What exactly do you mean by "trading account"? Do you mean a bank account?
I think you definitely need a business account if you transact that much in a day.
yes a bank account where i can transact about 1k daily (sending/receiving) without any issues.
Also i don't suppose i will be liable to tax as long as it's below 250k as capital income , right?
BUT, am a student , no job , so do i count as an individual in IT ?
Thank you
Yes you will, doesn't matter if you are student or even kid. If you are earning more then exempted income you are liable to pay taxes.
What i meant here is that the not taxable income is 2.5 lacs and that is for individual who have a job as per the IT department. and as am a student with no job, i woulnd't be counted in an individual but a small business or freelancer and tax will be different.
The other statement meant , i will only be charged tax on the profit i make with trading right?
yeah you will need a current account in that case. also technically if you are leaving USD on a foreign bitcoin exchange like bitstamp, then your bank is not sending and receiving funds every day - so it should not matter much.
ohk! current account thanks! hope there won't be problem with bitcoin and bank as in other exchange's
i won't be leaving funds there or may be i will be. but what am saying here is more like i will be doing arbitrage with liquidity and indian exchange/s.
What exactly do you mean by "trading account"? Do you mean a bank account?
I think you definitely need a business account if you transact that much in a day.
yes a bank account where i can transact about 1k daily (sending/receiving) without any issues.
Also i don't suppose i will be liable to tax as long as it's below 250k as capital income , right?
BUT, am a student , no job , so do i count as an individual in IT ?
Thank you
Yes you will, doesn't matter if you are student or even kid. If you are earning more then exempted income you are liable to pay taxes.
I don't think you need anything if its only 1k daily. That's like 30k in a month. Not worth the taxmans' time.
Is it 1k or 40-50k as you posted earlier? If its the latter then you will need a business bank account.
sory i meant 1l (100k)
Imagining a Scenario where i will be buying btc(providing liquidity) worth 50k and selling same day with arbitrage advantages.
So suppose i sold some btc for 50k and bought a lil more btc with that amt and sold again tomorrow to make a profit of 2k.
At the end of the year, i will be giving tax on that 2k profit but how do i need to show that to IT ?
Thanks everyone for answering
Regards Sky
