Hey, Had been an Indian paypal user for past 15 months. Now iam going to pay my taxes. Should i pay taxes for the money which was earned for the past 15 months or just for the past 5 months.... since the PAN card system was introduced by PayPal. Also can you please confirm from which month had the PAN card system exactly introduced so that I can pay taxes from that month onwards. Thanks
Actually i withdraw directly from PayPal to my bank account. Without paying taxes. Unless you are withdrawin in huge amount more then 50K per time via bank. Or withdrawting more then 30K in more then once in 15days. I dont think theres gonna be much problem. Edit: This is actually because theres a bar on income tax. Since the bar is like 3 lakh per anum. People lower then that earning doesnt need to pay income tax. And when you earn online and withdraw via PP->Bank, you aint actually getting that money accumulated with your other income. so if ur under 3 lakh per anum you dont need to pay taxes. But if u really want you can surely pay taxes. Amnt really sure of that. I never cared, cuz havnt been earnin that much, nd income tax people will hardly peek into you.
When you withdraw your money in your bank its an official transaction and you should show it as your income , so if its more than slots alloted in your category (male or female) you have to pay tax
I've to pay taxes i believe. But my question is should i pay for the earnings..... only after PAN card system introduced or for the earnings before too.
If you're earning money online I think It doesn't need to declare those money. But if you want to be honest it's up to you.
I would pay your taxes for ALL of the money you received to your Paypal account. The governments are getting smart, they are not letting web payments go un-taxed. Gone are the days of making thousands of untaxed dollars. The government will catch you if you don't pay. Paypal has already started working with governments to pass the data long.