EUR 24,969

webtricks

I wouldn't call managers like Mourinho or Van Gaal bad, these are the best talents you can get for the money in the current market. The bigger problem is the eagerness of the fans and supporters. They want instant result. It took 3 years for Klopp to finally win a trophy at Liverpool. But Man Utd was so accustomed to win titles in Ferguson's era that anything less than that is a bad season for them. Solskjær was doing great but then Ronaldo came and he had to change his plans and it backfired. Now, Tan Hag who is one of the best European managers but already facing backlash after a single loss. Only if fans can remain supportive to him for a season or two like Barca doing with Xavi, he can turn the wheel of United's fortune.

BTTC token you are talking about is BitTorrent with the ticker BTT, don't know why Zebpay uses BTTC for it. BTT is not a new token, it has good volume on the other exchanges like Kucoin. However, Zebpay is not the best place to buy tokens like this, I explain why: the two things happened here - first, you bought a token with a very low volume. Second, the token was `Xpress Listing Token`.

Xpress listing means you can't withdraw or deposit the token. Just buy or sell on Zebpay itself. Quite a shady practice but it is what it is. As long as they are disclosing that the token is Xpress before you buy it, you can't blame them for cheating.

So, the low volume ensured the huge spread between buy and sell price and the Xpress listing ensured you can't withdraw it to the other exchanges. Result, you lost the money. Just be more vigilant and try to use the exchanges with more volumes.

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I won't outright label Zebpay as a scam. They were the biggest Indian exchange before 2018 but then the banks in India banned crypto exchanges and they shut the operations in India and went global. They returned to India in 2020 once the ban was lifted. What OP faced is more of an exchange malpractice than a scam.

It is a common convention to use uppercase b when referring `network/protocol` and lowercase b when referring `unit of currency`. People are following this convention for over 11 years. Although, it is not a hard and fast rule but knowing so help in understanding the context of the usage.

If I remember correctly, even forum shows this convention in the ad slot sometimes.

I don't know how to code in C#

CBDT has finally issued the guidelines in regards to TDS provisions on cryptocurrencies and I will try my best to explain everything in the easiest manner possible. Let’s start then,
There can be two possible scenarios – either person trades on Exchange or Peer-to-Peer. In both the case, the primary responsibility to deduct TDS lies with the buyer. However, to simplify the process, the onus of TDS has been shifted to the Exchange in the first case, so, let’s discuss it first:

CASE I: A person buys/sells crypto via Exchange
   
As a buyer:

• Deposits INR on the Exchange via UPI, net banking or other means – No TDS applicable
• Converts INR to cryptocurrency – e.g., buys USDT with INR balance – No TDS applicable
• Trades one coin for the other – e.g., buys BTC with USDT – TDS applicable

As a seller:

• Trades one coin for the other – e.g., sells BTC for USDT – TDS applicable
• Converts cryptocurrency to INR – e.g., sells USDT for INR – TDS applicable
• Withdraws INR to the bank – No TDS applicable

In all the cases above where TDS is applicable, the Exchange will deduct 1% TDS automatically and credit you the remaining 99% amount. Nothing changes for you as a user, no additional compliance. However, like I said above, the primary responsibility to deduct TDS lies with the buyer, so make sure to only use reputable exchanges which are deducting TDS, else, the department will catch you, not the exchange.

CASE II: A person buys/sells crypto peer-to-peer

As a buyer:

• Sends INR, receives cryptocurrency – e.g., buying BTC with bank transfer – No TDS applicable
• Trades one coin for the other – e.g., buying BTC with USDT – TDS applicable

As a seller:

• Receives INR, sends cryptocurrency – e.g., selling BTC and receiving INR in bank – TDS applicable
• Trades one coin for the other – e.g., selling BTC for USDT – TDS applicable

Since, there is no middleman in peer-to-peer trade, the responsibility to deposit TDS lies with the counterparty. Thus, the buyer has to deposit TDS to the government if he directly buys coins from a seller. For example, I buy 2 BTC for Rs. 40,00,000 from Amit. Now, it is my duty to keep Rs. 40,000 aside, deposit it to the government and only credit Rs. 39,60,000 to Amit.

