People pay your Taxes - page 5. | Bitcointalksearch.org

amitydv5

newbie

Activity: 1

Merit: 0

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!

sgk

legendary

Activity: 1470

Merit: 1002

!! HODL !!

Quote from: shailkumari on January 14, 2018, 08:21:24 AM

I have seen a lot of people trying to hide taxes especially the ones using localbitcoins. They forget the fact that government can trace them based on earnings received in their bank accounts.

Many of the localbitcoins trades are cash-in-hand transactions.

samsan

newbie

Activity: 53

Merit: 0

Quote from: Benson Samuel on May 24, 2013, 10:34:03 AM

Quote from: subvolatil on May 24, 2013, 10:09:17 AM

hum... i'm starting to see cobwebs in this post now. *cough, looks into the mirroe and sees a dusty skeleton, SHIT !*

Clean up the OP.

Lawyers are coming into bitcointalk forums very soon to help our journey!

nice

shailkumari

member

Activity: 98

Merit: 12

I have seen a lot of people trying to hide taxes especially the ones using localbitcoins. They forget the fact that government can trace them based on earnings received in their bank accounts.

meditatingdog

newbie

Activity: 10

Merit: 0

better safe than sorry.

gopaljiverma

member

Activity: 93

Merit: 15

Most of the people think that it is easy to get away with taxes in India. In reality, it is very easy for RBI and banks to track your investments in BTC,thus pay your taxes.

eXpl0sive

hero member

Activity: 574

Merit: 502

waiting to explode

https://www.coindesk.com/indian-lawyer-files-petition-demanding-cryptocurrency-regulations/

Blackshadow007

sr. member

Activity: 787

Merit: 276

Currency Xchanger™

Quote from: deathwish on January 07, 2018, 01:27:52 AM

As of today, the government has not clarified on the questions from the bitcoin community and from the exchanges on how the taxes should be filed and the criteria. Only intimation available that I know of is that Government as said that 'Bitcoin transactions will be taxed'. That leaves so many questions open. its only Open to manipulation. ;invest in a good lawyer or CA to get you through these taxes.

And if anyone get some concrete direction, do post it here...

And one more thing...
Always pay your taxes no matter if its extortion, or if it theft by the government or if the government does build roads or whatever.

For now you should file it as Capital gain and keep record of all your trades in excel or something like that . Then pay tax as Short term or Long term Capital gain . Talk with your CA .

deathwish

member

Activity: 123

Merit: 10

Enjoy the journey...Live in the now...Future will

As of today, the government has not clarified on the questions from the bitcoin community and from the exchanges on how the taxes should be filed and the criteria. Only intimation available that I know of is that Government as said that 'Bitcoin transactions will be taxed'. That leaves so many questions open. its only Open to manipulation. ;invest in a good lawyer or CA to get you through these taxes.

And if anyone get some concrete direction, do post it here...

And one more thing...
Always pay your taxes no matter if its extortion, or if it theft by the government or if the government does build roads or whatever.

sgk

legendary

Activity: 1470

Merit: 1002

!! HODL !!

Quote from: Blackshadow007 on January 04, 2018, 12:56:48 PM

Quote from: sgk on January 04, 2018, 04:58:46 AM

Quote from: Blackshadow007 on January 02, 2018, 10:20:33 PM

Paid tax feeling good

Declared Bitcoin earnings and got clean signal from IT central processing .

Did you declare it as capital gain or "other income"? I may have to declare my earnings this year and I'm curious how you classified it.
(This is important because long term capital gain usually attracts 20% tax while "other income" falls into regular bracket which can go up to 30%)

Well i don't know much deep how my CA showed it . But its should be as Other Income , My filling checked by Central processing of IT and received no demand intimation from them

; as far i know he didn't mention any short term or long term capital gain instead he pushed it in my Export of Service category of my business which also attract NIL GST rate for my GST .

Thanks for sharing, this will be helpful. Appreciate it!

Blackshadow007

sr. member

Activity: 787

Merit: 276

Currency Xchanger™

Quote from: sgk on January 04, 2018, 04:58:46 AM

Quote from: Blackshadow007 on January 02, 2018, 10:20:33 PM

Paid tax feeling good

Declared Bitcoin earnings and got clean signal from IT central processing .

Did you declare it as capital gain or "other income"? I may have to declare my earnings this year and I'm curious how you classified it.
(This is important because long term capital gain usually attracts 20% tax while "other income" falls into regular bracket which can go up to 30%)

Well i don't know much deep how my CA showed it . But its should be as Other Income , My filling checked by Central processing of IT and received no demand intimation from them

; as far i know he didn't mention any short term or long term capital gain instead he pushed it in my Export of Service category of my business which also attract NIL GST rate for my GST .

sgk

legendary

Activity: 1470

Merit: 1002

!! HODL !!

Quote from: Blackshadow007 on January 02, 2018, 10:20:33 PM

Paid tax feeling good

Declared Bitcoin earnings and got clean signal from IT central processing .

Did you declare it as capital gain or "other income"? I may have to declare my earnings this year and I'm curious how you classified it.
(This is important because long term capital gain usually attracts 20% tax while "other income" falls into regular bracket which can go up to 30%)

Blackshadow007

sr. member

Activity: 787

Merit: 276

Currency Xchanger™

Paid tax feeling good

Declared Bitcoin earnings and got clean signal from IT central processing .

Dil dil

member

Activity: 108

Merit: 100

Any online bank like that is a SwissBank can convert your bitcoins to real cash and save.
I realize that a number of people need to pay taxes because trade for those that have filed ubmitted.
From what I've read, I understand that to pay on bitcoin in India as regulated.Once we convert btc.
I am trading BTC on coinsecure constantly buy and sell I do not redeem to my bank account.

shiv06

member

Activity: 378

Merit: 10

Any online bank like that of PayPal where you can convert your currency to real cash and save it. If the income may taxable, every one happy to pay taxes.

sgk

legendary

Activity: 1470

Merit: 1002

!! HODL !!

In today's newspaper I read that Income Tax department is going to send notices to 4-5 lakh high level traders who have traded Bitcoins at popular exchanges.
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html

This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.

Let us know if anyone here receives the notice Tongue

csrampure

newbie

Activity: 27

Merit: 0

Thanks

aspire

newbie

Activity: 30

Merit: 0

Quote from: RameshSekar on November 27, 2017, 09:58:01 AM

nice thread. I think many numbers of people don't need to pay any taxes primarily because they don't trade or make significant enough profits and bitcoin is not legal in India for now.

I'm sure that many doesn't want to pay tax and this is applicable to all of us in India.

Blackshadow007

sr. member

Activity: 787

Merit: 276

Currency Xchanger™

Quote from: ?? on ??

I will find a way to convert my digital money into fiat money without transferring to bank account.
I don't want to give my hard earned money away to those greedy peoples, they do and WILL fill their own accounts without considering the Country benefits.

LBC Cash in Hand best way . Meet with your buyer can get cash Tongue

RameshSekar

newbie

Activity: 34

Merit: 0

nice thread. I think many numbers of people don't need to pay any taxes primarily because they don't trade or make significant enough profits and bitcoin is not legal in India for now.

Topic: People pay your Taxes - page 5. (Read 82772 times)