Tax issues and forex issues on money earned online in dollars?

Question

Are there any issues of taxes and foreign exchange, if i request money from my PAYPAL account.
Becoz that is in dollars and I live in India i.e. i'm concerned with rupees.

I didnt win any lottery. Actually i want to open a paypal account
Well if I earn money through online jobs and deposit it in Paypal account - say 10 to 100 dollars , just for pocket money.
Paypal does not have facility of Rupees.
So , if i request that money to be delivered to me by post. what are the issues relating to that ?

Answer 1

If in case, you have earned that lottery money while staying in India, it is deemed to have accrued in India.

While having the funds transferred, just declare the same with the Tax Commissioner and pay the taxes accordingly.

If you fail to do that, you will be in trouble under the Foreign Exchange Management Act(FEMA) and the Income Tax Act. According to FEMA, you are supposed to convert all the foreign currencies in Indian Rupees within 2-3days from the date you recieve such payments.

You can have it converted from any of the Nationalized branches or any forex institutions and immediately pay the taxes or pay it at the end of the financial year, but make sure to declare the same with the Tax Commissioner.

Answer 2

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Answer 3

Well it depends on where you are from coz prize money won from anywhere is exempted from tax here in the UK ,, have u tried doing some research online