Pages:
Author

Topic: how to convert crypto to inr without paying taxes? (Read 438 times)

member
Activity: 114
Merit: 11
it's clear that these people do it for money, no one would start talking about serious topics when they don't make them money.
the fact of having views from these things is obvious and the fact of having many views from these meme videos instead of the serious ones makes you think, very

In India, making money is not that easy, with many laws and regulations and, of course, taxes. The reason why Indians are investigating crypto is to make money from their small investments. We Indians do not have big money like other countries in the West or Europe. We do it because we hope to become rich.

That is why Bitcoin was never the goal of Indians. We are still better than our neighbors, who are here in the forum using multiple alts to make free money. Thanks to the reforms made by the previous government, the middle class was able to earn money through education. The middle class is trying to use crypto to make an investment that will help them become rich and leave this country.

Yes, in fact I do not blame those who make money or those who try in every way to make it: it is understandable that we Indians are not advantaged over Europeans who have more chances than we who are born in areas where poverty is widespread, so we must do everything to change the fate of this country.
legendary
Activity: 2898
Merit: 1253
So anyway, I applied as a merit source :)
many times I read about these stupid toutubers who know nothing about the environment and what is happening, I think that these people would do better to pay attention to what they advise and I hope they don't make those who follow them do stupid things
It is tough to get the younger generation out of the influencer marketing. But quite a few people are doing a good job on youtube exposing these scam products and shady companies but they get less views than others. The older generation has now become resistant to this type of marketing.

If you are doing your research, making from without paying taxes is quite impossible here. So better keep that tax evasion idea out of your mind and wait till the government and crypto industry here reaches some middle ground.
hero member
Activity: 2156
Merit: 803
Top Crypto Casino
it's clear that these people do it for money, no one would start talking about serious topics when they don't make them money.
the fact of having views from these things is obvious and the fact of having many views from these meme videos instead of the serious ones makes you think, very

In India, making money is not that easy, with many laws and regulations and, of course, taxes. The reason why Indians are investigating crypto is to make money from their small investments. We Indians do not have big money like other countries in the West or Europe. We do it because we hope to become rich.

That is why Bitcoin was never the goal of Indians. We are still better than our neighbors, who are here in the forum using multiple alts to make free money. Thanks to the reforms made by the previous government, the middle class was able to earn money through education. The middle class is trying to use crypto to make an investment that will help them become rich and leave this country.
member
Activity: 114
Merit: 11
All these people are mislead by group of amateur youtubers who claim themselves as tech gurus but they don't have any technical knowledge just read some articles and advice people to invest and trade which is why we have lots of trading apps in India which are not really trading app but kind of gambling with futures.

Agree with you that most Indian Youtubers are the worst when they have a channel about crypto. Either they are after airdrops or they are discussing about meme coins. Not many talk about actual projects like Bitcoin, Ethereum and others. All they want is views and money from affiliate marketing. I haven't come across any apps of that kind. I generally avoid them as they are again waste in terms of recommendation.

it's clear that these people do it for money, no one would start talking about serious topics when they don't make them money.
the fact of having views from these things is obvious and the fact of having many views from these meme videos instead of the serious ones makes you think, very
member
Activity: 114
Merit: 11

I agree with your point on Bitcoin and Indians are into crypto not because of Bitcoin they are here to make money fast. They think that crypto is the only option available after the share market to multiply their investment fast.
All these people are mislead by group of amateur youtubers who claim themselves as tech gurus but they don't have any technical knowledge just read some articles and advice people to invest and trade which is why we have lots of trading apps in India which are not really trading app but kind of gambling with futures.

many times I read about these stupid toutubers who know nothing about the environment and what is happening, I think that these people would do better to pay attention to what they advise and I hope they don't make those who follow them do stupid things
sr. member
Activity: 910
Merit: 284

I agree with your point on Bitcoin and Indians are into crypto not because of Bitcoin they are here to make money fast. They think that crypto is the only option available after the share market to multiply their investment fast.
All these people are mislead by group of amateur youtubers who claim themselves as tech gurus but they don't have any technical knowledge just read some articles and advice people to invest and trade which is why we have lots of trading apps in India which are not really trading app but kind of gambling with futures.
member
Activity: 114
Merit: 11
Then I am like how the hell someone claim as crypto investor without even knowing what is bitcoin, then he said he bought some memecoins that is popular with the tap trend.
This is why we need this section to be strong enough to teach the next generations of Indian crypto adopters that bitcoin is the one and only and that any other coins other than bitcoin is a farce and will lead to losses no matter what the owners of that coin say.

We have been on this train for years and have gained that experience through observation and for some of us by investing and losing money on such things.

Bitcoin till date, has never given us any loss whatever be the price we got in at. But the Indian exchanges are not making things easier but making them more difficult to trade crypto - taxation and KYC.

