People pay your Taxes - page 7. | Bitcointalksearch.org

baddys

newbie

Activity: 2

Merit: 0

Quote from: taiwww on October 24, 2017, 12:32:51 AM

Trading in bitcoins is becoming more and more popular in india.
Bitcoin exchanges adding new customers daily.
Irrespective of RBI`s warning people are investing / trading in bitcoins.
But we must not forgot that our entry in such exchanges is KYC updated.
At the time of opening an account they have taken our PAN no.
For fund transfer we have linked our banks without bitcoin wallet. Central board of direct taxes have not yet issued any guidelines for income from bitcoin trades.
Tax departments of USA consider this income as capital gain.
Though bitcoin trading is not declared legal in india, still income from such trading is taxable.
Need to pay advance tax on such income.

Recently i was forced to submit KYC documents at bittrex. Do i have to include that earnings in tax submissions too?

Dil dil

member

Activity: 108

Merit: 100

I know that people having regular incomes and interests. that also have rentals file . I also know that regular stock, intra day traders file Bitcoins are still 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

taiwww

sr. member

Activity: 588

Merit: 257

Trading in bitcoins is becoming more and more popular in india.
Bitcoin exchanges adding new customers daily.
Irrespective of RBI`s warning people are investing / trading in bitcoins.
But we must not forgot that our entry in such exchanges is KYC updated.
At the time of opening an account they have taken our PAN no.
For fund transfer we have linked our banks without bitcoin wallet. Central board of direct taxes have not yet issued any guidelines for income from bitcoin trades.
Tax departments of USA consider this income as capital gain.
Though bitcoin trading is not declared legal in india, still income from such trading is taxable.
Need to pay advance tax on such income.

Dil dil

member

Activity: 108

Merit: 100

every one is a part time worker or a student or many do have a bitcoin transactions over 2 lakh. They are need to keep records and pay tax properly

@prashant

hero member

Activity: 910

Merit: 505

Quote from: atc1-REAL on October 04, 2017, 05:25:46 PM

Under what head does one have to file their taxes? Short term capital gains? Because there's no policy for this, would it even attract capital gains, especially if youre not trading at all and have got btc through some other means?
Some clarity is needed on this. Regardless, as OP said, always safe to declare income.

As bitcoin is not yet legalise by government so they do not consider it as gold /silver asset or capital asset as well .it only act as external income that you get from work.income tax filing should always be there so no one can question your current money amount.capital gain is not valid for crypto market only valid for mutual fund stuff or capital asset.

atc1-REAL

member

Activity: 101

Merit: 10

Under what head does one have to file their taxes? Short term capital gains? Because there's no policy for this, would it even attract capital gains, especially if youre not trading at all and have got btc through some other means?
Some clarity is needed on this. Regardless, as OP said, always safe to declare income.

Dil dil

member

Activity: 108

Merit: 100

If a income may texbale

sohan76762

newbie

Activity: 7

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yes.

Hussainakram

brand new

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People should pay their taxes on regular bases. As the taxes pay by the people living in our nation would directly benefit tha economic condition of the country as a whole. Taxes are the rights of the ggoverment which should be payed by all the individuals and walk in hand along with the government. Recently government had introduced a new norms of tax ppaymet which is introduced as the name of GST. Government has removed all the direct and indirect taxes and combined them to form GST , which is to be paid by each and every individual of the nation On every purchase.

Anarchy101

legendary

Activity: 1316

Merit: 1004

I participated in some signature campaign which gave me around 2 lac worth of tokens how should I show that in my tax report?

Dil dil

member

Activity: 108

Merit: 100

I think income below

bitdragon84

newbie

Activity: 19

Merit: 0

Quote from: yingyang8884 on September 22, 2017, 08:16:43 AM

What about NRIs .
IF I can buy in EUR and then sell it in INR into NRE Account?
Usually any amount deposited in NRE account is tax free in india ?

Fiat gains: I think to be safe, you should pay taxes on fiat money capital gains in India as well.

Crypto trading gains: I don't think there is any tax treatment for crypto-to-crypto trading gains (not booked in fiat) except in the USA, where the IRS has issued guidelines to tax crypto-to-crypto trades

Taxation can be retrospective (e.g. Vodafone case). Not sure if the government will issue guidelines this tax year. My sense is they will treat Bitcoin as "commodity", so capital gains should be paid on fiat gains but not on crypto gains. They "may" ask people to declare their Bitcoin holdings in tax returns although they have not done that yet for gold, property etc.

yingyang8884

newbie

Activity: 17

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What about NRIs .
IF I can buy in EUR and then sell it in INR into NRE Account?
Usually any amount deposited in NRE account is tax free in india ?

bitdragon84

newbie

Activity: 19

Merit: 0

Quote from: harsh300684 on September 20, 2017, 10:36:40 PM

Can some one please help me.

a) If i buy Bitcoin through Credit Card in USD and Sell in INR (on Indian exchanges ) i.e trading , so will thier be any problem with income tax/RBI ? becoz transaction size will be huge ,and lot of money money in and out of bank account. i am ok to pay taxes. But i am worried about FEMA/and other un-necessary torture by IT/RBI.

Please help. I am unable to get answer anywhere Sad

Income tax won't be a problem if you declar/pay tax. RBI maybe a problem as USD to INR conversion has happened.

Best case scenario - RBI ignores or issues warning. It has work to do.
Worst case scenario - RBI penalizes you 3 times the amount.

Just my 2 cents.

Dil dil

member

Activity: 108

Merit: 100

How to you bitcoin and other altcoin

harsh300684

newbie

Activity: 4

Merit: 0

Can some one please help me.

a) If i buy Bitcoin through Credit Card in USD and Sell in INR (on Indian exchanges ) i.e trading , so will thier be any problem with income tax/RBI ? becoz transaction size will be huge ,and lot of money money in and out of bank account. i am ok to pay taxes. But i am worried about FEMA/and other un-necessary torture by IT/RBI.

Please help. I am unable to get answer anywhere Sad

Dil dil

member

Activity: 108

Merit: 100

India the very good things are community

Official Blogger

newbie

Activity: 56

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I don't know how to pay taxes for bitcon any suggestions

TheBTCAlex

full member

Activity: 126

Merit: 100

Back from Vacation!

I am a teenager and part time student worker so fortunately I don't have to worry about this stuff

Anyway, my annual income through BTC is waaaaay less than 2 lakh so there is no need to think about it

Solutionbenedicts

newbie

Activity: 25

Merit: 0

Looking at the ground reality, people, bitcoin in India still remains unregulated... The only thing we have in our hands is rumors... It is most unlikely the government will accept bitcoin as a conventional currency so it is likely to be an asset however we have no confirmatory words on that..
The amibiguity over the intent or purpose of bitcoins determines the tax you are liable to pay is naive... While traders having gains above a specified threshold have to pay 'income tax' derived from their business... If the intent is to buy and invest bitcoins in a venture... Capital gains are implied..
Even Under capital gains, there are two aspects:

Short-term capital gains is taxable as per relevant Tax-slab, which is 30% on income more than Rs 10 lakh.

Long term capital gains tax is 20%, but the time-period for investment should be at least 12 months. Hence, if a bitcoin trader holds his investment for a year, then it can be legally classified as long-term capital gains.

It's worthless to fuss about unless some guidelines and framework for taxation gets implemented..

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