Topic: people face paying taxes on their Bitcoin Sales in India (Read 226 times)
Well it's not that troublesome if we pay taxes, the problem is if you are at the losing side and you would still pay the taxes what returns will you get? So I think there should be some arrangements to be done to make it fair for the person doing such investments. It's always a risk investing in bitcoins or its alternative coins and too easy to ask for taxes. What assistance will the government provide should the investor loses?
Not only India, there are many countries asking for taxes when exchanging their Bitcoin to the cash. So we have to be very careful when dealing the governments because they need taxes, in order people should not become rich in any country.
Lol, this is really confusing, I can’t even understand what you guys are talking about here. How is it possible for the government to charge tax from bitcoin users? How are they able to know when you’re selling your bitcoin, are you selling your bitcoin to the government or to an exchanger or an individual? I have sold many times but never paid tax for it, even for using my bitcoin. But I’m not from India. And I sell to an exchanger and have never paid a single tax for it. 
An obstacle for bitcoin development in India
An understatement but I gotta ask you all are surprised that a corrupt government pulled a corrupt move? I mean I didn't even bat an eye when I saw this because look at who is running the show. Same goes for other shady governments, it does suck but you in no way should be surprised by these rulings.
At the moment we are not yet paying any taxes on any bitcoin transaction here in the Philippines. However, our government is taxing everything here and has even increase taxes on vehicles. So I believe that the government is now finding ways on how they can generate income out of bitcoin since they are aware that big transactions out of many people are happening. You cannot escape paying taxes here in our country. It is kind a different once this will happen, because bitcoin is a decentralize system or direct transaction without any third party required to give approval.
Fortunately in my country did not ask any taxes from my bitcoin income. But as what out Security and exchange commission has shown its interest on bitcoin, well it really makes me worried for maybe time will come they will apply for taxes in all users and bitcoin holders in my country.
An obstacle for bitcoin development in India
In the Philippines, we don’t pay taxes on our bitcoin but we have problems in cashing out our profit from bitcoin exchange because some banks don’t want to be involve in bitcoin.
Its good to hear that your country didn't taxes your Bitcoin assets. So, how you cash out your Cryptoassets? In my country, we have some gateway exchanges that can cash out our crypto assets. It seems the owner bribe some government regulator, so BITCOIN still acceptable in my country.
Well that's happenning in a lot of countries. Citibank even decided to cease allowing debit cards for crypto transactions which for me is very wrong. India has been open in its stance in not supporting btc and taxing traders is one way to discourage people. See how they're afraid of crypto
just a few weeks ago, I heard from the radio that my country is planning on taking steps to secure bitcoin so that they can help reduce the use of bitcoin for scam. So, the idea of paying taxes for bitcoin comes to mind. But, as of now, there are no news that our government is charging us taxes.
Not only India, there are many countries asking for taxes when exchanging their Bitcoin to the cash. So we have to be very careful when dealing the governments because they need taxes, in order people should not become rich in any country.
In the Philippines, we don’t pay taxes on our bitcoin but we have problems in cashing out our profit from bitcoin exchange because some banks don’t want to be involve in bitcoin.
Its good to hear that your country didn't taxes your Bitcoin assets. So, how you cash out your Cryptoassets? In my country, we have some gateway exchanges that can cash out our crypto assets. It seems the owner bribe some government regulator, so BITCOIN still acceptable in my country.
Two certain things in this life are death and taxes. So get used to it. You still need to use the road, electricity, internet, so I think taxes its not that bad and scary. Cheers!
Well it is better to have taxes than to banned the bitcoin in assigned country.Honestly taxes of bitcoin implementation was difficult in a first place especially when we start our income that without an experience to have a tax deduction.This is a reality and we can't change this one but the important is we continue our income in bitcoin and continue to help other people to involve bitcoin as a profit.In terms of thinking taxes of bitcoin why should we focused on our bitcoin profit to grow and find more income of cryptocurrency especially in joining ICO Bounty Compaigns or a Trader.
I think most countries technically require you to pay tax on gains like bitcoin, ethereum or other cryptos. Its best to stay within the law.
In our country, there is no need to pay taxes for the sale of bitcoin, but the government is thinking about it. Perhaps in the future in all countries bitcoin will be taxed.
Two certain things in this life are death and taxes. So get used to it. You still need to use the road, electricity, internet, so I think taxes its not that bad and scary. Cheers!
That's true, same time government should not levy taxes on each and everything. Even on the basis necessity of the human beings tax should not be levied. This gives an earning to the political people and ruins the life of common people. Good government serves the people with diverse plans not with the taxes. In the Philippines, we don’t pay taxes on our bitcoin but we have problems in cashing out our profit from bitcoin exchange because some banks don’t want to be involve in bitcoin.
You don't pay taxes on BTC or BTC sales? I'm asking because there are no countries where people are required to pay taxes on cryptocurrencies. Only profits coming from exchanging to fiat are taxable. As long as you're keeping cryptocurrencies in their original form you're safe, try to turn it to fiat and there's only a handful of places where that won't be taxed.
Two certain things in this life are death and taxes. So get used to it. You still need to use the road, electricity, internet, so I think taxes its not that bad and scary. Cheers!
As long as it's not a fixed rate the tax will always be scarry for the simple reason that those who work harder and earn more will have to pay more. And since they aren't using those common roads and pavements more often than the rest, they aren't treated equally.
Two certain things in this life are death and taxes. So get used to it. You still need to use the road, electricity, internet, so I think taxes its not that bad and scary. Cheers!
Wow that is just another scummy step for a government that continues to screw its people over. Whats next pay taxes on the amount you lose too? Lol what a freaking joke, I don't mind paying taxes but these corrupt governments piss me off.
Taxes, like death, are inevitable.
In the UK, bitcoin is treated like an asset, so you have to pay capital gains tax. There is a tax-free allowance of £11,000 a year, and any gains above that are taxed at 10% unless you are a higher rate taxpayer, in which case you pay 20%.
In the UK, bitcoin is treated like an asset, so you have to pay capital gains tax. There is a tax-free allowance of £11,000 a year, and any gains above that are taxed at 10% unless you are a higher rate taxpayer, in which case you pay 20%.
This depends on if you are a full-time trader or not, if you are a trader then you're actually liable to pay income tax instead of capital gains tax. In fact if your income in any way is a result of your 'job' then you'll pay income tax instead of capital gains. Makes me think it might be worthwhile for some individuals to get a part time job and try then claim that crypto earnings are just something on the side so they can pay the lower capital gains rates.
In the Philippines, we don’t pay taxes on our bitcoin but we have problems in cashing out our profit from bitcoin exchange because some banks don’t want to be involve in bitcoin.
Taxes, like death, are inevitable.
In the UK, bitcoin is treated like an asset, so you have to pay capital gains tax. There is a tax-free allowance of £11,000 a year, and any gains above that are taxed at 10% unless you are a higher rate taxpayer, in which case you pay 20%.
In the UK, bitcoin is treated like an asset, so you have to pay capital gains tax. There is a tax-free allowance of £11,000 a year, and any gains above that are taxed at 10% unless you are a higher rate taxpayer, in which case you pay 20%.
Jump to: