrong done today will affect your file/returns tomo.