Any body knows How the TAX PROVISions for My lot Earnings

India
January 7, 2007 9:28am CST
tax ?
3 people like this
2 responses
mvsrao
@mvsrao (4365)
• India
7 Jan 07
we , Indians may have to pay TDS (i.e. Tax Deduction at the Source) for the Mylot Earnings . most probably we will be crediting US$ 150 thru a Bank cheque . As it is more than Rs 5000/- , the Bank may deduct the tax as per the Government Directives ...
1 person likes this
swasti
@swasti (1157)
• India
12 Jan 07
so if we get less than 5000 we need not pay tax is it?
mvsrao
@mvsrao (4365)
• India
12 Jan 07
if it is less than 150$ then we may not have to pay the tax . but we have to fill up a form (15G) & submit it to our bank saying that we do not get any taxable income . if we donot submit the form then the tax is automatically deducted from our payment of the cheque .
swasti
@swasti (1157)
• India
7 Jan 07
hey even i want to know of this....friends!!! any1 who is paid by mylot ..need to pay tax???