Now with BTC reaching 20K+ this is sort of expected but the greater challenge in front of the tax authorities themselves would be lack of laws. From my personal experience and the types of conditions that are going on in the country currently, there is no chance that a crypto law would come into reality for at least a year or two (unless obviously govt. decides to create Anarchy in another sector). Now without laws tax authorities would be more or less bewildered while making assessments. There are no precedents or judgments so there is going to be complete harassment of assessees. Every one of us knows that taxes are inevitable and obviously we are paying it but the problem of taxation without law is that it's not necessary you get a notice only if you withdraw money. I mean one may even get a notice if he has sold his bitcoin but the BTC is in the wallet/exchange itself. Moreover, the KYC that the exchanges have to do is also not formalized anywhere in any law. It's just a general practice which they do. So the major question is up to what extent the information is being shared with the authorities. There are many questions that are pretty much unanswered. I'm ok with paying tax, hoping they would make calculating crypto tax bit easier though.
For Crypto Tax to be easy the crypto market should have a formalized and easy structure. Imagine the difficulty the government would face when someone has his BTC in private key wallets where no one can know about it while other person has it on his exchange. Moreover, Imagine a situation there are 2 person. Both deposited Rs. 100,000 on WazirX let's say in which you have to do KYC. Now person "A" decides to take the money to BITMEX which does not has KYC in India. Now he can buy sell unlimited quantities on Bitmex and Indian authorities would never know how much he gained. While person "B" trades on WazirX and even a single sell transaction made by him would be subject to Capital gains. Moreover the bigger problem is sending money abroad. There would be a big evasion of tax this way as Income which has to be taxed in India will go outside without levy of Tax. Is Bitmex legitimate exchange? Is it Indian exchange? Can we withdraw funds to bank from Bitmex Yes. No. No. Okay so if we can't withdraw to out bank account then how can we convert out crypto to fiat on Bitmex? If we have to do crypto to crypto then their are numerous exchanges. |
|
|
|
there will be more comparable situations where profiles will claim to be certain alt accounts, which is quite easy to find out since an account could always indicate with its own account what its alt account is, and not with its new alt account, be careful, as people will always try to continue with this kind of scam.
There is a thread somewhere on this forum where you can sign your BTC address and secure your account with it |
|
|
|
Now with BTC reaching 20K+ this is sort of expected but the greater challenge in front of the tax authorities themselves would be lack of laws. From my personal experience and the types of conditions that are going on in the country currently, there is no chance that a crypto law would come into reality for at least a year or two (unless obviously govt. decides to create Anarchy in another sector). Now without laws tax authorities would be more or less bewildered while making assessments. There are no precedents or judgments so there is going to be complete harassment of assessees. Every one of us knows that taxes are inevitable and obviously we are paying it but the problem of taxation without law is that it's not necessary you get a notice only if you withdraw money. I mean one may even get a notice if he has sold his bitcoin but the BTC is in the wallet/exchange itself. Moreover, the KYC that the exchanges have to do is also not formalized anywhere in any law. It's just a general practice which they do. So the major question is up to what extent the information is being shared with the authorities. There are many questions that are pretty much unanswered. I'm ok with paying tax, hoping they would make calculating crypto tax bit easier though.
For Crypto Tax to be easy the crypto market should have a formalized and easy structure. Imagine the difficulty the government would face when someone has his BTC in private key wallets where no one can know about it while other person has it on his exchange. Moreover, Imagine a situation there are 2 person. Both deposited Rs. 100,000 on WazirX let's say in which you have to do KYC. Now person "A" decides to take the money to BITMEX which does not has KYC in India. Now he can buy sell unlimited quantities on Bitmex and Indian authorities would never know how much he gained. While person "B" trades on WazirX and even a single sell transaction made by him would be subject to Capital gains. Moreover the bigger problem is sending money abroad. There would be a big evasion of tax this way as Income which has to be taxed in India will go outside without levy of Tax. Is Bitmex legitimate exchange? Is it Indian exchange? Can we withdraw funds to bank from Bitmex |
|
|
|
|
Has anyone got paid for week 1?
|
|
|
|
Hi, I am unable to sign up at bitify, is there any country restrictions? Can we trade here also? Or you only trade from bitify |
|
|
|
|
Hi, I want to sell BTC, how do we proceed?
|
|
|
|
ETH 3.0 next month, gogogogogogogogo!!!!!!!!
