Topic: People pay your Taxes - page 8. (Read 82772 times)
There is no need to worry because according to Government of India.Those people who have annual income above than 3 lakhs should pay tax.The small traders and part-time workers don't need to worry about that.Yes, the big traders should worry because some days earlier I hear a news in local newspaper that RBI is trying to look over Bitcoin in India and RBI is having a straight eye on Bitcoin.
thats good notice but just keep a limit of transactions so you could avoid paying tax
HI
I am a practicing Taxation Consultant with my own family firm of Advocates & Chartered Accountants. I am also a miner and can help you deal with any and all taxation related issues.
Please PM me for any help.
Thanks & Regards,
Devesh Gupta
I am a practicing Taxation Consultant with my own family firm of Advocates & Chartered Accountants. I am also a miner and can help you deal with any and all taxation related issues.
Please PM me for any help.
Thanks & Regards,
Devesh Gupta
Hi All,
31st July is the last date for filing of IT returns without interest. For any help, feel free to contact me.
Thanks & Regards,
Devesh Gupta
09654712612
hello everyone,
i have a question..i m a zebpay user
if i sell my bitcoin within 12 months of purchase and let the amount remain in zebpay app and withdraw it after 12 months then tax applied will be 20% according to long term capital gain...or IT department can know that i sold the coins within 12 months and charge 30% for short term capital gain
(i read somewhere on the net these tax rates on bitcoin profits)
i have a question..i m a zebpay user
if i sell my bitcoin within 12 months of purchase and let the amount remain in zebpay app and withdraw it after 12 months then tax applied will be 20% according to long term capital gain...or IT department can know that i sold the coins within 12 months and charge 30% for short term capital gain
(i read somewhere on the net these tax rates on bitcoin profits)
Consider you invest Rs X in Bitcoin through coinsecure or any Indian exchange. And after a period of time, you sell 2X btc in the exchange, then the addition 1X btc is your increase in capital revenue. Its got a tax amount of 30% of the income. File that and we are safe.
Heard a news that the RBI/Govt(not sure,but a central authority) has requested for exchanges to provide them with the list of profiles who had done transactions of $2000 and above from 2013 onwards. This means that they are coming back after almost 5 years and if we dont keep a regular check/history of the transactions, then we maybe in deep sh*t.
Always remember that, the Govt is yet to approve or reject Crypto. It can go either way. Although its highly unlikely that they can ban it since we own 10% of the entire transactions.
Heard a news that the RBI/Govt(not sure,but a central authority) has requested for exchanges to provide them with the list of profiles who had done transactions of $2000 and above from 2013 onwards. This means that they are coming back after almost 5 years and if we dont keep a regular check/history of the transactions, then we maybe in deep sh*t.
Always remember that, the Govt is yet to approve or reject Crypto. It can go either way. Although its highly unlikely that they can ban it since we own 10% of the entire transactions.
I don't know how to pay taxes for bitcon any suggestions
Kindly consult you CA and ask him how to treat profit from Bitcoin . Also incase if he is unaware go to some experienced and knowledgeable about Bitcoin which will guide you properly .
Yes of course I am planning consult proper auditor for tax filling as well as I returns .Before that I need to understand the earning withdrawal to bank account not trading .if any body having idea on that please let me know.
I buy bitcoin through cash and a bought during demonetization , so not paying any tax for now .
is there any Tax on Bitcin Buy/Sell done through NRE acct.
AFAIK , and dep or withdrawal in NRE acct is Tax free. how will it wrk if I buy in USD/CAD and sell in INR ?
AFAIK , and dep or withdrawal in NRE acct is Tax free. how will it wrk if I buy in USD/CAD and sell in INR ?
