I have a paypal India account. Mine is a PayPal Business account.
The benefit with Business account is that there are less restrictions with the amount of money you can make.
You might have to submit a GST to the paypal business account. Because you will get a GST bill every month.
Hope this helps!
@dilips For making a business account, it asks for many details like Paypal CC statement name, setup date product/service etc. How did you fill those details?
Also, if I keep my personal account only and not change it to a business account, would there be an issue in receiving the payment?
@Manan904 Sorry for the delay in response. The only issue i forsee is that, if you make more than 1lakh per month paypal might ask you to upgrade your account to business. So instead of doing it later, my advise would be to set it up as business account in the first place.
For Business Information:
Information about Transferring the money to your account:
I hope this helps lot of Indian Instructors in Udemy
I am Chetna and recently I have launched a course and I created a Paypal Account. I read that you made business account for the same. Can you please help me about what option to use for service and product because as you mentioned above there is no option such as Online teaching in the drop down option. And also, what option did you choose for Purpose code?
It would be great if you help me. Been trying for so long and found your answer here.
@Chetna_Morkhade Thanks for reaching out. I just gave my name as the Business Information. Make sure it matches your name in the Bank Account you have it linked to.
I don't exactly remember what option I chose during the set up.
But I am pretty sure I selected something related to education.
What are the options do you see ?
Best Solution: Reach out to PayPal itself. It's better to call than email.
Thank you for your prompt reply. I reached out to PayPal and they advised me to take help of my tax advisor. As there was no such options as education in the products code.
I selected P1109 (Other personal, cultural, or recreational services)
Once again. Thank you :)
@Chetna_Morkhade we have just put the code the same as you. Paypal told me it will take 2-3 days to confirm.
What are the further steps in the process after that, to receive payment? Can you help us?
Did they cut any tax? If, yes how much?
I have the same question and i still can't find a satisfactory answer... Are these the only differences between a business and a personal account? What other implications are there, any impact on taxes or other aspects?
Are there benefits to offering the course as owned by a company or by you personally? Any more insight on the topic would be really helpful :)
Thanks in advance!