Don't you think even if it's done then it would effect you negatively too. You can be held for your taxes directly when you earn btc because you are earning money. Moreover it's make easier for them to confiscate your money because now they will be confiscating cash. I don't know why are people Happy on this as it was already legal in US.

Well man chess could such an interesting sport to bet upon. Imagine there is a game going on and we could bet upon the next move of either of players. Result gambling can to be quite interesting. Being a chess player myself this thought is really exciting. But I think the problem is with people who don't know chess. For them watching chess is bouring so that is why people don't make gambling in chess. I think if someone knows how to play chess and plays it at a good level he could be quite thrilled while watching chess and having conversation about it with others while watching. But yes I do agree enthusiasm would be much lower than other sports because it's not that fast game.

There might not be any law which explicitly says police can take your private keys but I am sure that confiscating all your personal belongings which are valuable is an authority that police has so it might not be that difficult for them to seize anyone's private key legally. But coming to the second question I doubt any government has a cold storage in cryptocurrencies where they make all their cryptocurrencies collection. But I think that they might be auctioned for sure. Or if not auctioned would be sold at a fair market value to someone. But yes I am curious what these small third world nations do because I doubt their police would even be knowing about cryptocurrencies and such stuff.

The thing is that one who earns in cryptos and has most of spendings in cryptos is pretty comfortable with "offline" wallet or basically a wallet of which you hold private key. It's because they don't need any fiat conversion and even if they do they are willing to go a long way because that's occasional. While with online wallets as you say them, they provide swift conversion into fiat and simple UI or Simple might be a wrong word you can say a familiar UI to most of the banking/ payment apps. Even though it's highly risky to use third party wallets, but their investment or holding might be small enough that maybe no hacker/ website would confiscate that for sure. This fiat conversion thing is the main reason I believe most people use bitcoin exchanges/blockchain.com.

A very crucial topic I was having in mind since many days. We all are pretty aware about our income tax obligations with regards to incomes earned by us in cryptocurrencies. But it has come to my attention that most people were declaring signature campaign/ marketing campaigns/ bounty earnings as Incomes under PGBP/ Other sources. Here there is one pretty big point on which I would like to draw your people's attention and that is GST. This is something over-looked by us because we are of the opinion that GST is merely for people doing businesses. But this is not true!!

Until the Service tax era, (pre-GST era), Export of Services were completely excluded from the space of service tax. This means that you don't have to pay service tax in services exported by you. But now things are not the same. In the IGST Act, I quote:

“Supply of goods or service or both –

(a) when the supplier is located in India and the place of supply is outside India;….. ”

Shall be treated to be a supply of goods or service or both in the course of inter-state trade or commerce.”

This means export of services is treated as interstate supply in GST liable to IGST. Therefore all our services provided to people/ exchanges/ ICO/ Websites located abroad is liable to GST. In general cases these are zero rated supplies subject to certain conditions. Which means either you once have to pay IGST and then apply for refund of GST on such servcies or you have to get Letter of Undertaking and give it to CBIC to avail such exemption. Either ways you would still need to complete all compliance. and in first case even pay tax once before you get refund of it. But we won't be able to get this refund because we will not get our payments in foreign exchange. We will get it in cryptocurrencies.

This means that all of us are doing taxable interstate supplies. But only relief is under the Basic threshold limit where it was cleared by GST council vide: Notification No. 10/2017-IT dated 13-10-17 that people doing only interstate supply of services are not required to get registered under this act if aggregate value of such supplies is below 20 Lakhs.

But remember this is in context of all the services provided by you. This means if you are doing some regular work full time and were thinking that your business doesn't needs GST you should add up your signature campaign earnings in that. Unless they are not in the same business vertical. Moreover if you are giving export of services exceeding 20 lakhs then you have to get registered and issue invoices on the same and pay taxes on such services yourselves.

