Bitcoin Forum

Local => India => Topic started by: jaideep1000 on July 11, 2017, 03:47:11 PM



Title: Regarding taxes from regular trading.
Post by: jaideep1000 on July 11, 2017, 03:47:11 PM
Wanted to ask a simple question.

Suppose I want to file my tax return from trading bitcoin.

Is it a good method to just make a weighted average between all the buys and sells I did and then calculate profit on that and pay taxes according to my tax slab?

Just started this year so please let me know if I'm missing anything.

I keep records of all my trades so have all the info on hand.(Although its quite a lot of data to process)


Thanks,
-J


Title: Re: Regarding taxes from regular trading.
Post by: kabit9 on July 11, 2017, 03:58:11 PM
several threads here point to filing taxes as you would equity income.

WA method is absolutely incorrect. all buy / sell trades are accounted for individually and profit/loss calculated.


Title: Re: Regarding taxes from regular trading.
Post by: jaideep1000 on July 11, 2017, 07:02:02 PM
I do know about the other threads. However wondering if anything has changed after GST.


Title: Re: Regarding taxes from regular trading.
Post by: @prashant on July 12, 2017, 03:44:37 AM
I do know about the other threads. However wondering if anything has changed after GST.
Gst has no effect on bitcoin trading fees as far i know.it is just everyone has to pay withraw fess from exchanges so there might be increment in that just like there is some increment in buying/selling using card transactions.