In second case, where two parties are exchanging coins, for example, I sell 2 BTC to Amit for 40 ETH, both of us are buyer and seller. So, both me and Amit are required to deduct and deposit TDS. The TDS amount will be 1% equivalent of 2 BTC at the prevailing market price.

Now, the question arises – how to deposit TDS? The government has divided the traders into 2 groups:
 

• Specified Persons – If you don’t do any business or profession. For example, you are salaried employee and invest in cryptos as a side-activity. Or you have business or profession (for example, in the form of freelancing or crypto trading) but your total revenue doesn’t exceed Rs. 1 crore.
• Others – Any person other than mentioned above.

If you lie in the category of specified person, the process is rather simple for you. Every time you do a P2P trade, you have to file 26QE form. Here is how this form looks - 26QE FORM. Basically, this form needs to be filed online, you have to visit this link: E-Payment, select Form 26QE (will be available from 1st July), fill in all the details about yourself and the seller, proceed and deposit amount equals to 1% value of the trade. That’s it, no need to acquire TAN number.
However, if you are not a specified person and do trading with volume in excess of Rs. 1 crore during the year, you will have to follow more detailed process which involves acquiring TAN number and filing quarterly 26Q statements. Better consult CA in this case.
Note: You only have to file above statements if you do P2P trades. No need to worry about TDS compliance if you are doing trades on the Exchanges.


Other questions:

Q1. What if I buy/sell coins from/to foreign person?
A1. TDS provisions are only applicable if the seller is a resident of India. If you buy coins from a foreign person (including foreign exchanges), you aren’t required to deduct TDS.  Conversely, if you are a seller, the foreign person is required to deposit TDS but since it is not practically possible, NO TDS applicable when you buy or sell coins from or to a foreign person.

Q2. Is TDS a tax or will I get the refund?
A2. The main purpose of TDS is to identify the taxable transactions, however, TDS in not your final tax. So, you will get the refund of TDS when you will file the income tax return. For example, your tax liability for the year comes out to be Rs. 70,000 and your TDS deducted during the year was Rs. 50,000 so you will only need to pay Rs. 20,000 more, TDS of Rs. 50,000 will be adjusted against the tax. If it is in excess of the tax, e.g., tax liability is Rs. 70,000 and TDS deducted is Rs. 80,000 then the remaining amount of Rs. 10,000 will be credited to your bank.

Q3. Is there any minimum amount not chargeable to TDS?
A3. For specified persons, the limit is Rs. 50,000 and for non-specified person, the limit is Rs. 10,000. However, this limit counts from April 1st, not 1st July. Let suppose, you have already sold coins worth Rs. 45,000 via P2P from 1st April to 30th June and now you are selling coins worth Rs. 10,000 then TDS will be applicable and the buyer will have to deposit Rs. 100 to the government and only credit Rs. 9,900 to you because the limit of Rs. 50,000 is breached (45K+10K).

Good thread. Williams %R is one of the handy tools in TA. However, it is not an absolute measure. We always take Williams %R as relative measure in cumulation with the price movements. So, the following observation from you may not be entirely correct:


Reading above -20 as an absolute measure shows an overbought position but such overbought position isn't a signal of upcoming correction/fall unless we see sharp downtrend in the prices along with the simultaneous decline in William %R below -20.

With the increasing trend of NFT and metaverse, Okx launched their Web3 wallet, MetaX along with the whole portal for dApps and NFT, but weird that they branded it as 'wallet'.

Yes, they generate client-side seed phrase and you can see it while doing back-up of the wallet. Also, they claim to be truly decentralized (100% client-side wallet) however, they failed to incorporate one important feature which somewhat loosens the claim. Most of the web-based non-custodial wallets (such as MetaMask) allow the users to generate seed and derive keys and addresses from it in the offline-mode. Only sending transactions requires network connection. However, OKX wallet requires the internet connection to initialize the wallet. This may be due to a poor app design which requires APIs to retrieve the price data before wallet could be loaded but is surely a big red alert.

Game 1:  11' SPFC 4-0

I don't think this is going to happen any soon. Government has added the taxation of cryptocurrencies in Chapter XII which deals with 'Determination of tax in certain special cases'. No benefit of Chapter VI-A, rebate u/s 87A and basic exemption limit is allowed for the incomes taxable under this chapter (with certain exceptions).