So before you file your Income Tax return by merely declaring your signature earnings as other source or Business Income. Do keep all these calculations in mind. Alternatively ask help of any CA( because he would understand both Income tax And GST). I would recommend you to go to someone having knowledge of cryptocurrencies many traditional CAs are not aware completely about cryptocurrencies so seek proper help.

Once again Disclaimer is that there is no clarity in law so I am going by the existing provision. Webtricks rightly pointed here that one way could be take 1 lac as a income from other source and declare it when you earn it and when you actually sell it 3 lac - 1 lac will become your capital gains. This seems the most legible option in my mind.

Go for declaring the income as business income on basis of FMV of BTC on day you receive it on basis of section 28(via) at 1 lakh(Pay tax in year your earned such income not when you sold it for rupees).

When you sell your bitcoin later on for 3 lakhs. Take the Cost of acquisition as 1 lakhs on the basis of section 49(9). Declare this as capital gain.

I am writing appropriate sections so that you can communicate the same to your CA when you seek representation. Alternatively you can PM me if you want my representation in your return.

Even Sri Lanka has 2700 cases. Do you think Sri Lanka would be ready to bring in 500 foreign players, umpires, support staff, franchises, referee and will the interenational boards of these countries be willing to send their players somewhere around the world? Think of it if someone catches covid in between the tour the whole Series would be more or less haunted. Because every team will be playing against each other. Which I don't really think they would give. Another thing is New Zealand players. They finally are coronavirus free would they be sending their players abroad and take the risk of covid spread again?

Undoubtedly true. I attended a seminar with some company where they clearly demonstrated. How banks themselves are involved in analysing your statement and determination of a person's spending habit. Accordingly they create sort of an algorithm on basis on credits and debits to depict whether such person will face liquidity crunch in near future and this data is then sent to their lending arms who package their products specifically for you so that their turnover rate increases manifold. No doubt this is ethically wrong.

Ps: I always get better luck next time when I transact with you. I guess You are the bad luck.

I think this is a one time thing. We saw such pandemics in past also but not much has happened to general human psychology of prevention. We take preventive measures only when necessary and once things are back to normal we generally throw these preventive measures away ourselves. Because if what you are saying was true there wouldn't have been covid pandemic at all people might have got much civilized after the Spanish flu but we all know that didn't happen. But yes there is one major communicable disease which needs to end and that is HIV for sure. it's deadly because people don't get symptoms until they are on verge of dying. This is pretty bad.

I still feel that it won't be pretty easy to tackle west Indies now. They now are a bit more confident and hopeful that they can at least get some winning chances from this series. Even with Joe and Broad back. I feel England's batting still would be pretty dependent of Joe Root. Still yes match would be much more interesting to see. But yes Anderson did show off by saying that leaving out Broad shows strength of England bowling and we pretty much saw what happened to it. LOL Broad is one of the finest bowlers in the World. He was just too unlucky to have been facing Yuvraj Singh that day.

I think england was still with the best bowling lineup yes their batting lineup looked a bit novice but you have to praise west Indies as to how good they batted. Even west indies team Isn't a much experienced team so all on all i think west indies did play a pretty nice game. The way holder bowled is magnificent and how blackwood Batted in pressure conditions it was great too.

Fun fact: cancellation of Ipl has caused bcci a loss of more than 3800 crore rupees. So their desperation looks pretty obvious.
Haha oh yes sorry i forgot the connection of bcci with our beloved home minister. What I meant here was courts and not government exactly. But yes you are absolutely right it's about the money but actually 3400 crores of income comes from streaming rights. The income from stadium tickets is meagre 400 crores. This 3400 crores can still be pretty much preserved
yes but I think no matter how much they invest. There is a still a lot of risk involved also when WHO is saying that disease might be airborne. And why would even UAE or Sri Lanka want it to happen in their countries? Without crowd allowed in stadium there won't be much of revenue for them.

