Through PAN, RBI is getting details of our INCOME, Any PRoblem?

Guys

I mean since we are adding our PAN to paypal, i think government is getting details of our Income

Des anyone paid Income tax or any other taxes here?

Any problem with that?

 

I agree with Don you have to pay taxes its all recorded im sure you will get caught if you dont

 

What is the maximum revenue liable to pay the income tax?

so i think many ones are paying income tax for receiving through paypal, is it true?

 

guys I thought this thread will help everyone

but answers are pointing that only i have to worry abt this

 

even im worried about taxes as i earned around 50K indian/ month so im very very worried about taxes...

 

I believe that the entire scheme was run to prevent the transfer of black money. No need to worry if you are not.

 

See, if you are earning BIG amounts, you should keep proper records and pay your taxes.

If your income is near threshold of taxable limits, and for some reason you do not want to use NEFT transfers where your PAN is quoted, you might WITHDRAW by check. Check withdrawals do not quote PAN, as far as I know. But even then, your bank account might have the PAN number. If you have any bank account, which you have opened before obtaining your PAN & so havent given your PAN, you might encash your Paypal checks there. Note, it might just slip under the radar, only if your earnings are reasonably smaller. If you are earning TOP RUPEES, you might come under IT office's purview.

 

see PAN no. solve to problem for RBI
1. only one account per pan card.(no multiple paypal ac.)
2. all big amount transaction (INR 50,000 plus) can be tracked by RBI.

PAN No. is used to stop illegal Money laundering.

so don't worry if you are not doing any wrong things.

 

Can anybody tell me upto how much income we are free from tax?

 

i thin its INR 160,000/year

 

see the tax slabs http://financeminister.in/latest-india-income-tax-slabs

 

I believe it has been increased to INR 2,50,000\- per annum.

 

i making money from filesonic, fileserve affiliate program. what should i show my income source if i want to pay tax?

 

Thats for senior citizens dude.

You need to pay tax if you earn more than 1.8L in a year.

 

PayPal transactions or FileSonic / Fileserve stats - only if some officials ask.

 

No it wont be any problem if you are paying your taxes correctly , problem for those who are not paying their taxes

 

Nope it wont create any problem for you, you should file your return carefully and pay your tax carefully.