The Transformation is complete...
Now I am an Anarchist...
Good for you. What about the roads though?  Anarchists will make a deal with the statists. We end the government and all anarchists will voluntarily devote 5 hours a week to building the roads. Deal? How about I build you nice roads and you pay a toll before you travel on it, you can complain to my 24/7 customer care if you find a pothole |
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I have read that Suppose if Alice goes from India to work in Dubai, Quatar or most of foreign nation, the income earned is completely tax free in India.
This happens because you are bringing foreign currency to India and therefore helping the nation by providing foreign reserve.
Yes, Income earned by an Indian resident who has been working in a foreign country is completely tax free, only if he has been working for more than 6 months. (I think) This income will be taxed by the foreign government, and therefore, will not be taxable in Now why cant the same apply for bitcoin, if bitcoin is regarded as a currency then you are contributing to the circulation of bitcoin in the nation when you sell them..
So on this basis , can bitcoin also become tax free
Bitcoin is NOT regarded as a currency (as of now). People disclose it as an asset/investment and have to pay Capital Gains tax, if they profit from it. Hope this helps. Yeah I get it the Double taxation avoidance treaty, but that can be only for income earned, this defeats the case |
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Disclaimer: This post is only on a discussion basis and do not infer anything from this post to real life regarding bitcoin and taxes. please Pay your taxes if you realize any gains from bitcoins.
I have read that Suppose if Alice goes from India to work in Dubai, Quatar or most of foreign nation, the income earned is completely tax free in India.
This happens because you are bringing foreign currency to India and therefore helping the nation by providing foreign reserve.
Now why cant the same apply for bitcoin, if bitcoin is regarded as a currency then you are contributing to the circulation of bitcoin in the nation when you sell them..
So on this basis , can bitcoin also become tax free
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i earn 1 btc per week and cashout every sunday and i dont and will not file IT gains , go and do wat u want to do
Are you telling this to me/us or the government.. every selling you do and the money deposited is through the bankand IT dept will have a log on your transactions.. So how can you even think of evading tax |
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The Transformation is complete...
Now I am an Anarchist...
Good for you. What about the roads though? The roads are already shitty though. |
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The Transformation is complete...
Now I am an Anarchist...
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One of my friends has received some very good returns on his ETH. We discussed about how this should be declared for tax purposes.
Since India hasn't classified what kind of an asset crypto is, we looked up to next best thing, USA regulations. USA says crypto is a capital asset.
In India if you buy & sell capital asset within 3 years period, it is short term capital gain. If difference between buy & sell date is more than 3 years, it is long term capital gain.
STCG has 30% tax and LTCG has 20% tax.
So my friend decided to sell his ETH 3 years after the purchase date, so that he can pay 20% tax, instead of 30%
I think this makes sense until there are formal regulations.
makes good sense..i think we should all follow the lead by your friend |
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my doubt is that since the government has not recognised bitcoin,should we really need to file those returns.
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We don't need to pay tax for transactions in bitcoins, but when we convert bitcoins to rupee, that is, selling assets (as bitcoin not yet recognized) in return for money(rupee) then we need to file IT.
By the way I haven't filed IT before, because currently I deal only in bitcoins, and never converted to cash. Watching the thread. How great of a world where we need not convert it into rupees! we can only dream about this! maybe our kids will enjoy the world where they need not exchange it into a state currency |
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if btc gains are income and if u already earn more than 10lacs then u r in 30% slab
but if long term cappy gain then its 20%
big difference..will it guys go through the tiresome trading logs... no way
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[Note: Do not share info about how much is your bitcoin gains or the amount you have filed as returns, just answer the below]
Did you successfully file IT returns with bitcoin gains , with no letter from the Big brother?
Under what heading did you classify the gains?
is it under Capital gains or Income from other source?
If under capital gains, did you do it under short term or long term?
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we really have to start asking questions such as is the situation really bad
just some time ago we were happy the gaming platform allowed bitcoin and i gifted my cousin games with it..
