People pay your Taxes - page 14. | Bitcointalksearch.org

globalgaurav

full member

Activity: 199

Merit: 101

Quote from: subvolatil on May 24, 2013, 07:21:17 PM

Quote from: drdanishkhan on May 24, 2013, 05:22:59 PM

Quote from: subvolatil on May 24, 2013, 03:52:40 PM

Quote from: drdanishkhan on May 24, 2013, 03:29:05 PM

Quote from: ?? on ??

Quote from: subvolatil on May 24, 2013, 01:21:02 PM

But not every one is a part time worker or a student. and many do have bitcoin transactions over 2 lakh. They, need to keep records and pay tax properly.

Ah well fuck indian gov i'm not going to pay any tax.

+1
Pay taxes for what?? no roads.. shitass electric supply.. open garbages..
Our money is only gettin locked away in swiss accounts by these fuckin bureaucrats..

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.

Its in moments like this i feel the absence of crappy media.. they can replay the same fuckin news for two days in a row but cannot actually do one good thing for the community.. i mean while the rest of the world news agencies are giving out reviews.. positive negative other matter.. but atleast people know.. Sometimes i wonder why is India so fucked up on so many different levels.. and yet we are india shining.. Grrrr.. Angry

Thats ckz the media has sold out. and its alos the same with western media companies , with "News Corp", owning some of the largest news outlets in the world. they control what goes in and what comes out. most of the media companies have heir affiliation to political parties, making news a hard thing to be provided without bias,

Precisely

My money

is on these kind of IDEAS - http://youtu.be/kE9mxQzybcQ

subvolatil

hero member

Activity: 546

Merit: 501

Cypherpunk and full-time CryptoAnarchist

Quote from: lonsharim on November 22, 2013, 12:07:58 AM

Quote from: subvolatil on November 21, 2013, 10:19:45 AM

Quote from: lonsharim on November 21, 2013, 06:26:12 AM

Interesting thread. Has anyone actually declared an income from their bitcoins in their IT filings. I will be most interested in knowing especially if I profit from this down the road.

I realize that a number of people don't need to pay taxes primarily because they don't trade or make significant enough profits to declare but for those that have filed, what ITR forms have you submitted.

I know that people having regular incomes and interests file ITR1 form. Those that also have rentals file ITR2. I also know that regular stock, intra day traders file ITR4 where they show profits and write off losses, deduct operation expenses etc. Bitcoins are still ill defined as far as Indian taxes are considered. Should it be filed as a short term capital gain. How does one off set expenses incurred in hardware and electricity in the tax returns? Or if he has purchased the Bitcoin, he should only be paying a capital gains tax on the profits.

Eventually I hope the authorities are going to make this clear once they see the volume of people using Bitcoins in India.

Well the current understanding would make the declaration as a Capital gain (depending on the time you held the BTC long term or short term.) .

Income Tax Slabs   Income Tax Rates
Where Total Income does not exceed Rs. 2,00,000   NIL
Where the Total Income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000   10% of the Amount by which it exceeds Rs. 2,00,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000   20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000    30% of the Amount by which it exceeds Rs. 10,00,000

I doubt if it is as simple as adding profits to your existing incomes and figure out which slab you fall under. It would not apply for Long Term CG

Leaving aside the details of what type of capital it is (property or stock for instance) or if it should be eligible for indexation, long term CG has a flat tax rate of 20% regardless of what tax slab you will normally fall under.

The significance of inquiring about the ITR Form meant for Traders is that it will allow many tax benefits for those who repeatedly buy and sell, including expenses and off setting losses. It occurred to me later that it will not be possible because these are unregulated trades and hence don't have STT charges.

Long term CG applies to assets you hold for 36 months or more . then the fixed 20% is applied

The Short term Capital gain is the is calculated with the slab above.

Its the ITR 2 that you fill up for capital gain (Other source of income). unless specified.

The problem here does not lie with Regulation or non regulation, but with the correct Tax definition.
Till the time The income tax department does not specify any specification on income generated through the conversion of crypto currency it should be considered as other income and filled under the ITR2 . (Better safe then sorry).

The tax calculation will not apply to the bitcoin but the INR that is converted.

Edit :- Yes it is not as simple as adding profits to your existing income. i would suggest a consultation with a tax expert on the calculation methods. I will have my done this coming financial year and will post the details and processes ,.

lonsharim

full member

Activity: 196

Merit: 100

Quote from: subvolatil on November 21, 2013, 10:19:45 AM

Quote from: lonsharim on November 21, 2013, 06:26:12 AM

Interesting thread. Has anyone actually declared an income from their bitcoins in their IT filings. I will be most interested in knowing especially if I profit from this down the road.

