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I'm from india. Indians share your tricks?

Discussion in 'Business & Tax Advice' started by seolabs82, Feb 1, 2012.

  1. seolabs82

    seolabs82 Regular Member Premium Member

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    from the time since paypal changed indian regulations, every single cent spent is being taken into account for tax.

    since you get all your online income directly into your bank, what sort of strategies you use to have the tax avoided to the most. share it?
     
  2. SyZygy

    SyZygy Senior Member

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    Get a USA/UK PP acc and earn like a boss
     
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  3. virtualc08

    virtualc08 Supreme Member

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    Just but a USA verified PP account. use VPN to access it . Send it to your Indian PP when needed and use it for your online purchases.
     
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  4. mahan_eesh

    mahan_eesh Regular Member

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    Nice to meet you dude. As per my income Tax knowledge until you earn more than 1.6 lacs in an annual year u need not pay any tax...Any income above that threshold u gotta calculate ur tax for. However while transferring funds bank n paypal deduct thr fees.
    Try having different family member accounts and use it wisely as simple as that. But if you start earning nice income you wont bother about tax :) Also invest in Govt PF's u get a rebate in ur tax and its good income after few years :)
     
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    Last edited: Feb 1, 2012
  5. seolabs82

    seolabs82 Regular Member Premium Member

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    that's a nice idea. have you tried it without any risks associated with it? how would you verify & cress the limits? any chance of getting banned? you opened my eyes:)


    hehehe. my annual income is over 50 L's & working on improving it. PF's hehe, i'm 25 & don't want to invest in PF's now :)

     
  6. mahan_eesh

    mahan_eesh Regular Member

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    Also you can go for NSC as it gives major boost to ur tax benefit.
    To be more black hat for saving plenty of your income (as u said iver 50lacs).. Open an NGO get section 80G and 35AC approved.. Be as a Donor to your own NGO via transferring paypal to Your NGO account. Enjoy the benefit.
    PS: Use it on your own Risk ;)
     
  7. virtualc08

    virtualc08 Supreme Member

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    Or even better open a proprietorship and then you can claim your expenses and shit and reduce your tax...
     
  8. seolabs82

    seolabs82 Regular Member Premium Member

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    i have been paying taxes fully all these days. could you explain these things in a way i can understand?

    also, what abt the paypal ? have you tested it vc8?

     
  9. mahan_eesh

    mahan_eesh Regular Member

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    Regarding NSC...

    National Savings Certificate is an assured return scheme and provides for tax rebates under section 80C. It pays interest at 8.4 per cent for a duration of five years and 8.7 per cent for 10 years, which is relatively lower compared to other small saving schemes. You buy NSC for a specific value and the interest compounded half yearly and returned along with the principal amount on maturity. NSCs have low liquidity and premature withdrawals can be done only under specific circumstances, such as the death of the holder(s), forfeiture by the nominee, or under court's order.

    You get NSC in any post offices now a days and much worth it. you get that idea.

    And if you still looking for alternate option to reduce your tax in India then
    HTML:
    http://www.itrust.in/content/tax-planning/How-Can-I-Save-Taxes-This-Year-India
     
  10. imserious

    imserious Senior Member

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    If you are actually earning 50 L as you say why don't you consult with a CA/lawyer ( won't cost you much ) instead of asking on a BH forum.

    This is not a tax advice forum.
     
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  11. messiaah

    messiaah Registered Member

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    lol to 50 L .if it would be real he would already have a ca by now.anyways long story short if u getting that amount show them as export of goods and ask your ca to show only a low profit margin and high turnover. and yes spreading the income in your family would decrease the tax burden
     
  12. seolabs82

    seolabs82 Regular Member Premium Member

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    lol 50 L is nothing. Those who're saying " I don't get it ......" & staying at INDIA are you paying FULL 30% TAX. I bet never!

    Here in india, people pay just less than 10 times what they should actually pay. My income is online so paying 15 L out of 50 L is foolishness.

    I do have a CA, but he's not as much good in advising act saving. It's hard to find a CA who can save you good, but in an online forum people help very much & share their tactics. Let's share ideas instead of " I don't get it ..." :) :) :)
     
  13. bilu4u

    bilu4u Newbie

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    Buddy will you tell me how you making 50L? will you share your methode of making 50L?
     
  14. seolabs82

    seolabs82 Regular Member Premium Member

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    bump...
     
  15. scarer

    scarer BANNED BANNED

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    I also want to know the same! Now its your turn!! Can you help us?? Tell the method so that we will earn the same way and see what tax problems come when we earn that much. And will advice you that time :)
     
  16. aka sam

    aka sam Jr. VIP Jr. VIP Premium Member

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    Thank you for providing information, I was also looking for the solution. :)
     
  17. puneetas3

    puneetas3 Senior Member

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    50 L and asking for tax saving help, lol
     
  18. dheer

    dheer Jr. VIP Jr. VIP Premium Member

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    @ OP on a serious note if you want to save the taxes let me tell you how you can do it.

    As you told in your original post about Paypal so I believe you might be selling some kind of services (seo services as your forum names shows). If yes then I would advice you to NOT use paypal rather use third party payment processors like 2checkout/plimus/g2s etc. Ofcourse your clients can still pay you with their paypal.

    Open various accounts under different names of your family members. Assuming you have 5 adults in your family you can divide 10L to every account. So now the income is coming from 5 different accounts ih 5 different names so less tax liability for you and you are doing nothing illegal. Provided upcoming IT regulations in India hopefully we don't really need to fill taxes up to 5 L per account so what you need to do is pay a mere of tax and rest show expenses like broadband connections, fuel, computer expenses etc.. there are a lot to be counted ;)

    This way you can save a lot of tax as well your money will be white. Hope it helps.
     
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  19. royalmice

    royalmice BANNED BANNED

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    I am not from India but will be happy to share a Indian trick with you.
    http://www.youtube.com/watch?v=HKnfseEmgwE
     
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  20. BlueTurtle

    BlueTurtle BANNED BANNED

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    Pay your tax and help your country grow. There's more than enough money out there so that you don't have to worry about a few % on tax.
     
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