Topic: HELP- Investing on BTC and want to know someting - page 2. (Read 2285 times)
Ohk if i will not declare and withdraw via cash . is it legal?
Tax on bitcoin is as normal as you earn the profit and pay tax. There is no special tax needs to be paid on profit earned from bitcoin. Say you bought total of 3 lakhs and sold at 4 lakhs. So profit is 1 lakh. Now total income other than this is say 3 lakhs rs and you add 1 lakh of this profit earned so now you will have to pay tax on 4 lakh.
Which means 0 - 2.5 lakh is 0% and 2.5 to 4 lakh - its 5 % as per effective April 1 2017.
Which means 0 - 2.5 lakh is 0% and 2.5 to 4 lakh - its 5 % as per effective April 1 2017.
Also i found this http://viraltalks.com/best-cryptocurrency-in-the-world-you-should-know/p/ . Can we relay other cryptocurrency other than BTC. ??
Yes if i will show then i can . but what if i will hide? anyway they will know abt this? dont think so. i live in a place where i will hardly find any professional so internet is only medium
Hello
lets i get salary on 25K in a month and i just withdraw in cash and bought BTC via local trader. Now In this way what the mode of tax? as i will invest 3 lkhs avg annum and for which my income will be under tax slab.
lets i get salary on 25K in a month and i just withdraw in cash and bought BTC via local trader. Now In this way what the mode of tax? as i will invest 3 lkhs avg annum and for which my income will be under tax slab.
As per my limited knowledge, Tax on bitcoin in India is still a dark area and it would be better to contact reputed exchanges such as Unocoin or Zebpay. If you know any Chartered Accountants, then you should go ahead and contact them regarding this matter and take necessary steps.
If you just bought bitcoin and haven't sold any to realize profits, then I think you don't need to pay any tax. Your tax slab will be as usual, I don't see any reason for a change.
I think you are concerned about how to disclose the source of income which you got by selling from bitcoin.
IMO you can show it as selling any digital asset etc but I am no expert neither have I ever sold bitcoin to that amount.
Hello
lets i get salary on 25K in a month and i just withdraw in cash and bought BTC via local trader. Now In this way what the mode of tax? as i will invest 3 lkhs avg annum and for which my income will be under tax slab.
lets i get salary on 25K in a month and i just withdraw in cash and bought BTC via local trader. Now In this way what the mode of tax? as i will invest 3 lkhs avg annum and for which my income will be under tax slab.
As per my limited knowledge, Tax on bitcoin in India is still a dark area and it would be better to contact reputed exchanges such as Unocoin or Zebpay. If you know any Chartered Accountants, then you should go ahead and contact them regarding this matter and take necessary steps.
If you just bought bitcoin and haven't sold any to realize profits, then I think you don't need to pay any tax. Your tax slab will be as usual, I don't see any reason for a change.
Hello
lets i get salary on 25K in a month and i just withdraw in cash and bought BTC via local trader. Now In this way what the mode of tax? as i will invest 3 lkhs avg annum and for which my income will be under tax slab.
lets i get salary on 25K in a month and i just withdraw in cash and bought BTC via local trader. Now In this way what the mode of tax? as i will invest 3 lkhs avg annum and for which my income will be under tax slab.
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