I realize that a number of people don't need to pay taxes primarily because they don't trade or make significant enough profits to declare but for those that have filed, what ITR forms have you submitted.

I know that people having regular incomes and interests file ITR1 form. Those that also have rentals file ITR2. I also know that regular stock, intra day traders file ITR4 where they show profits and write off losses, deduct operation expenses etc. Bitcoins are still ill defined as far as Indian taxes are considered. Should it be filed as a short term capital gain. How does one off set expenses incurred in hardware and electricity in the tax returns? Or if he has purchased the Bitcoin, he should only be paying a capital gains tax on the profits.

Eventually I hope the authorities are going to make this clear once they see the volume of people using Bitcoins in India.

Well the current understanding would make the declaration as a Capital gain (depending on the time you held the BTC long term or short term.) .

Income Tax Slabs   Income Tax Rates
Where Total Income does not exceed Rs. 2,00,000   NIL
Where the Total Income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000   10% of the Amount by which it exceeds Rs. 2,00,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000   20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000     30% of the Amount by which it exceeds Rs. 10,00,000

I doubt if it is as simple as adding profits to your existing incomes and figure out which slab you fall under. It would not apply for Long Term CG

Leaving aside the details of what type of capital it is (property or stock for instance) or if it should be eligible for indexation, long term CG has a flat tax rate of 20% regardless of what tax slab you will normally fall under.

The significance of inquiring about the ITR Form meant for Traders is that it will allow many tax benefits for those who repeatedly buy and sell, including expenses and off setting losses. It occurred to me later that it will not be possible because these are unregulated trades and hence don't have STT charges.

subvolatil

hero member

Activity: 546

Merit: 501

Cypherpunk and full-time CryptoAnarchist

Quote from: lonsharim on November 21, 2013, 06:26:12 AM

Interesting thread. Has anyone actually declared an income from their bitcoins in their IT filings. I will be most interested in knowing especially if I profit from this down the road.

I realize that a number of people don't need to pay taxes primarily because they don't trade or make significant enough profits to declare but for those that have filed, what ITR forms have you submitted.

I know that people having regular incomes and interests file ITR1 form. Those that also have rentals file ITR2. I also know that regular stock, intra day traders file ITR4 where they show profits and write off losses, deduct operation expenses etc. Bitcoins are still ill defined as far as Indian taxes are considered. Should it be filed as a short term capital gain. How does one off set expenses incurred in hardware and electricity in the tax returns? Or if he has purchased the Bitcoin, he should only be paying a capital gains tax on the profits.

Eventually I hope the authorities are going to make this clear once they see the volume of people using Bitcoins in India.

Well the current understanding would make the declaration as a Capital gain (depending on the time you held the BTC long term or short term.) .

Income Tax Slabs   Income Tax Rates
Where Total Income does not exceed Rs. 2,00,000   NIL
Where the Total Income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000   10% of the Amount by which it exceeds Rs. 2,00,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000   20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000     30% of the Amount by which it exceeds Rs. 10,00,000

lonsharim

full member

Activity: 196

Merit: 100

Interesting thread. Has anyone actually declared an income from their bitcoins in their IT filings. I will be most interested in knowing especially if I profit from this down the road.

I realize that a number of people don't need to pay taxes primarily because they don't trade or make significant enough profits to declare but for those that have filed, what ITR forms have you submitted.

I know that people having regular incomes and interests file ITR1 form. Those that also have rentals file ITR2. I also know that regular stock, intra day traders file ITR4 where they show profits and write off losses, deduct operation expenses etc. Bitcoins are still ill defined as far as Indian taxes are considered. Should it be filed as a short term capital gain. How does one off set expenses incurred in hardware and electricity in the tax returns? Or if he has purchased the Bitcoin, he should only be paying a capital gains tax on the profits.

Eventually I hope the authorities are going to make this clear once they see the volume of people using Bitcoins in India.

yangrenpeng

newbie

Activity: 1

Merit: 0

Quote from: subvolatil on May 22, 2013, 09:40:04 PM

Hi ,
as i have noticed, that many have now started actively purchasing and selling Bitcoins using your bank accounts. so now i will now strongly advise, you to keep records of all transactions occurring in INR , weather it is in cash or online. These are necessary when you file in your returns next year,and the amount you pay for tax. Remember all bank transactions will always go through the RBI before arriving to the destination account so all records are kept. and Tax envision is a serious crime. So please do follow the practice of proper tax payment.

