You can only pay taxes for services that you are rendering or physical goods that you are selling AND making a profit off such transactions in a 'recognized' currency.
Bitcoins are not considered as a currency in India, not yet at least, and there also no limitations imposed by the government, so accepting a payment for a 'virtual service' with a payment system that isnt 'recognized' shouldnt be taxed (in my opinion).
However like everyone else if I am selling ANYTHING online and making a profit out of selling it I m making sure that I pay my tax, and that is advisable.
However it is wise not to mess with the IT guys if you dont have a fleet of lawyers guarding you.
Topic: is it legal to accept bitcoins in india - page 3. (Read 5314 times)
so its safe to keep it as btc rather than converting to inr right?
Convert what you need for taxes and keep the rest.
thanks for clarifying my doubts. this was the answer which i was looking for.
Accepting Bitcoin and Trading bitcoin is never Stopable by any one or any government, Warnings are just to inform people about its volatility and risk of loosing but it doesnt mean that Bitcoin is Illigal,
so its safe to keep it as btc rather than converting to inr right?
Convert what you need for taxes and keep the rest.
so its safe to keep it as btc rather than converting to inr right?
The regulation in conversion i am talking about is the normal tax that you pay when you get money from any place.
For bitcoin it is usually short term Capital gain Tax. Which i expect every Indian Bitcoiner to pay. (Follow the laws of the land)
But for businesses i would say it may come under some other classification, a chat with your CA it advisable here.
It is safe as per our interpretation. If you are not converting it to INR it should not be an issue.
Regards
Regards
so its safe to keep it as btc rather than converting to inr right?
hi benson
i am planning to integrate bitcoins as a mode of payment on my website via bitpay.i would like to know what are the regulations which i have to follow ?
i am planning to integrate bitcoins as a mode of payment on my website via bitpay.i would like to know what are the regulations which i have to follow ?
You can accept bitcoin in your website, the press relese was a general public warning on dangers to bitcoin. now a ruling on the legality of bitcoin.
Short answer yes it is legal to accept bitcoin. There are no regulation regarding bitcoin. however the regulation does apply once you convert your bitcoin into INR
hi benson
i am planning to integrate bitcoins as a mode of payment on my website via bitpay.i would like to know what are the regulations which i have to follow ?
i am planning to integrate bitcoins as a mode of payment on my website via bitpay.i would like to know what are the regulations which i have to follow ?
hi, i would like to know is it leagal to accept bitcoins as a mode of payment in india? if so are there any legal statement or document supporting it?
Accepting btc payments have no legal guidelines. There is only need to look at regulations when buying or selling.
hi, i would like to know is it leagal to accept bitcoins as a mode of payment in india? if so are there any legal statement or document supporting it?
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