Taxation may erradicate and locate criminals and terrorist by tracking the documents near the RBI. It will wipe out black market in btc.
Topic: People pay your Taxes - page 4. (Read 82808 times)
Yo are saying to pay tax to a thing that doesnt even exists in real world except internet. Their price is continuously fluctuating so i didnt invest in them an
I think as far as i know, bitcoins are not permitted within India; RBI also didnt approved its usage, how could we pay taxes to it illegeally?
Yes you are right there are emerging scam and cobwebs stealing your personal transaction records and datas.
Government has not yet revealed how they are planning to tax profits from cryptocurrency.
But one thing is for sure if they tax it too much , crypto money will not come back in country specially some huge black money holders, they can buy properties across the globe using cryptocurrency.
However if government make it tax free like Singapore and Japan , India will see lot of money coming back in the country even all the black money that government has been chasing for such a long time.
A win win situation for everyone.
Nothing such will happen , all the process which takes place in our country is under the vigilance of govt. the laws which would be introduced and regulated would be mended in such a manner where the power is centralized, that's the basis for Indian democracy/ But one thing is for sure if they tax it too much , crypto money will not come back in country specially some huge black money holders, they can buy properties across the globe using cryptocurrency.
However if government make it tax free like Singapore and Japan , India will see lot of money coming back in the country even all the black money that government has been chasing for such a long time.
A win win situation for everyone.
Government has not yet revealed how they are planning to tax profits from cryptocurrency.
But one thing is for sure if they tax it too much , crypto money will not come back in country specially some huge black money holders, they can buy properties across the globe using cryptocurrency.
However if government make it tax free like Singapore and Japan , India will see lot of money coming back in the country even all the black money that government has been chasing for such a long time.
A win win situation for everyone.
But one thing is for sure if they tax it too much , crypto money will not come back in country specially some huge black money holders, they can buy properties across the globe using cryptocurrency.
However if government make it tax free like Singapore and Japan , India will see lot of money coming back in the country even all the black money that government has been chasing for such a long time.
A win win situation for everyone.
I pay my tax and then I am told what I do is illegal.
can somebody explain to me how to handle this?
can somebody explain to me how to handle this?
still we r confused of govt. polices always it in unclear ,when u start understand that time another statement or a new police into take the part
Hi ,
as i have noticed, that many have now started actively purchasing and selling Bitcoins using your bank accounts. so now i will 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 .
as i have noticed, that many have now started actively purchasing and selling Bitcoins using your bank accounts. so now i will 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 .
You shouldn't be into this space if you're willing to pay TAX, LMAO! Crypto Currencies are DECENTRALIZED and they meant to be FREE from anyones hold i.e. Government and their taxes etc. This space has to be CLUTTER FREE from their TRADITIONAL THEFT's i.e. TAX, CAPITAL GAIN TAX, THEIR WIFE TAX, THEIR CAR TAX, THEIR LUXURY TAX ETC.
Hi
Finally Jaitley said "The government does not consider cryptocurrency as legal tender and will work towards eliminating illicit transactions going on through crypto assets," says Finance Minister Arun Jaitley"
http://www.news18.com/news/business/budget-2018-live-updates-presidents-salary-up-to-rs-5-lakh-a-month-veep-to-get-rs-4-lakh-per-month-1647303.html
Now who is going to ask tax for it then ?
Finally Jaitley said "The government does not consider cryptocurrency as legal tender and will work towards eliminating illicit transactions going on through crypto assets," says Finance Minister Arun Jaitley"
http://www.news18.com/news/business/budget-2018-live-updates-presidents-salary-up-to-rs-5-lakh-a-month-veep-to-get-rs-4-lakh-per-month-1647303.html
Now who is going to ask tax for it then ?
In an interview after the budget session, Jaitley said a dedicated committee is working to further clear gov's stand on the matter. I believe in coming weeks we'll have more clarity.
I really hope they classify it as a capital asset (like USA did) and the exchanges / trading is termed legal business.
Then only 10% tax correct ?
