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[coolmrrocky]

hello guys.. i have 4 websites & My Monthly Profit around $500-700, i am from india. do i need to pay taxes?? i heared somewhere that Yearly Above 10lacs are taxable. [ sorry fr Bad English]

 

[Maniac_]

You should talk to your accountant about that.

 

[coolmrrocky]

You should talk to your accountant about that.

i have no accntnt currntly.. i personally managed all my sites.

 

[Maniac_]

i have no accntnt currntly.. i personally managed all my sites.

Accountant = The guys that does your taxes ? Unless you are too young.

 

[coolmrrocky]

Maybe. i am 19 years old. i recv revenues in $$, then paypal convert and transfer to my local bank account.

 

[Maniac_]

I don't know how taxes work in India, usuall when you have an income you have to declare it.

 

[Gon]

above 10 lakh apply only if you providing or selling service to Indian people. that is call service tax+you have to your own earning tax. if you are making 2.5~5 laks/ year you have to pay 5% of your earning (i.e if you made 3 lakh you have 5% of 50K INR). however if you making 4~5 lakhs i don't think you have to worry much about tax unless you planning to get loan or something in future. in case if gvt ask you can show them some fake expense.

do you submitting your 15G form to bank? few days ago news came every savings account holder must provide self certification earning(not sure if it's 15G FORM) details or bank account will be closed. well i am not sure about this, you better visit your bank for enquiry

Submit self-certification of accounts to bank by April 30 or risk closure of account: CBDT | The Indian Express

 

[coolmrrocky]

above 10 lakh apply only if you providing or selling service to Indian people. that is call service tax+you have to your own earning tax. if you are making 2.5~5 laks/ year you have to pay 5% of your earning (i.e if you made 3 lakh you have 5% of 50K INR). however if you making 4~5 lakhs i don't think you have to worry much about tax unless you planning to get loan or something in future. in case if gvt ask you can show them some fake expense.

do you submitting your 15G form to bank? few days ago news came every savings account holder must provide self certification earning(not sure if it's 15G FORM) details or bank account will be closed. well i am not sure about this, you better visit your bank for enquiry

Submit self-certification of accounts to bank by April 30 or risk closure of account: CBDT | The Indian Express

thanx gon. its really help full fr me. btw i have all proofs from where my revenues come, etc etc. currntly i hv 30k-40k/mo, btw what about private bank like hdfc, axis, icici.

 

[Rox]

above 10 lakh apply only if you providing or selling service to Indian people. that is call service tax+you have to your own earning tax. if you are making 2.5~5 laks/ year you have to pay 5% of your earning (i.e if you made 3 lakh you have 5% of 50K INR). however if you making 4~5 lakhs i don't think you have to worry much about tax unless you planning to get loan or something in future. in case if gvt ask you can show them some fake expense.

do you submitting your 15G form to bank? few days ago news came every savings account holder must provide self certification earning(not sure if it's 15G FORM) details or bank account will be closed. well i am not sure about this, you better visit your bank for enquiry

Submit self-certification of accounts to bank by April 30 or risk closure of account: CBDT | The Indian Express

thanx gon. its really help full fr me. btw i have all proofs from where my revenues come, etc etc. currntly i hv 30k-40k/mo, btw what about private bank like hdfc, axis, icici.

That amount of income is taxable, better start showing your income and pay taxes. It will be handy for you in future since you are young now; regular IT returns are always good. You don't have to worry about IT folks tracking you and your credit worthiness will start going up too.