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How to pay Taxes in India?

Discussion in 'BlackHat Lounge' started by rpkrocks, Jan 22, 2017.

  1. rpkrocks

    rpkrocks Senior Member

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    I don't know shit about taxation, and when my profit goes beyond Rupee 3,00,000/Year, which is the taxation slab I think, how and where should I pay taxes? Can I save anything out from my tax returns? Should I use an accountant? And how will I hide my exact income sources from the accountant?
     
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  2. payal23j

    payal23j Jr. VIP Jr. VIP

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    VA and expert in data entry !!
    Are you from India or somewhere else?
     
  3. danish3252

    danish3252 Junior Member

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    contact charted accounted
     
  4. rpkrocks

    rpkrocks Senior Member

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  5. HsSnFire

    HsSnFire Junior Member

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    I don't know my all money credit in my mom's bank account. :D
     
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  6. jass11

    jass11 Elite Member

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    Your PAN number is linked to your Bank Account, so unless you are getting cash payments , govt. has records of all the money you have in your account and you should pay taxes on it else the money you have will be considered as black money, and now a days you shouldnt have black money.

    If this is your first time , please go to a CA and get your Tax returns filled.
    These guys mostly charge you 200-250 Rs and will explain you the full procedure.
     
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  7. rpkrocks

    rpkrocks Senior Member

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    I know that. That's why I was asking those questions. I don't want the CA to know full details.
     
  8. payal23j

    payal23j Jr. VIP Jr. VIP

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    Yes, right. CA can tell you the tricks how to hide your extra income.

     
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  9. XxUnivaxX

    XxUnivaxX Jr. VIP Jr. VIP

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    No worries then Modi will come at your door asking for the details about the money.
    Better disclose things to CA most of them wont understand a thing but can help you in getting things done properly.
     
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  10. rpkrocks

    rpkrocks Senior Member

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    I'm not against P.M Modi or paying Taxes. Just wanted to hide the EXACT sources so as to protect my future business. Thanks, BTW!
     
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  11. payal23j

    payal23j Jr. VIP Jr. VIP

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    Then you have to tell different business to CA but source would be same, like you are getting payment through paypal and business is data entry. Then he will not going to ask you any other questions. Because paypal and software consulting business is so popular.. just don't brief him abt your work. Hope you got my point. I think first 5lack till have 10% slab.
     
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  12. The Rock SEO

    The Rock SEO Jr. VIP Jr. VIP

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    Contact charted accounted mate
     
  13. SellOnlineee

    SellOnlineee Regular Member

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    I feel CA is the only person to whom you disclose all your $$ details :p
     
  14. jb2302

    jb2302 Regular Member

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    i filled mine and my mother IT return myself , and some CA wont even think how this money is earned, they just want the figurs, not how you get the figurs,

    ( you can just tell that you made website or you freelacne something they would not ask question back , or just show them the pass book, and ask how much tax should i pay for this account, )
    main point is the traxs in the back account , just take a look at the trax, and find a resonalble amount you should declare as income. and fill that in the return.
    and for online trax IT department is less likely to take any headache, as they can track from where the income is origanited. for the cash deposit my friend got a notice when he touches 10 lack.
    i would suggest that you just start filling the 0 tax in all the pan available, and distrubute the payment max possible to accounts
     
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  15. warner410

    warner410 Jr. VIP Jr. VIP

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    You don't need an accountant if you know basic accounting.

    First you need to understand that your tax liability depends on your final profit and not your income (revenue earned). You can deduct various business expenses from your revenues before you get the final profit figure.

    If your taxable income (final profit) is less than 2.5 L, you need not file a return.

    If the taxable income is more than 2.5 L, you can still reduce your tax liability by claiming various deductions like 80C etc.

    For claiming any deduction, filing of income tax return is mandatory.

    If you hire an accountant to file income tax return, he is unlikely to bother much about your source of income. An account will only ask the details if he is asked to audit your accounts. For filing the returns, you can just tell him that it is some sort of commission income or whatever it is. At the most, he will ask for your bank statements.
     
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  16. J-S-T

    J-S-T Jr. VIP Jr. VIP

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    Any profit above 250k in a financial year is Taxable. I have few college mates who are pursuing CA, One of whom is my buddy and is a CA alredy. Trust me, They Don't even understand how this money is Coming But they do know how to save you money.

    My Buddy CA saved me a lot of money in the year 2014-15 and in returned charged me a Treat at Dominos. I am not against paying taxes but it was that time of the year where i was not in a position to pay Taxes. This Year i am going to pay them.

    One thing you can do is split the income. Like someone said Income source 1 money goes to your bank, Income source 2 goes to your parent's account. Just make sure The amount stays under the radar.

    You will have to share your Bank Passbook with the CA.
     
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  17. Nut-Nights

    Nut-Nights Jr. VIP Jr. VIP

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    OP your full income will go in other sources and no need to tell income source to CA, just ask him to where to invest (Probably in MFs) to get deductions. No deduction in tax, without investments.
     
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  18. WizGizmo

    WizGizmo Super Moderator Staff Member Moderator Jr. VIP Premium Member

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    Posts deleted. Reason: Trolling
     
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