Apparently:
STCG tax (short term, profits made within 3 years) is taxed at normal rates based on your income slab, which can go up to 30%
LTCG tax (long term, profits made after 3 years) is taxed at 20% + surcharge and education cess
Reference: https://cleartax.in/s/capital-gains-income#assets
EDIT:
10% LTCG tax if you term crypto as "equity" asset
20% LTCG tax if you term crypto as "debt" asset
There is a gray area here and everyone has their own way of interpretation until government clarifies anything.
I personally think the new move of government to put 10% tax on LTCG equity assets is probably in line with their future plans of taxing people with crypto profits. So in near future the government may put crypto into "equity" category which will allow them to tax the profits @ 15% and 10% for Short Term and Long Term respectively.
Hi
Finally Jaitley said "The government does not consider cryptocurrency as legal tender and will work towards eliminating illicit transactions going on through crypto assets," says Finance Minister Arun Jaitley"
http://www.news18.com/news/business/budget-2018-live-updates-presidents-salary-up-to-rs-5-lakh-a-month-veep-to-get-rs-4-lakh-per-month-1647303.html
Now who is going to ask tax for it then ?
Finally Jaitley said "The government does not consider cryptocurrency as legal tender and will work towards eliminating illicit transactions going on through crypto assets," says Finance Minister Arun Jaitley"
http://www.news18.com/news/business/budget-2018-live-updates-presidents-salary-up-to-rs-5-lakh-a-month-veep-to-get-rs-4-lakh-per-month-1647303.html
Now who is going to ask tax for it then ?
In an interview after the budget session, Jaitley said a dedicated committee is working to further clear gov's stand on the matter. I believe in coming weeks we'll have more clarity.
I really hope they classify it as a capital asset (like USA did) and the exchanges / trading is termed legal business.
Then only 10% tax correct ?
Hi
Finally Jaitley said "The government does not consider cryptocurrency as legal tender and will work towards eliminating illicit transactions going on through crypto assets," says Finance Minister Arun Jaitley"
http://www.news18.com/news/business/budget-2018-live-updates-presidents-salary-up-to-rs-5-lakh-a-month-veep-to-get-rs-4-lakh-per-month-1647303.html
Now who is going to ask tax for it then ?
Finally Jaitley said "The government does not consider cryptocurrency as legal tender and will work towards eliminating illicit transactions going on through crypto assets," says Finance Minister Arun Jaitley"
http://www.news18.com/news/business/budget-2018-live-updates-presidents-salary-up-to-rs-5-lakh-a-month-veep-to-get-rs-4-lakh-per-month-1647303.html
Now who is going to ask tax for it then ?
In an interview after the budget session, Jaitley said a dedicated committee is working to further clear gov's stand on the matter. I believe in coming weeks we'll have more clarity.
I really hope they classify it as a capital asset (like USA did) and the exchanges / trading is termed legal business.
Hi
Finally Jaitley said "The government does not consider cryptocurrency as legal tender and will work towards eliminating illicit transactions going on through crypto assets," says Finance Minister Arun Jaitley"
http://www.news18.com/news/business/budget-2018-live-updates-presidents-salary-up-to-rs-5-lakh-a-month-veep-to-get-rs-4-lakh-per-month-1647303.html
Now who is going to ask tax for it then ?
Finally Jaitley said "The government does not consider cryptocurrency as legal tender and will work towards eliminating illicit transactions going on through crypto assets," says Finance Minister Arun Jaitley"
http://www.news18.com/news/business/budget-2018-live-updates-presidents-salary-up-to-rs-5-lakh-a-month-veep-to-get-rs-4-lakh-per-month-1647303.html
Now who is going to ask tax for it then ?
