People pay your Taxes - page 10. | Bitcointalksearch.org

masakali

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There is no legal requirement to pay income taxes on Bitcoins capital gains in India, because the government has not yet passed any regulation defining bitcoin as a property or an asset.
In the USA this was regulated back in 2014 itself where BTC was declared as an asset and hence capital gain taxes chargeable to citizens holding BTC stock.

India gov' is still in denial about bitcoins and hence there is absolutely no requirement to pay capital gains from a legal perspective. Unless you wish to fill the coffers of the Gandhis and the Modis with your hard earned money

polynesia

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Quote from: Roboabhishek on July 15, 2016, 09:06:20 AM

Quote from: polynesia on June 19, 2016, 07:56:00 PM

Quote from: Poornimagoswami on June 12, 2016, 01:21:20 AM

How do we pay taxes on BTC and how do we show it in our accounts?

You should pay taxes in INR, the same way you will pay taxes normally.
Depending on how you earned/made profits on bitcoin, you should classify it accordingly (other income/ capital gains)

What if someone is 18> years and making 500k+ inr every year then is it necessary for him to pay taxes ?

Yes. Age really doesn't matter in this case.
Even in the case of minors, income is clubbed with that of the guardian and income tax has to be paid.

Roboabhishek

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Quote from: polynesia on June 19, 2016, 07:56:00 PM

Quote from: Poornimagoswami on June 12, 2016, 01:21:20 AM

How do we pay taxes on BTC and how do we show it in our accounts?

You should pay taxes in INR, the same way you will pay taxes normally.
Depending on how you earned/made profits on bitcoin, you should classify it accordingly (other income/ capital gains)

What if someone is 18> years and making 500k+ inr every year then is it necessary for him to pay taxes ?

polynesia

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Quote from: Poornimagoswami on June 20, 2016, 08:24:31 AM

Quote from: polynesia on June 19, 2016, 07:56:00 PM

Quote from: Poornimagoswami on June 12, 2016, 01:21:20 AM

How do we pay taxes on BTC and how do we show it in our accounts?

You should pay taxes in INR, the same way you will pay taxes normally.
Depending on how you earned/made profits on bitcoin, you should classify it accordingly (other income/ capital gains)

Thank You! but how do I show sending and receiving of bitcoin for capital gain?

You should just report your capital gains in your income tax filings.
You don't have to show sending and receiving, unless specifically asked during scrutiny.
For that, I think your wallet transactions should be sufficient.

philiveyjr

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Quote from: Poornimagoswami on June 20, 2016, 08:24:31 AM

Quote from: polynesia on June 19, 2016, 07:56:00 PM

Quote from: Poornimagoswami on June 12, 2016, 01:21:20 AM

How do we pay taxes on BTC and how do we show it in our accounts?

You should pay taxes in INR, the same way you will pay taxes normally.
Depending on how you earned/made profits on bitcoin, you should classify it accordingly (other income/ capital gains)

Thank You! but how do I show sending and receiving of bitcoin for capital gain?

Why would you be declaring or showing any capital gain on it, if you go about showing it as an income from another source ? Capital gain won't be applied then.

Poornimagoswami

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Quote from: polynesia on June 19, 2016, 07:56:00 PM

Quote from: Poornimagoswami on June 12, 2016, 01:21:20 AM

How do we pay taxes on BTC and how do we show it in our accounts?

You should pay taxes in INR, the same way you will pay taxes normally.
Depending on how you earned/made profits on bitcoin, you should classify it accordingly (other income/ capital gains)

Thank You! but how do I show sending and receiving of bitcoin for capital gain?

dashingriddler

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Quote from: Poornimagoswami on June 12, 2016, 01:21:20 AM

How do we pay taxes on BTC and how do we show it in our accounts?

For now, just consider it as an income from other sources heading and the rest should be straight forward to your accountant or CA.

polynesia

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Quote from: Poornimagoswami on June 12, 2016, 01:21:20 AM

How do we pay taxes on BTC and how do we show it in our accounts?

