Tax on paypal money? Urgent..

Discussion in 'PayPal' started by rohitKr12, Feb 24, 2013.

  1. #1
    Hi,
    I am new here and from India. I have a question that has really had me confused. I am an online game developer, and a Ukrainian website is ready to pay me for carrying their sites ad. The amount we have agreed on is 400 US $ and the payment is supposed to be made with paypal. I have read that the max amount for recieving money in India is 500$ so that is not a problem.

    I don't have a PAN card as I am only college student, with other important IDs that work everywhere so didn't consider it much. For receiving this money, my dad has to make a paypal account. But I am thinking that if he gets the money, then there will be 30% tax on it according to my dads annual income. Also, if he has to pay tax, how can it be done? Does he have to show some records by paypal ?

    My last question is that I have a bank accounts in my name in SBI and Allahbad bank. If I get a PAN card, then there's a rule that I have to transfer the money into the bank within 7 days. In this case is it as simple as just getting getting a PAN card, then the money and transferring in SBI or Allahbad bank and it just appears in the balance?

    Thank you for reading.
     
    rohitKr12, Feb 24, 2013 IP
  2. deluxdon

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

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    #2
    All i can say is just apply for a PAN card for yourself and its done.

    DON.
     
    deluxdon, Feb 24, 2013 IP
  3. mercy91

    mercy91 Active Member

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    #3
    I have also doubt about paypal transcation. I receive $10 from outside indian country and paypal transfer into my bank account around $9.31. Now from paypal to bank transfer it would charge me same $9.31 so i don't receive any money and instead whatever money in my bank account before paypal transaction from that it deduct around 102 INR. So i don't understand what happen with me. Give me some reply for this problem to solve.
     
    mercy91, Feb 24, 2013 IP
  4. nihangshah

    nihangshah Prominent Member

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    #4
    PayPal doesn't charge any money for transferring money to bank. You get the full amount when you withdraw money from your PayPal account.

     
    nihangshah, Feb 25, 2013 IP
  5. mercy91

    mercy91 Active Member

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    #5
    In my paypal it say money is withdraw but not yet transfer into my bank. It take how much time to come in bank account.
     
    mercy91, Feb 25, 2013 IP
  6. facebookfansupplier

    facebookfansupplier Member

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    #6
    Nowadays paypal is giving 52.8 inr for 1$. calculate by that.
    you'll recieve money in 4 days to your bank !!
     
    facebookfansupplier, Feb 25, 2013 IP
  7. diamondmike

    diamondmike Greenhorn

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    #7
    Indeed their is not an actual fee for withdrawing money into your Bank.

    Cheers,
    DM
     
    diamondmike, Feb 25, 2013 IP
  8. nihangshah

    nihangshah Prominent Member

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    #8
    It takes 3 to 5 business days

     
    nihangshah, Feb 25, 2013 IP
  9. rohitKr12

    rohitKr12 Greenhorn

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    #9
    So I should just get a PAN card, and transfer the money to my bank?
     
    rohitKr12, Feb 25, 2013 IP
  10. humtuma

    humtuma Notable Member

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    #10
    Paypal transaction for receiving money i.e 0.30$ + 3.4% etc. Have you check this?
    `
     
    humtuma, Feb 25, 2013 IP
  11. mercy91

    mercy91 Active Member

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    #11
    It already taken 7-8 days still not got money in bank
     
    mercy91, Feb 25, 2013 IP
  12. deluxdon

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

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    #12
    Check your bank details in paypal as if there is any mistake you have done at the time of entering it or not. If any mistake there then your money credited back into your paypal account.

    DON.
     
    deluxdon, Feb 25, 2013 IP
  13. nihangshah

    nihangshah Prominent Member

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    #13
    Yes, get PAN card. It's important identity document these days.

    You can apply online at https://tin.tin.nsdl.com/pan/form49A.html
    or offline by filing Form 49A. Paste 2 recent passport size photographs and attach identity / address proof along with your application. Then, submit to nearest UTITSL or NSDL PAN center. Cost is Rs. 96/-

    You can check status of your application after applying at UTITSL or NSDL websites. You'll get PAN within 15-20 days delivered to your home. Then, you can file IT return, open bank account, invest in stock market or do high value transactions.

    Add your PAN to PayPal India and then make the transfer.

     
    nihangshah, Feb 26, 2013 IP
    FreeFun4Every1 likes this.
  14. ugod

    ugod Greenhorn

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    #14
    The paypal transaction limit is now $3000 and not $500 (it was there before but now it is raised, I myself received $3000 often).

    Regarding payment there are 2 options.

    # You could get paid via some other method if the buyer is willing to pay you via any other method then it would be more better for you like bank wire or xoom.com or WU or any other way. There are lots of alternatives.

    # If Paypal is the only option then I would recommend you to get your own PAN card which would just take around 15 days to receive and its very easy nowadays to apply for one. I see lots of agents do it for just Rs.500.
     
    ugod, Feb 28, 2013 IP
  15. redhammer

    redhammer Greenhorn

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    #15
    Is receiving money via WU/XOOM and bank wire also taxable..right???
     
    redhammer, Apr 6, 2013 IP