Definitely YES!
as per current tax limits if your income is over 2,00,000 INR then you have to pay taxc at 10% from 200,000 to 500,000, then at 20% from 5,00,000 to 10,00,000 and after that 30% beyond 10,00,000.
Also according to Indian Income Tax Act 1961, any payment you receive in your bank...