Lol where did you get this information from? |
|
|
|
|
I have around $1k BTC and I want to sell it for PayPal.
Only reputed buyer. Ready to go first. We can do trade in two equal parts. Pm me here or post below
|
|
|
|
I'm ok with paying tax, hoping they would make calculating crypto tax bit easier though.
I have been paying taxes on my crypto earnings since 2016 so I am OK too! However, I have been paying taxes on the basis of my other salary and business income as there was no specific regulations around cryptocurrencies in India. Let's hope they will come out with some proper guidelines around it. It will help us to get a clear understanding on how we should be filling our taxes. That is important! I want to cash out all my crypto holdings. I will be happy if some regulation or clear guidelines are introduced by Government.
Wow! What for?? Crypto is skyrocketing for a good reason now so this bull run is very different than of 2017. My personal feelings is that, it is a good time to continue HODLing. The market signs are very positive! Yes but I am hearing all the negative things about the crypto bill current government intend to pass. I am afraid if they will impose blanket ban on cryptos |
|
|
|
Fake volume and Pathetic Exchange.
Stay Away
This has become norm with most exchanges. They manipulate volume to attract new listings. Nobody should trade in these exchanges and eventually they will end. |
|
|
|
Moments are precious. The highly experienced Hi Exchange Team has provided fully automated cryptocurrency/electronic exchange for you  . Use our services for exchanging currencies like Bitcoin BTC, Tether, and Perfect Money and feel the change. we promise you to make every effort in order to improve our current services and also adding new ones. Buying and Selling Electronic Currencies must be done with fast and reliable support, which is what we do in Hi Exchange. You can reach our support team 24/7. Hi Exchange let you focus only on the market, we take care of the rest. Enter To www.hi.exchange There are already so many exchanges, what set your exchange apart? What are your usp and why should we use it? |
|
|
|
BUMP!
AVAILABLE: $250
I can sell you at preev rate but will you cover the tx fee? |
|
|
|
Hi I'm webtricks, I have created another alt account to confess that I am humbertin, and also I have many alt accounts to scam him.
Webtricks: SupremeKaiosama
Stop maligning the reputation of one of the most helpeful member. You are not webtrick not even closer to him. |
|
|
|
ETH is going to be next big thing. BTC has so many problems and only advantage it has over eth is it's limited supply. I wish eth developers burn 25% of total supplied eth  |
|
|
|
|
I use localbitcoin. Always sell or buy from traders who have done several trades. Newbie can scam you.
|
|
|
|
Our country government don't accept bitcoin. If anyone use bitcoin and know it state police Caught him and give punishment. But i like bitcoin. How can i use it? And I want to explain that bitcoin is not bad for me. How can i successfully explain?
Many governments have already started accepting bitcoin as digital assets. It will take some more years when btc will become global currency. |
|
|
|
joining a bounty is not completely waste of time if you can choose project carefully because we can still get money from the bounty, and keep in mind, don't make bounty your main income. I myself joined the bounty just to fill my spare time because I have a business in the real world
Yes bounty can still give you some extra income though I miss early days when bounty could make you rich. |
|
|
|
|
I want to cash out all my crypto holdings. I will be happy if some regulation or clear guidelines are introduced by Government.
|
|
|
|
|
Upto 30% cash back in btc but you didn't mention 30% of what? Is it on total amount we spent or per purchase.
|
|
|
|
2 Only send money to the exchange account (Zebpay, WazirX, etc) when you plan to sell the coins. Don't hold coins earned from bounties, etc on Exchange account where you have done KYC.
What about p2p trade? If I sell my coins to someone and get paid with paypal or directly to my Bank? Follow the same procedure for P2P as well even if you are using P2P platform without KYC. Send the campaign earnings from your personal wallet to P2P exchange only when you are planning to sell the coins. Don't hold your campaign earnings on P2P Exchanges. However, you can hold the coins which you have purchased with the bank balance because those are subject to capital gain. Okay thank you for your time in explaining and clearing it out for me. |
|
|
|
|
Show Posts
