Urgent help: do i have to pay taxes for online income

Dear  Friends

  I am an Internet Marketer. All my income comes from USA Advertising Companies via Bank Wire Transfer to my account in State Bank of India.

  I have earned around Rupees 3.5 lacs in 2011-2012 and i am not sure of how much tax will i have to pay. Reason of apprehension is that many people say that since i earn from foriegn currency (ie Dollar to Rupee conversion via Bank transfer), my income is not taxable.

Kindly help me with the above issue and how much tax should i pay.

 

Thanks

Rishab

Replies (7)

your income is taxable as u are resident of india

u can get benefit of the tax paid in USA, if any, dedcuted.

 

Your 3.5 lacs income is taxable. If this is your gross sales, then you can avail deduction of business expenditure.

Yes true..It is taxable in your hand..u can avail business expenditure as mentioned above and also if your business in your individual name, u can get deductions under chapter VIA also while computing your income.

Dear Rishab

Please give your contact details or mail. I would like to contact you and like to speak with you.

Thanks & Regards,

P.Govindaraj

+91 9597975757

+91 9655182420

email: pgraj76 @ gmail.com

 

 

 

 

Ok. so its clear that my income is taxable. I just want to pay my taxes by 31 March (one day to go). I should look for a CA who guides me through this process. I am complete newbie in this case.

Basis of tax in india is either residental status or income earned in india.

your income is charged on residential status....

How posible to brekeup in consultanty fee

 

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