PayPal money Withdrawal with Purpose Code | Pay Income tax for safe
Now you can withdraw money from PayPal to any Indian bank with Purpose Code. Don’t forget to pay Income tax for money withdrawn from PayPal from now onwards. After introduction of Purpose code, INCOME TAX Department of India can track your income, transferred through PayPal, in the click of mouse by using data provided by Purpose Code.
If you draw any money (as income ) before 31st March 2010, it will attract income tax. You have to pay tax before 15th march as advance tax, if you pay income tax after 15th march you have to pay penalty also.
If you draw any money (as income ) from PayPal after 31st march, you need to pay income tax in next financial year, the applicable tax rate is too low for next financial year. As tax slab is changed. So, you will have to pay very less income tax if you withdraw money after 31st March 2010.
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Can i able to withdraw money from paypal to my indian bank account atleast now??
Is it confirmed that the paypal user is liable to pay tax only on the money he withdraws to his bank acc. rather than the money he has in his PayPal balance.