do you pay taxes on the money with drawn from paypal

**mustang** · 13-06-07, 08:21

do you have to pay taxes on the amount that you withdraw from your paypal account. how do you usually with draw money from paypal. have you tried bank to bank transfer with your paypal account

**webmoney** · 08-07-07, 10:29

I do not pay TAX since it is not much money.
And I do bank transfers only... it takes just like 5 days and you see money on your bank account.

**swapnil0768** · 09-12-07, 01:01

since i have never withdraw ahuge amount from my paypal account , hence i don't know about it but I think that there is minimum limit after which TAX is charged for every withdrawl
.I usually transfer money from paypal to my account since ordering a cheq is relatively costly than transfering to bank account.......maximum it takes 10 days to transfer money from paypal to bank account

:wink:

**archy22** · 10-12-07, 09:24

i have never withdrawn paypal money at all till now. i just have used it online for shopping on ebay.
but there is a bank fee if we withdraw less than 190 USD in my country.

**paramita0101** · 04-01-08, 16:59

I do not pay TAX since it is not much money. I withdraw it onec, helping from xoom. they cut money $9 for charges. to send me a check.

**archy22** · 05-01-08, 13:12

if i have 7000 rs then i will not have any taxes to pay at all.
else i will have to pay 50 rs tax to withdraw to the local bank

**indieover** · 15-01-08, 11:25

well i think those taxes are only applicable for US citizens. but to those outside it they usually don't ask for taxes.

**ishan901** · 14-12-08, 08:54

Dear mustang, I think if you withdraw Rs. 10000/- per month from Paypal, than no need to pay tax. I also recommend that contact your CA for calculate income tax.

**nick_westlife** · 15-12-08, 04:48

what ever money you get from Paypal are white money. You needn't pay any taxes

**archy22** · 20-12-08, 16:34

well i will not pay any tax when i withdraw money from paypal.but when it reached my bank account then i should be showng it to the CA to calculate taxes on it actually

**ssarkar** · 20-12-08, 18:50

If something added to your bank account, that should be taxable. But I think, any amount greater than 20,000 is taxable for one time bank transfer. Anything lower than that, is not taxable.

**artagnan1978** · 20-12-08, 19:57

For the money you have in your paypal account, you pay absolutely no taxes.

When you withdraw your paypal money into your bank account, you pax taxes, according to your countries regulations regarding taxes and other fees!

**vimstar2** · 21-12-08, 04:40

well i only pay some minimal paypal fees if i withdraw money less than 7000 INR
else i need not have to pay anything i believe

**ssarkar** · 21-12-08, 08:09

Suppose I withdraw 20$ from my paypal account to my bank account, what charges paypal would deduct from my account?

**nash_avi** · 23-12-08, 14:44

hey i don't think that there are any taxes for the money in paypal but if you transfer paypal only charges you the fees for the conversion that's it.

**nick_westlife** · 23-12-08, 18:49

Originally Posted by ssarkar

Suppose I withdraw 20$ from my paypal account to my bank account, what charges paypal would deduct from my account?

For this transactions 50 INR will be deducted for the transactions by Paypal.

**ssarkar** · 26-12-08, 18:13

Hi Nick! I was not active for the last 3 days, so let me convey my thanks to you. Paypal will then charge approximately 1 $ to transfer my 20$?

**nick_westlife** · 16-02-09, 21:56

Originally Posted by ssarkar

Hi Nick! I was not active for the last 3 days, so let me convey my thanks to you. Paypal will then charge approximately 1 $ to transfer my 20$?

Yes whatever maybe the transaction Paypal will charge 50 INR...slightly more than a dollar, and you can withdraw more than $10 to unlimited. But for the transactions of more than 7000 INR there are charges, which is very interesting thing to notice.