In 2011 due to RBI rules change I receive all the earnings from my Paypal India account to my Bank account in India. I earned this income in Paypal from 2008 to 2011-mid and due to rules change the total incoming money in my Savings account comes to 6.5 lacks.
Since actually I earned the income in Paypal from 2008 to 2011 mid, am I liable to pay tax? As if we break down the income into actual number of years this is earned then I don't comes under taxable Income.
Why the problem arised now? Have you received any notice from department?
If so, report accordingly, with all your bills of paypal and justify the arrears.
The Paypal is now not giving the statement of transactions for the years 2008-2011 when I contacted them on the phone and they don't have it on their website either. What should I do if there comes some notice?
SSGS and Associates
Chennai
CA Inter
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Aggarwal Sarawagi and Co
New Delhi
CA
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CAclubindia
