Topic: People pay your Taxes - page 12. (Read 82772 times)

but he said we have to pay any tax for income above 2 lakh meaning even if some cash deposit or tpt other than income is taxable?

Paying tax for Bitcoin transactions ? What kind of tax Income tax, vat or service tax?
Bitcoin coin is not regulated in India so I believe we need not to pay Any tax for Bitcoin transactions.

Am I thinking right ? Do we have any tax experts on board in our forum?

Thanks

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.

Wealth tax has been abolished in the current budget.

So all you early adopters, with huge bitcoin riches, you will no longer have to worry about wealth tax. 

+1 man, right on!
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I understand you frustration. but fighting against the system head on is only gona give the  government reasons to go after the bitcoin community users.  we can  fuck up theses bureaucrats once  we have established  a  proper global decentralized currency. away from the control of world  governments.
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Yes, you also want to pay tax for Bitcoin but many of them doesn't pay as they can't be located. I don't think we need to show any proof, wait for the Taxation Consultant to come.

Current tax calculation:

Assessment Year : 2014-15
Tax Payer : Individual
Male/Female/Senior Citizen : Male/Female
Residential Status : Resident
Net Taxable Income : 3,50,000
Income Tax : 13,000
Surcharge : 0
Education Cess : 260
Secondary and higher education cess : 130
Total Tax Liability : 13,190

  ~~MZ~~

do anyone paid tax for bitcoin earnings?

and also what is the tax limit for individual in a year?

and also do we need to show the proof of every earning for tax payment? or else there is no need of any proof?

please let me know

I don't make that much I make less than 1 lakhs annually and I after reading above information, I don't think I need to worry about filing tax. Thank you all for the information.

I see you have already got a lot of good advice from many people here. For any further clarifications or for getting your taxation paperwork filed, do feel free to contact me.

Devesh Gupta
(Gupta & Co Advocates & Chartered Accountants)
A-2 Preet Vihar, New Delhi-110092
09654712612
[email protected]

In the Assesment year 2011-2012 and 2012-2013 for Salaried and Pensioners who's income below 5 lakh need no file IT returns.
But that doesn't mean they need not pay Income Tax. Tax will automatically be deducted as TDS for them.
If they need any TDS refund they need to file ITR even if income is 5 lakh.
But that exemption is not allowed from AY 2013-2014.

You may want to look here too : http://www.ndtv.com/article/india/income-tax-return-not-required-for-salary-upto-rs-5-lakh-a-year-245839 .

  ~~MZ~~

If I am right, the tax should be paid if the annual income is 3 Lakhs. So if this right, then you will have to pay your tax.

P.S.

Tax calculation 7 years ago. It was approx. 1.1 Lak :
For tax calculations you should tell your status. Male, Female or Senior Citizen (>65 years). You did not tell your tax status. So I am giving tax for all of them.

The basic tax exemptions and tax payable on Rs.3.5 lakhs income is as follows for this running financial year 2007-08 (1-4-2007 to 31-3-2008)

1) Male <65 years of Age: Tax free amount Rs.1,10,000: Tax payable on 3.5L= Tax 54,000 + Education Cess 1,620= Total Rs.55,620/-. If you save Rs.1 lakh in 80C investments then your tax liabulity will be reduced to Rs.24,720/-

2) Female <65 years of Age: Tax free amount Rs.1,45,000: Tax payable on 3.5L= Tax 50,500 + Education Cess 1,515= Total Rs.52,015/-. If you save Rs.1 lakh in 80C investments then your tax liability will be reduced to Rs.21,115/-

3) Seniour Citizen >65 years of Age: Tax free amount Rs.1,95,000: Tax payable on 3.5L= Tax 41,000 + Education Cess 1,230= Total Rs.42,230/-. If you save Rs.1 lakh in 80C investments then your tax liabulity will be reduced to Rs.11,330/-

Note: For last year (FY:2006-07) the basic exemption limits was Male 1 lakh, Female 1.35 Lakhs. Sen.Cit.Rs.1.85 Lakhs. That means the tax limit was raised by Rs.10,000 to all for this year (FY:2007-08)

Current tax calculation:

• Assessment Year : 2014-15
• Tax Payer : Individual
• Male/Female/Senior Citizen : Male/Female
• Residential Status : Resident
• Net Taxable Income : 3,50,000
• Income Tax : 13,000
• Surcharge : 0
• Education Cess : 260
• Secondary and higher education cess : 130
• Total Tax Liability : 13,190

  ~~MZ~~

Looking forward to it!

Do I still have to file a tax if my annual income is below 5 lakhs ?

Thanks. You will be very helpful for the community.
Paying tax is to contribute to GDP and you can become a loyal person too. After all, this is our country.
Kindly,
         MZ

thank for the update

Thank you!

As you all might know, 31st July will be the last day for filing of your returns. Please get your PAN issued if the same has not been done. Returns can also be filed right now in advance. For issuance of PAN, filing of return, audit or any other taxation-related help, please give me call or PM me!

Thanks & Regards,
Devesh Gupta
09654712612

errr... you dont pay tax for btc, u pay tax for your fiat money, and i think this post is talking about paying taxes for fiat.

If anyone is looking to File Income tax return in Delhi NCR, you can PM me.
Bitcoins accepted as payment.

Thanks for that knowledge. But anyways i am not eligible to pay taxes.