1. Advertising
    y u no do it?

    Advertising (learn more)

    Advertise virtually anything here, with CPM banner ads, CPM email ads and CPC contextual links. You can target relevant areas of the site and show ads based on geographical location of the user if you wish.

    Starts at just $1 per CPM or $0.10 per CPC.

PayPal India and taxes

Discussion in 'PayPal' started by KaBoom!!!, Oct 16, 2009.

0
Page 5 of 6
  1. humm

    humm बहादुर बच्चा

    Messages:
    4,346
    Likes Received:
    850
    Best Answers:
    0
    Trophy Points:
    310
    #81
    You don't have a PAN?? ... asap apply for it. Consult a CA...

    Some banks threaten to freeze your accounts if the transactions are misleading and don't have PAN information included.
     
    humm, Oct 25, 2009 IP
  2. deluxdon

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

    Messages:
    25,480
    Likes Received:
    1,943
    Best Answers:
    32
    Trophy Points:
    480
    #82
    Its not tough to get a PAN for yourself. Its needed.

    DON.
     
    deluxdon, Oct 25, 2009 IP
  3. richard_rich476

    richard_rich476 Peon

    Messages:
    18
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    0
    #83
    try to withdraw in small amounts, may be it can help you
     
    richard_rich476, Oct 27, 2009 IP
  4. KaBoom!!!

    KaBoom!!! Peon

    Messages:
    65
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    0
    #84
    @richard_rich476: I have got my answer!
     
    KaBoom!!!, Oct 27, 2009 IP
  5. xxxneo

    xxxneo Active Member

    Messages:
    85
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    61
    #85
    Keep your documents ready ....you never know when the IT guy is going to knock your doors :D

    Thanks for your information,which clear up many things....:)
     
    Last edited: Oct 27, 2009
    xxxneo, Oct 27, 2009 IP
  6. ToP_Designer

    ToP_Designer Peon

    Messages:
    496
    Likes Received:
    2
    Best Answers:
    0
    Trophy Points:
    0
    #86
    Guys.... Confirm me...

    You pay TAX only when your income is above 1.5 lakhs... RIGHT

    if your income is below 1.5 lakh ... You dont need to pay tax .

    So if i widraw 2000 $ from paypal .. ( 500 +500 +500+500) in this whole year . Do i need to pay tax.

    Please clarify for me....
    T_D
     
    ToP_Designer, Oct 27, 2009 IP
  7. Helvetii

    Helvetii Notable Member

    Messages:
    4,412
    Likes Received:
    90
    Best Answers:
    1
    Trophy Points:
    205
    #87
    ^^ No you don't need to. :)
    But probably something like service tax or VAT if you are selling something? :confused:
     
    Helvetii, Oct 27, 2009 IP
  8. mrockz619

    mrockz619 Peon

    Messages:
    962
    Likes Received:
    8
    Best Answers:
    0
    Trophy Points:
    0
    #88

    Correct but ur income doesn't only comes from Paypal correct , u have some other sources also kinda job , so if it exceeds 1.5lacs , u will need to pay IT(Income Tax)
     
    mrockz619, Oct 27, 2009 IP
  9. humm

    humm बहादुर बच्चा

    Messages:
    4,346
    Likes Received:
    850
    Best Answers:
    0
    Trophy Points:
    310
    #89
    This thread is real crazy... Tax savers n all! :D
     
    humm, Oct 27, 2009 IP
  10. deluxdon

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

    Messages:
    25,480
    Likes Received:
    1,943
    Best Answers:
    32
    Trophy Points:
    480
    #90
    Actually you don't have to pay tax for 1.6 lakhs + 1 lakh (excemption for investment in lic,ppf,nsc,tax saver mf etc.) = total 2.6 lakhs. But keep in mind that you have to file a return for Nil to for this in IT.

    DON.
     
    deluxdon, Oct 27, 2009 IP
  11. KaBoom!!!

    KaBoom!!! Peon

    Messages:
    65
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    0
    #91
    @ToP_Designer: If the payment is withdrawn in name of a female, then it's 1.9lack. For males it's 1.6 lack.
     
    KaBoom!!!, Oct 28, 2009 IP
  12. phptechie

    phptechie Well-Known Member

    Messages:
    885
    Likes Received:
    10
    Best Answers:
    2
    Trophy Points:
    165
    #92
    Kaboom,

    I'm an Indian & I have been using paypal for almost 4 - 5 yrs & when paypal started offering FUNDS WITHDRAWAL TO INDIAN BANK a/c , I started using it right away.