Today it takes 1 day to confirm and the gift arrives late, the fees are more than the actual game I bought my cousin
The future does not look good for bitcoin and the alternatives are gaining strength day by day.
Hope things go well for bitcoin
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3 years ago I was trying to write the sci fi short story called MARS MINER about things happening in the bitcoin mining facility in MARS. https://bitcointalk.org/index.php?topic=668028.msg7574713#msg7574713But the whole blocksize debate has spoiled everything. Clock is ticking for what they called flippening where some altcoin will overtake bitcoin. we are not going to mars, we are going to fall into sea to the bottom. |
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seems some exchanges are interested in ethereum!
just check Ethereum name service and some names are being in auction phase,
hopefully future plans..
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 so finally they have won..the elites , bilderberg, state, rockfellers, rothschilds, lizards, grey aliens, They have put the fate of bitcoin in a small group of hands and thereby destroyed the core value of decentralization with this scaling issue.. Now another altcoin is going to surpass bitcoin. What a failure of monumental proportion https://www.okcoin.com/t-387.html |
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https://www.okcoin.com/t-387.htmlRecently, OKCoin users have taken interest in the development of Ethereum (ETH) and Ethereum Classic (ETC), and there is an increasing demand for OKCoin to enable ETH and ETC trading. For the past two years, we have been constantly reviewing the viability of listing ETH and ETC based on factors including technical maturity, innovation, market liquidity, and compliance. Today, we are formally launching ETH on the OKCoin exchange. Ethereum has a current circulation of 90 million, with ETH reaching a market cap in excess of USD 10 billion, and a total hashrate of more than 25K GB. Hundreds of applications are now built on Ethereum and a growing number of applications are using smart contracts run on the Ethereum blockchain. More than 20 top global financial institutions and technology companies, including JPMorgan Chase, CME Group, BNY Mellon, Thomson Reuters, Microsoft, Intel, and Accenture, have set up the Enterprise Ethereum Alliance (EEA) to define enterprise-grade applications of Ethereum. China's Tencent, Zhong An Insurance and other well-known companies are also investigating various applications of blockchain. The United Nations has just launched its first large-scale Ethereum test to distribute humanitarian funds. Given this opportunity, we implore BTC Core developers and relevant Miners to work together and resolve any outstanding technical issues, activate Segwit, and solve BTC’s scaling issues. Our industry and the history of technology offers us many warnings, whether it’s the IE browser or the Nokia mobile phone. No matter how dominant, how much market share you have, if you do not adopt the latest technology and fail to constantly improve on the core user value proposition, time will pass you by. Ultimately, digital asset exchanges around the world can only advocate for the best technology and aim to provide the best trading experience for our clients. OKCoin will officially enable Ethereum (ETH) deposit and withdrawal services on 22:00, May 31. ETH trading services will be officially available on 12:00, June 1. We pride ourselves on excellent product and quality customer service. We at OKCoin look forward to continuing to provide you with the best trading products and services.
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The timing of these service disruption the day before govt trying to regulate bitcoin or who knows what it is planning to do!
any leaked info so bad?
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what is the Indian government going to do?
Ban.
Tax the capital gains and make bitcoin legal
If taxed, then what will be the tax percentage.. will it be 20% or 95%?
will tomorrow be a good day?
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bitcoin and ICOs! are you kidding me. you are using these two in the same sentence!
bitcoin is not in a bubble because apart from all the speculators and all the fast rises and manipulation it will always have some real usage that creates a lot of real demand.
all your ICO altcoin shitcoins are in a bubble because there is no usage for them and they are only rising because of pure speculation and nothing else. and as we have been seeing for years, bitcoin price comes down but it will go up after the correction but altcoin prices come down because their bubbles pop and they never recover again.
There could be some ICOs which could be of real value... even if you dont agree, by theory it has to be..some innovation always happen |
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many claim we are in a bubble and all cryptos are overvalued....
If you look last decade same thing happened to traditional world of investing..what about twitter and facebook , many said they are overvalued but yet they did not crash..
they are valued based on what they will be worth in the future
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sad how many have tweeted bad...
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