Also, government is currently working on a specific bill for cryptocurrencies and since there isn't much of a protest against the government's decision to tax crypto @ 30%, I don't see government changing it anytime sooner than the bill is finalized. However, we may see detailed guidelines on the taxation in coming days from the Income Tax Department (possibly before 30th June), which will clear many doubts.

1. Liverpool
2. Over
3. Over
4. Under
5. Yes
6. Second
7. Yes
8. No
9. No
10. Hell No
11. No
12. Yes
13. No
14. No

15. 42nd min

E means extreme. It is the upper limit of the range. Casinos usually keep the range between 1 and 2⁵² so E is 2⁵². However, you can take any number as E just make sure E is a very large number and your RNG can precisely calculate and show such number.

You can't expect everyone to start coding wallets for themselves, just like you can't expect everyone to code game, code messaging app, code operating systems, etc. Majority of the people will always be the consumers and it is perfectly okay. In fact, it is good for Bitcoin. Bigger the consumer base, more align the developers will be to do innovation in Bitcoin and create new apps.

Also, the technical knowledge about Bitcoin is widely available on the internet. You can easily understand Bitcoin from core-to-top with the online resources free of cost. The main reason why I think people aren't very interested in Bitcoin development these days is the relative benefit in altcoins. Learning to develop dApps on alternate blockchains is relatively easier and people are making millions developing shitty protocols and projects. Money drives the folk after all.

43,971.28

webtricks

Okay, I am curious now. Why do you think NFT = shit load of pain when both 'usual tokens' and 'NFT' are same except for the fact that NFTs have an additional metadata field? Yes, there are hundreds of scams and low-quality cash-grabs and several influencers are taking advantage of the trend and making millions. But lashing the whole concept doesn't make sense to me. If you ask me, I consider NFT superior to the fungible tokens. With metadata, we can create much better Web 3.0 applications by saving the users' unique data directly on the blockchain. The blockchain-lead future we all are imagining right now won't be possible without NFTs.

And this is the way with decentralized world, Ethereum opened the world of tokens to the people and we saw the huge inflow of low-effort ICOs/IDOs stealing millions from the people few years ago. The same thing is happening now with NFTs (plus vanity thingy also kicked in due to rarities). But when the dust will settle, we will see that the NFTs are net-positive for the blockchain industry.

Boult doesn't play for KKR so I guess you wanted to say Tim Southee. Southee is having a wonderful IPL so far, he has already got 5 wickets in a couple of matches but when you got someone like Pat Cummins, you have to make the difficult decisions. KKR's batting lineup is strong but you can't rely on six batsmen in a run-chase. Narine hasn't shown his batting instinct for quite a time now so seeing a bigger picture, it is better to have someone like Cummins down the order than Southee.

Btw, first match in Pune, can we say dew won't be a dominant factor tonight? Really wasn't a good feel to see factors like weather influencing matches to this extent so far this season. 

They might not but India follows the system of self-assessment tax. While filing the return, it's you who will mention what your incomes are during the year, how much you made from the trades, etc. Government may or may not be able to catch you, that's a separate thing. I was only telling you what is correct as per the Act.

For a simple analogy, first you asked me - is it legal to kill someone? To which I simply replied - No! It is crime as per the law. Now, you are asking, what if I hide the body smartly so no one would be able to catch me? They might not able to catch you killing but that doesn't make the killing legal. Hope this clears the above.

1. You will be taxed on Rs. 1.1 lakh in FY 2023-24. Only cost of acquisition is allowed to be deducted and your cost of acquisition will remain Rs. 1 lakh forever, no benefit of indexation will be provided.

2. Yes. This will still be taxable. Since, the tax is on 'transfer' which includes exchange, selling BTC for USDT will also be considered as transfer as you are exchanging one crypto for the other. Liquidating USDT doesn't matter. Your one trade is over which is a separate taxable event. When you will sell USDT, it will be second taxable event and separate tax calculation on it will be required if there is a change in its value.

3. INR equivalent of 0.03 BTC will be taxed as on the date of trade. However, the formula to calculate INR value is not yet published. Usually, it is not a part of Section but announced separately as Rules or Notifications. So, we have to wait for more clarity on this one from the government.

Yeah! Consider me in. I would love to join in. Please send me the pool link, I will send the joining fee in coming days.