I think that our state is doing everything to make us pay taxes on our capital gains as happens in most countries, I don't mean that only India tries to make money but it knows well that we Indians are very capable of making money on new things and He also knows that many of us have been in the crypto world for years
hero member
Activity: 2156
Merit: 803
Top Crypto Casino
Bitcoin till date, has never given us any loss whatever be the price we got in at. But the Indian exchanges are not making things easier but making them more difficult to trade crypto - taxation and KYC.

I agree with your point on Bitcoin and Indians are into crypto not because of Bitcoin they are here to make money fast. They think that crypto is the only option available after the share market to multiply their investment fast. By next year February, we will be hearing about regulations and we might hear more about taxation in this industry. I am not expecting much from this government but a strict regulation is going to come out from the parliament in the winter session.

legendary
Activity: 2898
Merit: 1253
So anyway, I applied as a merit source :)
Then I am like how the hell someone claim as crypto investor without even knowing what is bitcoin, then he said he bought some memecoins that is popular with the tap trend.
This is why we need this section to be strong enough to teach the next generations of Indian crypto adopters that bitcoin is the one and only and that any other coins other than bitcoin is a farce and will lead to losses no matter what the owners of that coin say.

We have been on this train for years and have gained that experience through observation and for some of us by investing and losing money on such things.

Bitcoin till date, has never given us any loss whatever be the price we got in at. But the Indian exchanges are not making things easier but making them more difficult to trade crypto - taxation and KYC.
sr. member
Activity: 910
Merit: 284
of course I hope that no one actually spends their bitcoins also because in India we really need reserves of value that could really help people who are in economic difficulty and who could find a way of hope with bitcoins

Bitcoin is no longer the crypto that the Indians are after in 2024. They are after coins/tokens that can make their investment grow by 10x or 50x. That is the reason why India has the second larget investor in meme coins. That is because a large number of investors are students or employees belonging from the middle class who are okay to take a big risk to succeed in this crypto rush. It is similar to what happened early in 2000 and late in 90s when the same middle class were joining MLM companies like Amway.

The terrible thing is they don't even know what is bitcoin or crypto, they watched some youtube videos from tech creators who has no idea what is crypto either suggested some names and we INdians have the habit of believing everything if it's coming from someone popular/celebrity like personal ended up getting into the scheme. I met someone recently who said I am also crypto investor and I asked which exchange you are using to buy bitcoin but his reply was,'What is bitcoin?'

Then I am like how the hell someone claim as crypto investor without even knowing what is bitcoin, then he said he bought some memecoins that is popular with the tap trend.
hero member
Activity: 2156
Merit: 803
Top Crypto Casino
of course I hope that no one actually spends their bitcoins also because in India we really need reserves of value that could really help people who are in economic difficulty and who could find a way of hope with bitcoins

Bitcoin is no longer the crypto that the Indians are after in 2024. They are after coins/tokens that can make their investment grow by 10x or 50x. That is the reason why India has the second larget investor in meme coins. That is because a large number of investors are students or employees belonging from the middle class who are okay to take a big risk to succeed in this crypto rush. It is similar to what happened early in 2000 and late in 90s when the same middle class were joining MLM companies like Amway.
member
Activity: 114
Merit: 11
I always hope very much that all traders will accept bitcoin for their daily actions always and with all my heart obviously this will happen first in big cities, in small villages it is impossible for it to happen unless first in a big city with a large profit margin

I doubt it will ever happen and in case what you are hoping comes true then people will not spend Bitcoin in India. It will become too valuable for anyone to spend their satoshis on buying products. We are Indians we do not sell gold for buying products we ensure that gold remains in the house and we keep on buying more every year. If Indians start investing in Satoshi then for sure Indian households will hold more Bitcoin than other countries or organizations.
of course I hope that no one actually spends their bitcoins also because in India we really need reserves of value that could really help people who are in economic difficulty and who could find a way of hope with bitcoins
hero member
Activity: 2156
Merit: 803
Top Crypto Casino
I always hope very much that all traders will accept bitcoin for their daily actions always and with all my heart obviously this will happen first in big cities, in small villages it is impossible for it to happen unless first in a big city with a large profit margin

I doubt it will ever happen and in case what you are hoping comes true then people will not spend Bitcoin in India. It will become too valuable for anyone to spend their satoshis on buying products. We are Indians we do not sell gold for buying products we ensure that gold remains in the house and we keep on buying more every year. If Indians start investing in Satoshi then for sure Indian households will hold more Bitcoin than other countries or organizations.
member
Activity: 114
Merit: 11
As you said I won't suggest the tax evading but it can be avoided with right strategies like transferring the funds to different user's account like family and relatives that we can trust.
This might be a good idea. We can always keep funds diversified in multiple accounts which might be of our family. But we can still pay regular minimum tax amount just to get ITR clear and we can still wager funds using other accounts.

I'm hoping so see local merchants accepting cryptos or helping exchange them. Not in all cities but atleast Tier 1 or Tier 2 cities should implement this. I remember there was a bitcoin ATM here in Bangalore setup by Unocoin but it was closed. The only operational now is in Delhi I guess. Such ATM's are much easier to anonymously convert btc to cash.