I want all of you to please follow the practice of paying your taxes and following the Tax laws properly. this atleast, will ensure that our little community is law abiding and working towards the progress of a free and decentralized community .

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

Quote from: ?? on ??

I heard the same team has seized mtgox's one method of payment system.
not sure what is up with them, but nothing is gonna effect bitcoin, well. LR was one side wannabe bitcoin anyways.
I am pretty sure they can not do anything on crypto currencies.

Welcome to the forums mate. But you may want to spend some time going through existing posts.
These topics have been discussed 2 weeks ago.
The Seizures have been well documented under the India thread and this discussion should be made in those threads.

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

Quote from: ?? on ??

Quote from: Benson Samuel on June 14, 2013, 10:45:23 AM

Quote from: ?? on ??

Quote from: Wilson on May 31, 2013, 10:50:53 AM

Is there any online bank like that of SwissBank where you can convert your bitcoins to real cash and save it!?

Nope. ;(
Peoples were using LR as their online Swiss bank account till now. Grin

LR has been seized last month by Feds & US govt,

Really?

yes. visit www.libertyreserve.com... it's been seized... US Govt has posted a legal information too.... just check...

This is crazy.

Wonder if you went through the forum before making that post.

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

Quote from: ?? on ??

Quote from: Wilson on May 31, 2013, 10:50:53 AM

Is there any online bank like that of SwissBank where you can convert your bitcoins to real cash and save it!?

Nope. ;(
Peoples were using LR as their online Swiss bank account till now. Grin

LR has been seized last month by Feds & US govt,

Really?

Wilson

member

Activity: 78

Merit: 10

Is there any online bank like that of SwissBank where you can convert your bitcoins to real cash and save it!?

nagatlakshmi

hero member

Activity: 616

Merit: 500

If the Income may taxable (if I earn that much of money), every one happy to pay taxes.

subvolatil

hero member

Activity: 546

Merit: 501

Cypherpunk and full-time CryptoAnarchist

Well the important thing about our coin community is to keep it alive and thriving. we need to show that all bitcoiners are tax paying honest citizens who just wants economical freedom .

This is the most important one. as positive views grow, more and more people start to join in, this revolution and a thriving eco system can be created.

drdanishkhan

full member

Activity: 140

Merit: 100

Quote from: Benson Samuel on May 24, 2013, 07:24:58 PM

Quote from: drdanishkhan on May 24, 2013, 03:29:05 PM

Quote from: ?? on ??

Quote from: subvolatil on May 24, 2013, 01:21:02 PM

But not every one is a part time worker or a student. and many do have bitcoin transactions over 2 lakh. They, need to keep records and pay tax properly.

Ah well fuck indian gov i'm not going to pay any tax.

+1
Pay taxes for what?? no roads.. shitass electric supply.. open garbages..
Our money is only gettin locked away in swiss accounts by these fuckin bureaucrats..

I saw a very cool article on Private law and private banking from a Libertarian perspective. Way before Bitcoin and way ahead of its time!

Check it out. I do remember that it was on the top list of searches!

Benson if you have some time do read about the concept of islamic banking.. i think you will like it..

drdanishkhan

full member

Activity: 140

Merit: 100

Quote from: subvolatil on May 24, 2013, 07:21:17 PM

Quote from: drdanishkhan on May 24, 2013, 05:22:59 PM

Quote from: subvolatil on May 24, 2013, 03:52:40 PM

Quote from: drdanishkhan on May 24, 2013, 03:29:05 PM

Quote from: ?? on ??

Quote from: subvolatil on May 24, 2013, 01:21:02 PM

But not every one is a part time worker or a student. and many do have bitcoin transactions over 2 lakh. They, need to keep records and pay tax properly.

Ah well fuck indian gov i'm not going to pay any tax.

+1
Pay taxes for what?? no roads.. shitass electric supply.. open garbages..
Our money is only gettin locked away in swiss accounts by these fuckin bureaucrats..

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.

Its in moments like this i feel the absence of crappy media.. they can replay the same fuckin news for two days in a row but cannot actually do one good thing for the community.. i mean while the rest of the world news agencies are giving out reviews.. positive negative other matter.. but atleast people know.. Sometimes i wonder why is India so fucked up on so many different levels.. and yet we are india shining.. Grrrr.. Angry

Thats ckz the media has sold out. and its alos the same with western media companies , with "News Corp", owning some of the largest news outlets in the world. they control what goes in and what comes out. most of the media companies have heir affiliation to political parties, making news a hard thing to be provided without bias,

Thats what i am sayin.. everybody is out there to make a living even if it is at the cost of sacrificing thousands of innocent lives.. Media sucks bigtime...