You should pay taxes in INR, the same way you will pay taxes normally.
Depending on how you earned/made profits on bitcoin, you should classify it accordingly (other income/ capital gains)

Poornimagoswami

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How do we pay taxes on BTC and how do we show it in our accounts?

btvGainer

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Quote from: mynameisdon on May 29, 2016, 10:47:56 AM

Quote from: soyab0007 on April 13, 2016, 05:31:43 AM

wish bitcoin remains tax free in future as well...

we don't need to wish to being tax free of bitcoin transaction.because satoshi already defined it as feesless currency. also it will always need fees just for solving block or completing transaction which is at least .00001btc.which is nill to everyone.

Bitcoin fee is not tax.Government cannot impose additional tax on spending or receiving bitcoins.One should not confuse with bitcoin fee and tax on gains from bitcoin

mynameisdon

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i am don(ripper's big daddy).i clean scammers.

Quote from: baristor137 on March 27, 2015, 03:28:55 AM

do I have to pay taxes for any amount of money that enters my account n i convert into bitcoin ?,

What if I used the account for the soul purpose of converting cash to bitcoins , each time i deposit money into my account for the same it is taxable ?, that sukz.

yes its taxable ans aslo you have limit for maximum receiving of 10lack inr in Indian bank foe saving account. you must have to pay 14% tax to government if you deposit your bank more than 120,000rs yearly.

mynameisdon

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i am don(ripper's big daddy).i clean scammers.

Quote from: soyab0007 on April 13, 2016, 05:31:43 AM

wish bitcoin remains tax free in future as well...

we don't need to wish to being tax free of bitcoin transaction.because satoshi already defined it as feesless currency. also it will always need fees just for solving block or completing transaction which is at least .00001btc.which is nill to everyone.

mynameisdon

sr. member

Activity: 322

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i am don(ripper's big daddy).i clean scammers.

Quote from: GregH37 on April 15, 2016, 01:10:07 PM

Quote from: soyab0007 on April 13, 2016, 05:31:43 AM

wish bitcoin remains tax free in future as well...

Bitcoin will remain tax free only because it controlled by people and people dont want tax

yes but btc transaction will be almost tax free.but selling bitcoin for bank will be one reason to pay tax by you.

btvGainer

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Quote from: GregH37 on April 15, 2016, 01:10:07 PM

Quote from: soyab0007 on April 13, 2016, 05:31:43 AM

wish bitcoin remains tax free in future as well...

Bitcoin will remain tax free only because it controlled by people and people dont want tax

Agree bitcoin is controlled by people but same people are controlled by government and law.So if some tax is imposed on bitcoin or it's usage,we are bound to pay

Farhad099

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People will be pay taxes. If he doesn't want to pay taxes then he will fired from government. Taxes pay is a good hobbit.

Ring_Lord

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Bitcoins has no taxes.

GregH37

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Quote from: soyab0007 on April 13, 2016, 05:31:43 AM

wish bitcoin remains tax free in future as well...

Bitcoin will remain tax free only because it controlled by people and people dont want tax

jonatuzc

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There are no taxes involved in bticoins. But if u r involving backs, then Fiat is a must

soyab0007

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wish bitcoin remains tax free in future as well...

polynesia

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Quote from: btvGainer on February 17, 2016, 02:49:58 PM

Quote from: buddycool on February 12, 2016, 12:58:20 PM

If govt is not asking tax for btc then why to pay... However already they inposed a lot of tax and doin nothing withthat money other tahn adding it to their bank balances...

Thats right.How can we pay tax on something which is not taxable or which doesn't exist for government? If Govt. wants to impose tax on income generated by bitcoin,it should first give bitcoin its due recognition

Government imposes taxes on any income generated.
It is always better to follow the law. If you generate capital gains by selling bitcoins, better to pay tax on that.

Topic: People pay your Taxes - page 10. (Read 82827 times)