Indian tax laws treats bitcoins as an asset. Any profits made by trading in bitcoins is legally
taxable under IT laws. The duration u hold on to the asset is also important as that will determine
"short term capital gain" or "long term capital gain". I agree that as a community believing in free world,
we must contribute to the society by paying our due taxes.
taxable under IT laws. The duration u hold on to the asset is also important as that will determine
"short term capital gain" or "long term capital gain". I agree that as a community believing in free world,
we must contribute to the society by paying our due taxes.
I have a question: is there any official statement declaring BTC as an asset? I'm asking because there are different tax slabs for normal income and capital gains income. Even different for STCG and LTCG. This would be important when it comes to self-declaring the tax.
Arguments not in favor of tax:
According to my bank statements, I have submitted money in a company(exchange) as an investment. And only after I redeem my investment in my bank account will the profit be accountable.
What do you guys think? Any comments?
According to my bank statements, I have submitted money in a company(exchange) as an investment. And only after I redeem my investment in my bank account will the profit be accountable.
What do you guys think? Any comments?
I think this argument is pretty weak. You have booked profits and the profits are in an exchange (equivalent of a mobile wallet). It is just that you have not transferred the money back into your bank account.
You are right. I recently re-read the laws and it says that profits would be deemed as received regardless of the fact weather the money has been received or not. So if anyone is wondering, yes, you have to report the profits.
Arguments not in favor of tax:
According to my bank statements, I have submitted money in a company(exchange) as an investment. And only after I redeem my investment in my bank account will the profit be accountable.
What do you guys think? Any comments?
According to my bank statements, I have submitted money in a company(exchange) as an investment. And only after I redeem my investment in my bank account will the profit be accountable.
What do you guys think? Any comments?
I think this argument is pretty weak. You have booked profits and the profits are in an exchange (equivalent of a mobile wallet). It is just that you have not transferred the money back into your bank account.
I have a question..
Suppose if I am trading BTC on coinsecure i.e. I constantly buy and sell so there is an INR profit on the Exchange but I do not redeem them to my bank account. My question is, if I would be liable for taxation on the profits? Or would that happen only after I Redeem the money in my account?
Argument in favor of taxes:
You are selling assets and buying them again. Hence there is a profit, regardless of the fact that you have not got it in your bank account yet. (Like stock trading)
Arguments not in favor of tax:
According to my bank statements, I have submitted money in a company(exchange) as an investment. And only after I redeem my investment in my bank account will the profit be accountable.
What do you guys think? Any comments?
Suppose if I am trading BTC on coinsecure i.e. I constantly buy and sell so there is an INR profit on the Exchange but I do not redeem them to my bank account. My question is, if I would be liable for taxation on the profits? Or would that happen only after I Redeem the money in my account?
Argument in favor of taxes:
You are selling assets and buying them again. Hence there is a profit, regardless of the fact that you have not got it in your bank account yet. (Like stock trading)
Arguments not in favor of tax:
According to my bank statements, I have submitted money in a company(exchange) as an investment. And only after I redeem my investment in my bank account will the profit be accountable.
What do you guys think? Any comments?
Good question , i also want to know the same if any expert out there to elaborate about this .
I have a question..
Suppose if I am trading BTC on coinsecure i.e. I constantly buy and sell so there is an INR profit on the Exchange but I do not redeem them to my bank account. My question is, if I would be liable for taxation on the profits? Or would that happen only after I Redeem the money in my account?
Argument in favor of taxes:
You are selling assets and buying them again. Hence there is a profit, regardless of the fact that you have not got it in your bank account yet. (Like stock trading)
Arguments not in favor of tax:
According to my bank statements, I have submitted money in a company(exchange) as an investment. And only after I redeem my investment in my bank account will the profit be accountable.
What do you guys think? Any comments?
Suppose if I am trading BTC on coinsecure i.e. I constantly buy and sell so there is an INR profit on the Exchange but I do not redeem them to my bank account. My question is, if I would be liable for taxation on the profits? Or would that happen only after I Redeem the money in my account?
