Hello all, Even after lurking around the forum for the threads related to taxes, legal method to get money and lot many other related thing, i couldnt get the answer to few things. And it would be really great if you can suggest me on how to proceed with things as i have plans to get into the Online marketing and the affiliate marketing, wherein the money will be recieved from overseas sources. My questions are: a. Do i have to get some company registered or is it possible to move ahead on my own name with saving account without tax problems. b. What kind of taxes will i be eligible for if i recieve money from overseas sources. c. What all related documents are required to fill up the tax?? d. What if i got one company registered and then get myself engaged in the business, then what all things i have take care of?? P.S - Income sources will be United Kingdom and it might go as high as 5000 pounds a month (Just trying to get the clear and broader picture if i would get that much of money....wow... [i know you must be thinking that if i would get that much of money then its really possible to get the advice from some legal adviser, but its just the optimistic approach i am talking about.]) Looking forward to hear the valuable comments on the same and pointers in the right direction will surely help me to make the clear move. Many thanks, Shashi
Hi Guys, I was expecting to recieve some help and guidelines from you people. Please revert and help me to get rid of the above mentioned problems. Thanks, Shashi
hi i was thinking of the same issues a few time back but going around with what other indian webmasters are doing shows me that it will be lot better if you convert your overseas money into Rs. by means of any registered company like, paypal, mooneybookers, or western union. after that you will only have to pay 30% tax of income to the govt. of india which can be reduced by means of investment in govt. funds. it does not matter if you register a company or go ahead with your own name.
Hi donofnet, Thanks for the reply. I appreciate that you have put in the valauble comment in the asked post. It would be great if you can revert on the following questions that popped up from your answer. a. if you convert your overseas money into Rs. by means of any registered company like, paypal, mooneybookers, or western union?? What do you mean by that?? i am going to get the money by wire transfer and do i need to get it thru above mentioned methods to get it without any problem. b. after that you will only have to pay 30% tax of income to the govt. of india which can be reduced by means of investment in govt. funds. Can you please explain me the process too... Many thanks, Shashi
Hi please search this Leagal & Payment Processing sections of this forum. You will get lot of information on this. And visit these threads: http://forums.digitalpoint.com/showthread.php?t=85595 http://forums.digitalpoint.com/showthread.php?t=250498 Finally cunsult an Auditor/CA with these details. Cheers
Hi srijaga_cbe, Thanks for the posting but I have already gone through the provided links but couldnt get the details. Hope to hear soon in regards to the asked questions. Thanks, Shashi
Hi If you receive 5000 pounds per month its comes around 4.25 laks. As per RBI, 2500$(1.12 laks) per year allowed for an indivual. If you crosses the limit you have to provide the source of income. If its from your relative Indidn Resident or NRI, then you have to provide details and tax for that income. You must be asses income tax bcas you are falling in the tax payers slab(around 45 laks per annuam). I dont know how much is the tax for that! You can receive money to your SB account for you business/personal. If your transcaction is high, then the bank will convert into a current account on your name. If you use current account you must file for Income tax every year. There is lot of rules for running r registerd company and its tax filing. Please point out your exact need. I will post more info on that with help of my CA friend
thanks for the advice and help srijaga_cbe. Will surely see what best can be done. Anyways thanks a tonn.. Would it be possible for someone to post the link about the taxes eligible for online income (India). Thanks, Shashi
You can work with ur own name...ITR (Income Tax Return) has nothing to do with ur saving or current account. The easiest way to start business is sole proprietorship. If you need any further information. let me know...I have similar proprietorship firm with name of HYPHEN TECHNOLOGIES brand name promotion.
it's simple when you put your money in mooneybookers in $$$ you can withdraw it in Rs, and when it's in Rs then all you need to do is just fill the IT form of govt of india with your pan card info and invest in some govt funds like LIC etc, you will get rebate of upto 15% on every peny you invest.