Income tax formalities.
By DoctorDidi
@DoctorDidi (7018)
India
December 21, 2010 5:35am CST
Can any one advise me what income tax related formalities I have to maintain for my earnings from mylot.com? Do I need to show that income in my tax return form? Please keep in mind that I am an Indian citizen.
10 responses
@savypat (20216)
• United States
21 Dec 10
No problem unless your Internet earnings exceed $500.00 then you will need to report it. I think it goes on misc earnings on the front page, but you will need to check this out each year the forms are a little different. If you are making a lot of money on the Internet you will need to set up a self employment tax form. This will allow you to write off expenses against your earnings. If you find that it is necessary to give out your social security number before you receive your
earnings you will know that you must report them.
@savypat (20216)
• United States
23 Dec 10
per year, my friend. If you are earning enough to have to declare get ready for the coming year by logging all the time you spend on the computer earning and any suppplies you get for your equipment, price of new equipment or repairs. Remember the % of time you spend using these same things for non earning purposes is not deductable from earnings. Your log and receipts will be what you need to file for your deductions next year. This year since you didn't seem to plan to make that much money you can guess or just not claim any deductions from earnings. Blessings
@yugasini (12836)
• Anantapur, India
21 Dec 10
hi didi,
Really you wish to know income tax formalities,you are residing at India and as a lady you have 1,80,000.00 exemption is there,do you feel that how much money you are earning from mylot,how many payout have you received in mylot,what is the payout amount till now you have received?then i will let you know the formalities,have a nice day
@DoctorDidi (7018)
• India
23 Dec 10
You have not probably noticed that I am a practising homeopath and so I want to know whether this extra income will be added to my income from medical practice or not.
@yugasini (12836)
• Anantapur, India
23 Dec 10
hi didi,
thanks for the response ,you may be correct,but how much you expect to earn monthly in mylot,if it is more then you think about income tax,if it is less then you leave about income tax,nothing will happen,still you have doubt,you can ask any tax consultant for more information,have a nice dy
@Hatley (163781)
• Garden Grove, California
21 Dec 10
hi doctordidi mylot admins wou.d send you a W 4 form if you made enough to have to declare the money for taxes. if you or I had we would have been notified by mylot admins. so rest easy.You do have a certain amount deductible before you pay taxes so I have never made that much here. lol lol
@hardworkinggurl (37063)
• United States
21 Dec 10
All the above posts are quite valid my dear. So simply find out what the maximum earnings before you begin to be responsible for tax responsibility.
I know that in the US if you make $600 then you will have to claim taxes.
@jak2010 (1550)
• Papua New Guinea
23 Dec 10
it is the taxation returns application form to be filled by residents in USA and others that are applicable to mylot earning to declare or disclose how much you earn from mylot and how much tax payable by you if you need to pay. I do not know whether residents outside of US need to fill these forms. Failure to disclose this informationn may be led to a legal action by US taxation office.
@tkonlinevn (6447)
• Vietnam
18 Jan 11
Don't have income tax from mylot here. But the matter is my income from mylot is not enough to get tax :)
@moonchild1au (6240)
• Australia
21 Dec 10
Every country is different but because it is a tyoe of income, I would guess that you would have to declare your earnings...I would consult a local tax consultant in your area for confirmation on this though.
@blue65packer (11826)
• United States
21 Dec 10
I don't think you have to worry about that! I know we don't have to here in the US. I have no idea about your country of India. I am sure you will find someone one from you country that can help you out!
@olivegirl (46)
• China
21 Dec 10
as far as i know , you are in my lot obtained in the income ,through the pay pal binging to you credit card to pay.
@vinayraturi23 (34)
• India
21 Dec 10
Well I dont think you would be earning here enough to pay taxes. As when you transfer money to your bank account, certain money would be deducted by govt. Moreover woman are given tax exemption in India. So dont worry a bit. Even a year whole income in mylot wont be payable at any means. I think the tax free limit is upto 180 thousand.