I always hope very much that all traders will accept bitcoin for their daily actions always and with all my heart obviously this will happen first in big cities, in small villages it is impossible for it to happen unless first in a big city with a large profit margin
?
Activity: -
Merit: -
As you said I won't suggest the tax evading but it can be avoided with right strategies like transferring the funds to different user's account like family and relatives that we can trust.
This might be a good idea. We can always keep funds diversified in multiple accounts which might be of our family. But we can still pay regular minimum tax amount just to get ITR clear and we can still wager funds using other accounts.

I'm hoping so see local merchants accepting cryptos or helping exchange them. Not in all cities but atleast Tier 1 or Tier 2 cities should implement this. I remember there was a bitcoin ATM here in Bangalore setup by Unocoin but it was closed. The only operational now is in Delhi I guess. Such ATM's are much easier to anonymously convert btc to cash.
hero member
Activity: 2156
Merit: 803
Top Crypto Casino

Even if he traded 10 one lakh trades and all in a month will not raise any flags in my opinion because IT department will be mostly looking for biggers transfer let's say 5 lakh per TX might raise some flag.

As you said I won't suggest the tax evading but it can be avoided with right strategies like transferring the funds to different user's account like family and relatives that we can trust.

Why take the risk? If he gets caught then he will be in a bigger problem than he will be by paying tax. I agree if done correctly he can avoid tax but still it is a big risk in my opinion.
sr. member
Activity: 910
Merit: 284
Hi everyone,
I have around 10L in USDT and i want to convert it into INR, and i never paid any taxes because i came below the tax slabs. And i don't have enough knowledge about finance and taxation. can you guys please help me how can i convert this crypto to INR without paying taxes?

Can i convert 1Lakh every month? can it be detected?
or what if i send the crypto to my Wazirx and convert 50 thousand every month?

please share ways to convert crypto to INR without paying taxes. the income is savings of 5 years i don't want it be halfed by paying taxes. thanks

Offshore p2p platforms should be able to help here. While I am reluctant to promote any specific name, but you can do your own research. Keep the amount very low and have an interval between two transactions. One lakh a month may put you under the radar so think of something around 20-40k per month.

However, I would not recommend you to avoid taxes at all. It may have repercussions later. So act wisely and consult a CA regarding tax related queries.

Even if he traded 10 one lakh trades and all in a month will not raise any flags in my opinion because IT department will be mostly looking for biggers transfer let's say 5 lakh per TX might raise some flag.

As you said I won't suggest the tax evading but it can be avoided with right strategies like transferring the funds to different user's account like family and relatives that we can trust.
legendary
Activity: 3080
Merit: 1500
Hi everyone,
I have around 10L in USDT and i want to convert it into INR, and i never paid any taxes because i came below the tax slabs. And i don't have enough knowledge about finance and taxation. can you guys please help me how can i convert this crypto to INR without paying taxes?

Can i convert 1Lakh every month? can it be detected?
or what if i send the crypto to my Wazirx and convert 50 thousand every month?

please share ways to convert crypto to INR without paying taxes. the income is savings of 5 years i don't want it be halfed by paying taxes. thanks

Offshore p2p platforms should be able to help here. While I am reluctant to promote any specific name, but you can do your own research. Keep the amount very low and have an interval between two transactions. One lakh a month may put you under the radar so think of something around 20-40k per month.

However, I would not recommend you to avoid taxes at all. It may have repercussions later. So act wisely and consult a CA regarding tax related queries.
?
Activity: -
Merit: -
One option is directly dealing with persons in currency exchange section but it is risky check their reputation before dealing.
Second You can try binance p2p trading section it is safe and secure. I have exchanged many times but ofcourse small amounts
Binance P2P is generally safe but only if the merchant avoids adding crypto-related remarks to payments. For complete anonymity, dealing face-to-face with a trusted dealer is a better option. If your transactions come under scrutiny, you may need to report them to the IT department. Having 10L in crypto definitely raises red flags.

If OP is not in the taxable slab than this might complicate things further. Taxation slab starts after 2.5L annual income but OP already has 10L in cryptos so he will definitely be questioned if the transaction goes under scrutiny.
I'll suggest OP to stay cautious and ensure compliance to avoid issues.
hero member
Activity: 2156
Merit: 803
Top Crypto Casino
One option is directly dealing with persons in currency exchange section but it is risky check their reputation before dealing.
Second You can try binance p2p trading section it is safe and secure. I have exchanged many times but ofcourse small amounts


I haven't made any transaction using Binance P2P and I have read many times on different platforms that have not reported Binance P2P to be safe. I have read that many users using the P2P service have gotten their bank accounts frozen. I am aware that those who were hit hard were the ones who were falling into the trap of scam merchants and sometimes these scammers were the ones who were reporting the bank account to the police of fraud to get their money back. I am hearing for the first time that someone like you has not faced any issues with Binance P2P. I am sure you might be taking all precautions to avoid falling for those crazy offers by scam merchants on that platform.
Pages:
Jump to: