1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Do you pay income tax on your 'Online earnings' ?

Discussion in 'Business & Tax Advice' started by akshdalal, Jan 23, 2014.

  1. akshdalal

    akshdalal Regular Member

    Joined:
    Aug 17, 2013
    Messages:
    243
    Likes Received:
    100
    Do you pay taxes on your online earnings? If yes, under which category?

    (My Indian Brothers & Girls are welcome to post. Other international-friends may post too. ) :)
     
  2. ManiacDrummer

    ManiacDrummer Registered Member

    Joined:
    Jan 5, 2014
    Messages:
    51
    Likes Received:
    13
    Nope, as I do not have any online earnings yet lol
     
    • Thanks Thanks x 5
  3. srinu0812

    srinu0812 Supreme Member

    Joined:
    Nov 1, 2012
    Messages:
    1,311
    Likes Received:
    755
    Yes you should pay tax as all your earnings are linked to your PAN card.
     
  4. eveneven

    eveneven Regular Member

    Joined:
    Oct 6, 2013
    Messages:
    264
    Likes Received:
    108
    No, I make pennies compared to my day job still ... So far it's just gone into my account, and danced around with my other income. Still haven't head shit from the tax authorities ...

    Though, I tax my income in one country, make my IM income in a second country and live in a third ... Just to make things complicated ...
     
    Last edited: Jan 23, 2014
  5. ilim72

    ilim72 Regular Member

    Joined:
    Sep 2, 2010
    Messages:
    452
    Likes Received:
    230
    Depends on your risk tolerance, I started paying when my income exceeded certain amount.
     
  6. innozemec

    innozemec Jr. VIP Jr. VIP

    Joined:
    Aug 19, 2011
    Messages:
    5,290
    Likes Received:
    1,799
    Location:
    www.Indexification.com
    Home Page:
    Online earnings are same like any other types of earnings - they are earnings. If you don't know how to properly declare them you need to consult with an accountant in your location
     
  7. ChrisX

    ChrisX Jr. VIP Jr. VIP Premium Member

    Joined:
    Oct 8, 2011
    Messages:
    229
    Likes Received:
    124
    Gender:
    Male
    Home Page:
    There are only two things guaranteed in this world
    1) Death
    2) Taxes

    You can try to avoid them, but you won't escape :D
     
    • Thanks Thanks x 2
  8. chipmunk951

    chipmunk951 Senior Member

    Joined:
    May 10, 2010
    Messages:
    1,011
    Likes Received:
    443
    Occupation:
    IM
    Location:
    Zimbabwe
    Yup you have to, online earnings and any kind of earnings are earnings nonetheless.
     
  9. boccas323

    boccas323 Newbie

    Joined:
    Jan 22, 2014
    Messages:
    25
    Likes Received:
    2
    It would also depend on the jurisdiction you're in and where is your domicile and residence. Check with a local accountant/financial lawyer for professional help.
     
  10. Nut-Nights

    Nut-Nights Jr. VIP Jr. VIP

    Joined:
    Jun 20, 2013
    Messages:
    3,713
    Likes Received:
    2,109
    Location:
    Buy Website
    Home Page:
    yes you need to pay tax on earning above minimum exemption slab. Your income will come under "Other income" head and you can get deduction for all expense you have incurred to earn that income.
     
  11. 1337Indian

    1337Indian Registered Member

    Joined:
    Oct 10, 2013
    Messages:
    68
    Likes Received:
    69
    Occupation:
    IM
    Location:
    In the Jungle
    Indians, how can the government know that we are making money if we use CB?
    We get the damn check and cash it in. We still need to pay taxes?
     
  12. Nut-Nights

    Nut-Nights Jr. VIP Jr. VIP

    Joined:
    Jun 20, 2013
    Messages:
    3,713
    Likes Received:
    2,109
    Location:
    Buy Website
    Home Page:
    Yes when you withdraw money using bank through check , Income tax dep. Will catch that transaction of your account. You cant avoid tax on this earning.
     
    • Thanks Thanks x 1
  13. boccas323

    boccas323 Newbie

    Joined:
    Jan 22, 2014
    Messages:
    25
    Likes Received:
    2
    Banks & Inland Revenue Departments are 1 thing mate!
     
  14. seosky

    seosky Power Member

    Joined:
    Feb 4, 2013
    Messages:
    731
    Likes Received:
    106
    My friend is a Lawyer and He said Freelancing Services, Not Comes in Income Tax, If it is 10k CA USD.
     
  15. boccas323

    boccas323 Newbie

    Joined:
    Jan 22, 2014
    Messages:
    25
    Likes Received:
    2
    As I said before...it depends on the jurisdiction the money is remitted, the jurisdiction where the person is resident and where he is domiciled. Different nations have different laws!
     
  16. prab1996

    prab1996 Elite Member

    Joined:
    Jan 8, 2013
    Messages:
    3,496
    Likes Received:
    2,028
    Occupation:
    your gf's <3 ♥♥♥♥
    Location:
    Prab1996.com
    Home Page:
    i haven't paid until now, but i will have to pay after some years.

    bitcoins hint!

    -=-
     
  17. boccas323

    boccas323 Newbie

    Joined:
    Jan 22, 2014
    Messages:
    25
    Likes Received:
    2
    Now, that's an idea :yeah:
     
  18. alex270

    alex270 Junior Member

    Joined:
    Jun 3, 2013
    Messages:
    115
    Likes Received:
    12
    you must pay to avoid future problems.
     
  19. Veyron

    Veyron BANNED BANNED

    Joined:
    Jun 3, 2013
    Messages:
    1,452
    Likes Received:
    1,297
    Don't know what the laws and regulations are in India but in the US, if you earn $600 or more from any one source then you need to pay taxes on it. Income is income whether it's online or offline and you're required to pay taxes on it. However, if you have a business then you can become creative and learn how to have a lot of tax write offs and expenses which will help to bring your tax bill down.
     
  20. bighomie

    bighomie Registered Member

    Joined:
    Oct 6, 2013
    Messages:
    98
    Likes Received:
    43
    Occupation:
    Online hustlin
    Location:
    ******
    I haven't payed any taxes yet but I've only made about $3000 so I'm not that worried. Though since I plan on working my ass off my income will rise and I'll have to start thinking about taxes on a more serious note. Also I live in Sweden, so taxes can go up to 55%!! I saw that someone said something about Bitcoins, how would Bitcoins help avoiding taxes?