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

Quote from: drdanishkhan on May 24, 2013, 03:29:05 PM

Quote from: ?? on ??

Quote from: subvolatil on May 24, 2013, 01:21:02 PM

But not every one is a part time worker or a student. and many do have bitcoin transactions over 2 lakh. They, need to keep records and pay tax properly.

Ah well fuck indian gov i'm not going to pay any tax.

+1
Pay taxes for what?? no roads.. shitass electric supply.. open garbages..
Our money is only gettin locked away in swiss accounts by these fuckin bureaucrats..

I saw a very cool article on Private law and private banking from a Libertarian perspective. Way before Bitcoin and way ahead of its time!

Check it out. I do remember that it was on the top list of searches!

subvolatil

hero member

Activity: 546

Merit: 501

Cypherpunk and full-time CryptoAnarchist

Quote from: drdanishkhan on May 24, 2013, 05:22:59 PM

Quote from: subvolatil on May 24, 2013, 03:52:40 PM

Quote from: drdanishkhan on May 24, 2013, 03:29:05 PM

Quote from: ?? on ??

Quote from: subvolatil on May 24, 2013, 01:21:02 PM

But not every one is a part time worker or a student. and many do have bitcoin transactions over 2 lakh. They, need to keep records and pay tax properly.

Ah well fuck indian gov i'm not going to pay any tax.

+1
Pay taxes for what?? no roads.. shitass electric supply.. open garbages..
Our money is only gettin locked away in swiss accounts by these fuckin bureaucrats..

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.

Its in moments like this i feel the absence of crappy media.. they can replay the same fuckin news for two days in a row but cannot actually do one good thing for the community.. i mean while the rest of the world news agencies are giving out reviews.. positive negative other matter.. but atleast people know.. Sometimes i wonder why is India so fucked up on so many different levels.. and yet we are india shining.. Grrrr.. Angry

Thats ckz the media has sold out. and its alos the same with western media companies , with "News Corp", owning some of the largest news outlets in the world. they control what goes in and what comes out. most of the media companies have heir affiliation to political parties, making news a hard thing to be provided without bias,

drdanishkhan

full member

Activity: 140

Merit: 100

Quote from: subvolatil on May 24, 2013, 03:52:40 PM

Quote from: drdanishkhan on May 24, 2013, 03:29:05 PM

Quote from: ?? on ??

Quote from: subvolatil on May 24, 2013, 01:21:02 PM

But not every one is a part time worker or a student. and many do have bitcoin transactions over 2 lakh. They, need to keep records and pay tax properly.

Ah well fuck indian gov i'm not going to pay any tax.

+1
Pay taxes for what?? no roads.. shitass electric supply.. open garbages..
Our money is only gettin locked away in swiss accounts by these fuckin bureaucrats..

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.

Its in moments like this i feel the absence of crappy media.. they can replay the same fuckin news for two days in a row but cannot actually do one good thing for the community.. i mean while the rest of the world news agencies are giving out reviews.. positive negative other matter.. but atleast people know.. Sometimes i wonder why is India so fucked up on so many different levels.. and yet we are india shining.. Grrrr.. Angry

subvolatil

hero member

Activity: 546

Merit: 501

Cypherpunk and full-time CryptoAnarchist

Quote from: drdanishkhan on May 24, 2013, 03:29:05 PM

Quote from: ?? on ??

Quote from: subvolatil on May 24, 2013, 01:21:02 PM

But not every one is a part time worker or a student. and many do have bitcoin transactions over 2 lakh. They, need to keep records and pay tax properly.

Ah well fuck indian gov i'm not going to pay any tax.

+1
Pay taxes for what?? no roads.. shitass electric supply.. open garbages..
Our money is only gettin locked away in swiss accounts by these fuckin bureaucrats..

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.

drdanishkhan

full member

Activity: 140

Merit: 100

Quote from: ?? on ??

Quote from: subvolatil on May 24, 2013, 01:21:02 PM

But not every one is a part time worker or a student. and many do have bitcoin transactions over 2 lakh. They, need to keep records and pay tax properly.

Ah well fuck indian gov i'm not going to pay any tax.

+1
Pay taxes for what?? no roads.. shitass electric supply.. open garbages..
Our money is only gettin locked away in swiss accounts by these fuckin bureaucrats..

subvolatil

hero member

Activity: 546

Merit: 501

Cypherpunk and full-time CryptoAnarchist

But not every one is a part time worker or a student. and many do have bitcoin transactions over 2 lakh. They, need to keep records and pay tax properly.

Topic: People pay your Taxes - page 14. (Read 82827 times)