Hi
There is lot of confusion
now check this out
http://www.thehindubusinessline.com/money-and-banking/bitcoin-investors-may-have-to-pay-capital-gains-tax/article10004806.ece
http://www.thehindubusinessline.com/markets/icai-to-conduct-study-on-cryptocurrency/article10051824.ece
http://www.thehindubusinessline.com/opinion/taxing-cryptocurrencies-in-india/article10012267.ece
There is lot of confusion
now check this out
http://www.thehindubusinessline.com/money-and-banking/bitcoin-investors-may-have-to-pay-capital-gains-tax/article10004806.ece
http://www.thehindubusinessline.com/markets/icai-to-conduct-study-on-cryptocurrency/article10051824.ece
http://www.thehindubusinessline.com/opinion/taxing-cryptocurrencies-in-india/article10012267.ece
USA has classified crypto as capital asset. Indian finance ministry has said previously that crypto is not legal tender (currency), hence it makes sense for India too classifying it as capital assets.
It makes much more sense and also makes easier for them to tax it.
Capital assets like shares ?
Long term capital gain etc ?
Hi
There is lot of confusion
now check this out
http://www.thehindubusinessline.com/money-and-banking/bitcoin-investors-may-have-to-pay-capital-gains-tax/article10004806.ece
http://www.thehindubusinessline.com/markets/icai-to-conduct-study-on-cryptocurrency/article10051824.ece
http://www.thehindubusinessline.com/opinion/taxing-cryptocurrencies-in-india/article10012267.ece
There is lot of confusion
now check this out
http://www.thehindubusinessline.com/money-and-banking/bitcoin-investors-may-have-to-pay-capital-gains-tax/article10004806.ece
http://www.thehindubusinessline.com/markets/icai-to-conduct-study-on-cryptocurrency/article10051824.ece
http://www.thehindubusinessline.com/opinion/taxing-cryptocurrencies-in-india/article10012267.ece
USA has classified crypto as capital asset. Indian finance ministry has said previously that crypto is not legal tender (currency), hence it makes sense for India too classifying it as capital assets.
It makes much more sense and also makes easier for them to tax it.
Hi
There is lot of confusion
now check this out
http://www.thehindubusinessline.com/money-and-banking/bitcoin-investors-may-have-to-pay-capital-gains-tax/article10004806.ece
http://www.thehindubusinessline.com/markets/icai-to-conduct-study-on-cryptocurrency/article10051824.ece
http://www.thehindubusinessline.com/opinion/taxing-cryptocurrencies-in-india/article10012267.ece
There is lot of confusion
now check this out
http://www.thehindubusinessline.com/money-and-banking/bitcoin-investors-may-have-to-pay-capital-gains-tax/article10004806.ece
http://www.thehindubusinessline.com/markets/icai-to-conduct-study-on-cryptocurrency/article10051824.ece
http://www.thehindubusinessline.com/opinion/taxing-cryptocurrencies-in-india/article10012267.ece
Is there any limit?
and what if you have only invested the money and did not take any profits yet?
so can you guide us on where to look into taxation for cryptocurrencies in India?
Also is it valid for if people have only invested less than 1 lakh
Please respond
Thank you!
and what if you have only invested the money and did not take any profits yet?
so can you guide us on where to look into taxation for cryptocurrencies in India?
Also is it valid for if people have only invested less than 1 lakh
Please respond
Thank you!
Go to here for more details: https://cleartax.in/s/income-tax-savings
Income up to Rs 3,00,000 No tax
Income from Rs 3,00,000 – Rs 5,00,000 5%
Income from Rs 5,00,000 – 10,00,000
20%
Income more than Rs 10,00,000 30%
I'm not fit any figure, btw I followed the Indian government rules and regulations.
Income from Rs 3,00,000 – Rs 5,00,000 5%
Income from Rs 5,00,000 – 10,00,000
20%
Income more than Rs 10,00,000 30%
I'm not fit any figure, btw I followed the Indian government rules and regulations.
Hi ,
In normal scenarios, the bank/employer fills the TDS details in efiling portal. In Bitcoin transactions, will not the Indian exchange fill the details?
How to fill up filing with Tax calculations? Is there some sort if portal like cleartax?
In normal scenarios, the bank/employer fills the TDS details in efiling portal. In Bitcoin transactions, will not the Indian exchange fill the details?
How to fill up filing with Tax calculations? Is there some sort if portal like cleartax?
How come Bitcoin be regulated by Indian government as its not possible either this lawyer does not know how the technology work or he is just making a hype.
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