    I never had problems withdrawing funds to your bank a/c , even though you don't file Income Tax return , the Income tax guys can check your bank a/c & source of funds. So always pay your tax & consult an auditor regarding this.

    If you are going to withdraw huge funds to your SAVINGS A/C , then do it in parts as said by others to avoid any problems. On the other hand , if you use CURRENT A/C , then no worries on withdrawing large amount as long as Paypal limitations stops you.

    So heres the conclusion
    1. Paypal -> Savings A/C = withdraw funds in smaller amounts (less than or equivalent to USD 1k in single transaction) , but make sure to file your income tax returns & pay tax.
    2. Paypal -> Current A/C = don't worry about volume of money withdrawn as long as paypal allows.

    I have done withdrawals to both SAVINGS & CURRENT a/c , but I do pay my taxes :)

    Hope this clarifies.
     
    phptechie, Oct 28, 2009 IP
  13. KaBoom!!!

    KaBoom!!! Peon

    Messages:
    65
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    0
    #93
    @phpsundar : If the payment is withdrawn in name of a female, then the tax limit is 1.9lack. For males it's 1.6 lack. So, if I withdraw 48k Rs., then I can bypass tax.
     
    KaBoom!!!, Oct 28, 2009 IP
  14. nice_guy

    nice_guy Peon

    Messages:
    2
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    0
    #94
    Can you tell me if i have to pay taxes on the money in my paypal account or only on the money that i withdrawn from paypal to my indian bank account?

    Will i have to submit the paypal transaction statement to tax authorities?

    Please help.
     
    nice_guy, Oct 30, 2009 IP
  15. deluxdon

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

    Messages:
    25,480
    Likes Received:
    1,943
    Best Answers:
    32
    Trophy Points:
    480
    #95
    You have to pay tax on funds withdrawn from paypal to your indian bank account. If they ask for paypal transaction statement then you need to give them (IT people).

    DON.
     
    deluxdon, Oct 30, 2009 IP
  16. nice_guy

    nice_guy Peon

    Messages:
    2
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    0
    #96
    I have withdraw only below 80k and i used to pay to subcontractors, coders, etc from my paypal itself.

    So will i need to pay tax for this amount (80k) i withdraw to my bank account? or should i pay only if i reach 1.5k?

    Can you tell me when i have to pay tax? on next march?

    Please tell me if the IT people calculate tax for the funds i recieved or spend on paypal transaction statement or only for the amount i withdraw to my bank account?
     
    nice_guy, Oct 31, 2009 IP
  17. deluxdon

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

    Messages:
    25,480
    Likes Received:
    1,943
    Best Answers:
    32
    Trophy Points:
    480
    #97
    You have to pay tax only for the amount you withdraw to your bank account.

    BTW i suggest you to consult any CA for all this.

    DON.
     
    deluxdon, Oct 31, 2009 IP
  18. Helvetii

    Helvetii Notable Member

    Messages:
    4,412
    Likes Received:
    90
    Best Answers:
    1
    Trophy Points:
    205
    #98
    ^^ The problem is that most of the CA's have no Idea what PayPal is. :|

    I went to a CA and told him that I earn x Lakh/month and asked what amount of tax should I pay. He instead asked me to coach him on making Money Online!!
     
    Last edited: Oct 31, 2009
    Helvetii, Oct 31, 2009 IP
  19. Oranges

    Oranges Active Member

    Messages:
    2,610
    Likes Received:
    92
    Best Answers:
    0
    Trophy Points:
    90
    #99
    ROFlMAO :)) :p That's the same thing happens with me too, People ask me where the hell my money is coming from, and when i tell them, they are like >>:eek:WTF!!
     
    Oranges, Oct 31, 2009 IP
    Helvetii likes this.
  20. Red_Virus

    Red_Virus Well-Known Member

    Messages:
    3,756
    Likes Received:
    249
    Best Answers:
    0
    Trophy Points:
    135
    #100
    I am so confused after reading the entire thread ! and to top it all my C.A has no clue what is PayPal money :(
     
    Red_Virus, Nov 1, 2009 IP
    Helvetii likes this.
Page 5 of 6