Argument in favor of taxes:
You are selling assets and buying them again. Hence there is a profit, regardless of the fact that you have not got it in your bank account yet. (Like stock trading)
Arguments not in favor of tax:
According to my bank statements, I have submitted money in a company(exchange) as an investment. And only after I redeem my investment in my bank account will the profit be accountable.
What do you guys think? Any comments?
Indian tax laws treats bitcoins as an asset. Any profits made by trading in bitcoins is legally
taxable under IT laws. The duration u hold on to the asset is also important as that will determine
"short term capital gain" or "long term capital gain". I agree that as a community believing in free world,
we must contribute to the society by paying our due taxes.
taxable under IT laws. The duration u hold on to the asset is also important as that will determine
"short term capital gain" or "long term capital gain". I agree that as a community believing in free world,
we must contribute to the society by paying our due taxes.
As our finance minister says, India is by and large a non-compliant (tax) society.
The number of people who have declared incomes of over INR 50 lakhs is miniscule.
Indian tax laws treats bitcoins as an asset. Any profits made by trading in bitcoins is legally
taxable under IT laws. The duration u hold on to the asset is also important as that will determine
"short term capital gain" or "long term capital gain". I agree that as a community believing in free world,
we must contribute to the society by paying our due taxes.
taxable under IT laws. The duration u hold on to the asset is also important as that will determine
"short term capital gain" or "long term capital gain". I agree that as a community believing in free world,
we must contribute to the society by paying our due taxes.
Shouldn't it only be the profits that one makes off bitcoin which should be taxable?
And yes, who know what new laws could be upcoming.
What I fear is that if the govt can't find a proper way to tax bitcoin then they might just Ban it.
And yes, who know what new laws could be upcoming.
What I fear is that if the govt can't find a proper way to tax bitcoin then they might just Ban it.
Though bitcoins can't be regulated by the government, and after reading this thread i conclude that people are required to pay taxes on rupees which they get after exchanging bitcoins.
But what about when people start using bitcoin debit cards on shopping, there would be no exchange to rupess, just online transactions.
But what about when people start using bitcoin debit cards on shopping, there would be no exchange to rupess, just online transactions.
I also wonder same thing .. , Also one more thing i keep wondering about that if someone hold Bitcoin Debit card / any VISA / Mastercard of USD provided by company outside India, so when he/she withdraw USD via Local ATM to INR how the tracing process can happen by IT dept . regarding this if they want to track to that person .
Though bitcoins can't be regulated by the government, and after reading this thread i conclude that people are required to pay taxes on rupees which they get after exchanging bitcoins.
But what about when people start using bitcoin debit cards on shopping, there would be no exchange to rupess, just online transactions.
But what about when people start using bitcoin debit cards on shopping, there would be no exchange to rupess, just online transactions.
I don't mind paying tax.
do correct me if I'm wrong. From what I've read, I understand that we don't have to pay tax on bitcoin in India as it's not yet regulated. Once we convert btc to fiat, is when we would need to pay up.
Does the government include crypto when they say, tax payable from any source of income?
This article from coindesk regarding IRS targeting coinbase should give us an idea on what we could expect in India if btc does get regulated : http://www.coindesk.com/irs-summons-will-mean-coinbase-users/
do correct me if I'm wrong. From what I've read, I understand that we don't have to pay tax on bitcoin in India as it's not yet regulated. Once we convert btc to fiat, is when we would need to pay up.
Does the government include crypto when they say, tax payable from any source of income?
This article from coindesk regarding IRS targeting coinbase should give us an idea on what we could expect in India if btc does get regulated : http://www.coindesk.com/irs-summons-will-mean-coinbase-users/
IMHO, I really think that Bitcoins actually can never get regulated by any governments based on the volatility of the markets, other currencies being exchanged are very stable compared to this and so, I don't see any facts as well as possibilities for governments in regulating Bitcoins. Yes, they can charge us taxes when our income from BTC gets converted into fiat, because it is the only thing that we will have on hands and we need to show proofs that how we earned that money.
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