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Paypal and Income Tax India

Discussion in 'PayPal' started by unna, Feb 20, 2010.

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  1. #1
    hi guys...

    Have you planned your tax? Have you prepared any data about tax??

    Is there any need to show Paypal receipt in the Income tax return?

    I want to know how to fill the income tax and what should be our service category. I am providing web related services.

    Thanks
     
    unna, Feb 20, 2010 IP
  2. deluxdon

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

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    #2
    I think better you hire any good CA for all this tax related activities.

    DON.
     
    deluxdon, Feb 20, 2010 IP
  3. nihangshah

    nihangshah Prominent Member

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    #3
    If your earnings are beyond taxable income according to the current financial year, then you need to pay appropriate Income Tax and file your return.

    Treat all your online income as normal 'Income from Business/Profession'. There's no need to submit any proofs, but be ready to show proofs if asked.
     
    nihangshah, Feb 20, 2010 IP
    salaxzar likes this.
  4. seogoogle

    seogoogle Well-Known Member

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    #4
    Depend on Your income and Bank account you used.

    There is no need to show PayPal receipt Calculate your income and expenditures or you can Hire CA :)
     
    seogoogle, Feb 20, 2010 IP
  5. ToP_Designer

    ToP_Designer Peon

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    #5
    If you fall Below 1.7 Lakh ( i guess or if i am wrong someone can correct me ) Male

    You dont need to pay tax :eek:

    T_D
     
    ToP_Designer, Feb 20, 2010 IP
  6. unna

    unna Well-Known Member

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    #6

    it is 1.6 lakh for men.
     
    unna, Feb 20, 2010 IP
  7. unna

    unna Well-Known Member

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    #7
    Don....

    Yaar, I am not any Tata Birla. My income in this financial year is around 4 lakhs. Can u give me rough idea about how to fill income tax etc.

    Thanks
     
    unna, Feb 20, 2010 IP
  8. unna

    unna Well-Known Member

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    #8
    Thanks...

    Is there any separate category for freelancers?? Actually I am a student also and doing this work as a freelancer.

    Please suggest.

    Regards
     
    unna, Feb 20, 2010 IP
  9. deluxdon

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

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    #9
    Even i am not tata birla ambani but need proper guidance from CA to pay tax ;)

    Anyway for you 1.6 lakhs + 1.0 lakh (ppf,lic,tax saver mf relief) and after that you can show some salary to 1-2 persons etc. to save tax.

    DON.
     
    deluxdon, Feb 20, 2010 IP
  10. unna

    unna Well-Known Member

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    #10
    Thanks Don...

    Can you tell me how i open my PF account? I heard that PF account is only for those person who are doing jobs.
     
    unna, Feb 20, 2010 IP
  11. salaxzar

    salaxzar Well-Known Member

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    #11
    Hire a CA...these things arent as simple as they seem..
     
    salaxzar, Feb 20, 2010 IP
  12. deluxdon

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

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    #12
    I am talking about PPF Account (Public Provident Fund Account) where you can invest minimum 500 INR and maximum 70000 INR/financial year.

    DON.
     
    deluxdon, Feb 20, 2010 IP
  13. seogoogle

    seogoogle Well-Known Member

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    #13
    Your income 4 lakh first clear things you want to pay Tax or want to save :confused:

    If you want to pay simply pay and if not there are too many ways to save it ;)
     
    seogoogle, Feb 20, 2010 IP
    spearojack likes this.
  14. deluxdon

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

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    #14
    Obviously he wants to save tax thats why trying to get some idea from this thread :p

    DON.
     
    deluxdon, Feb 20, 2010 IP
  15. salaxzar

    salaxzar Well-Known Member

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    #15
    Yup its the best for saving..But remember you cant withdraw the funds before 6yrs...
     
    salaxzar, Feb 20, 2010 IP
  16. deluxdon

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

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    #16
    Its for long term investment purpose and btw you can't withdraw full amount evenafter 6 years (only part of it).

    DON.
     
    deluxdon, Feb 20, 2010 IP
  17. Digital_shubhi

    Digital_shubhi Illustrious Member

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    #17
    I am thinking to show all the payments coming from NEFT as taxable. :D

    And when is the correct time to pay tax? in April ??
     
    Digital_shubhi, Feb 20, 2010 IP
  18. gauravgrt

    gauravgrt Peon

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    #18
    Mate, our income is taxable as normal indian resident, i've hired CA and he told me about section 10(B) which allows 100% tax deduction for foreign income. But we're not eligible for that since we're not earning $$'s from RBI approved bank. Paypal is not a bank it is processing company like WU and xoom.

    So as good indian, i paid my tax sincerely and waiting for RBI/GOV. to treat us same as infosys and wipro. :D
     
    gauravgrt, Feb 20, 2010 IP
  19. jalanbk

    jalanbk Well-Known Member

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    #19
    Section 10(b) Newly established manufacturer and for a certain time only later you will pay tax on foreign income as well...


    and the day govt start treating you like infosys/wipro you will start crying as this will increase your tension :D:D
     
    jalanbk, Feb 20, 2010 IP
  20. gauravgrt

    gauravgrt Peon

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    #20
    Yes the tax holiday is for 10yrs since business started.
     
    gauravgrt, Feb 20, 2010 IP
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