I don't think it's 100% true. I mean yes BCCI might have got some inspiration from ICL but saying that there would have been no IPL if no ICL that is wrong. Cricket took this franchise based league idea actually from football. They could never do this earlier because of 50 over format, but introduction of twenty over game made this idea a reality. But yes that being said BCCI are trying their best to ensure this revenue comes to their pocket this year. Who knows they decide to do two IPLs next year. IPLs are even more profiteer than World Cup. LOL.

Hey Just a pro tip. Instead of going at the naked chart why don't you take some indicator handy. I mean if you could put up a RSI or MACD alongside this you could further get some clarity regarding the probable momentum at this point?
Maybe even a volume analysis could help? i feel that it's long consolidation around this point so you could easily expect a lower RSI here below the oversold area. If this is the case BTC could breakout in upward direction.

True Indeed! I think quick promotion and appeasing the boss are sole reason why people develop tendency to overwork. What actually should happen is working for a different source of income in that same time. People always remember not to keep all their investment in one Asset. But the same thing applies on sources of Income also. Why keep all your income from one source? Shouldn't we apply the rule of don't keep all eggs in one basket here? I have seen this habit in most of the financially stable people that they never depend upon one source of Income and whatever may happen it's a very low chance that all sources of Income would shut down due to some reason.

I think the sole problem isn't spectator but the teams and support staff too. We have 8 teams with roaster of 20 players each and followed by support staff and few managers from franchises. Even if they decide to keep it in just one city like Mumbai. Still accommodating so many players within a city can be cumbersome. And not to forget that foreign players would have to undergo a long quarantine. I think all the players would be kept in complete isolation for complete series. So all this doesn't makes sense as per current protocols. But yes it's thousands of crores at stake. I won't be surprised if BCCI gets ready to fight with Government too on this issue.

haha don't forget the Olympics. That's the biggest thing that has faced a cancellation this year. I feel pity for these people as they actually do a very long training to participate in this tournament.

Yes, I am too pretty much surprised with their batting performance so far. No useless shots, they are playing this match pretty much like a test match. Especially Brathwaite he is showing proper experience and is doing his role so nicely. I am really happy to see West Indies coming back in Test Cricket. England is not an easy team to play against and that also at their home. Bowling line-up is Jimmy, Jeofar, wood, stokes. This is really the best bowling line up in the world. I really thought that this series would be too one-sided.
Actually the batting line-up is pretty noob. I think England has decided to win this series merely on the basis of their bowlers. But so far even the bowlers don't look so good.

This is like a double edged sword. On one side you will get less market volatility when a lot of people begin to hold bitcoin for an increased price but the problem comes when you realise that bitcoin get it's intrinsic value from the fact that people use it as a currency and when people are using it as a mere asset. This creates a sort of paradox. So technically it's price is merely a bubble if people stop using it for underlying utility.

Can't agree more. People will use something with which they are comfortable and the change would come only if the newer thing provides value larger than what the previous was providing. But I think Bitcoin in it's original form has had enough time to showcase whether it can be used as money or not.

Actually this could fall like a domino or is much like a magnet effect. I understand that most countries until now haven't banned it. But once the top G-8 or something decides to ban it. It could have a hard time as most of the countries do the same done by these top countries. Like If USA bans it many more will be coming behind it banning cryptocurrencies.

Okay I will give you two aspects of it. First is on a micro scale. Why would you want to pay any taxes on Bitcoins? Obviously it's your hard earned money and government hasn't helped you to earn money. Nor are you keeping the money in any government account or with government security. So why should anyone be liable to pay tax on bitcoin and that too at an exquisite amount percentage of 20-30%. Sounds valid?

But lets take this scenario at a macro scale. Aren't the other citizens paying taxes pretty much the same as you? Why should you get an advantage for merely earning incomes in bitcoin. Think of it that if someone else is earning Income in other mode which is not taxable will you be ready to pay his burden of tax? Moreover on a macro scale. it's for our very own usage. You are using infrastructure set up by your own tax money. So tax on bitcoin is essential unless you are ready to undertake the task of constructing the road besides your house on your own. Or you are ready to invest in power grid of your home on your own.