SHOULD MYLOT TO BE SHOWN IN INCOME TAX RETURN???

India
December 15, 2006 12:12pm CST
If someone receive big amount of money from mylot. Does he/she has to show in income tax return?????? Please advise
1 person likes this
4 responses
dattatray
@dattatray (893)
• India
15 Dec 06
Well you have a tricky question.. But i feel no one will earn to that extent that he/she will be giving income tax....
kunalgaurr
@kunalgaurr (536)
• India
17 Dec 06
As I said earlier... If you receive money in different currency then I guess you have to show... And with mylot money no one is living life. it's just earning of very small amount... But you must be earning money for your living from some other way.
gewcew23
@gewcew23 (8007)
• United States
15 Dec 06
I am not sure about the amount but I believe if it is over $600 you have to for sure. I know a lot of the mystery shopping companies state that unless you make over $600 a year from them then you don't have to fill out any tax papers for them. I would file it but if you want an answer you might try the h&R block tax website.
spec71
@spec71 (796)
• United States
15 Dec 06
i dont know .. i am trying to find it out
reinydawn
@reinydawn (11642)
• United States
15 Dec 06
I don't know about in India, but here in the United States, the answer is YES. Although I don't know that anyone will. US regulations require a company to report payments totalling $600 or more to notify the IRS and the person MUST claim that as income. Most people think that just because it's below the limit it doesn't have to be reported as income. That is not true. ANY income you receive from ANY source is income and you are supposed to report it to the IRS.