Bitcoin trading account

[chronicsky]

So i want to do bitcoin buying/selling at bigger level , like 40-50k daily
Will i need a different business account ? will i have to register something somewhere?

[RocketSingh]

So i want to do bitcoin buying/selling at bigger level , like 40-50k daily
Will i need a different business account ? will i have to register something somewhere?

Do you mean 40-50k BTC daily ?

[dashingriddler]

So i want to do bitcoin buying/selling at bigger level , like 40-50k daily
Will i need a different business account ? will i have to register something somewhere?

If you mean 40-50k INR then it is not really a bigger volume. If you are an Indian, then Unocoin.com provides the platform you need for trading.

[newIndia]

So i want to do bitcoin buying/selling at bigger level , like 40-50k daily
Will i need a different business account ? will i have to register something somewhere?

If you mean 40-50k INR then it is not really a bigger volume. If you are an Indian, then Unocoin.com provides the platform you need for trading.

I guess, by business account, he means current account for banking. 40-50k INR per day to and fro is big and current account might be required if this volume continues over month. For transaction volume over 10L INR in a financial year, service tax might be required as well.

[chronicsky]

So i want to do bitcoin buying/selling at bigger level , like 40-50k daily
Will i need a different business account ? will i have to register something somewhere?

If you mean 40-50k INR then it is not really a bigger volume. If you are an Indian, then Unocoin.com provides the platform you need for trading.

I guess, by business account, he means current account for banking. 40-50k INR per day to and fro is big and current account might be required if this volume continues over month. For transaction volume over 10L INR in a financial year, service tax might be required as well.

yes 40-50k INR on a daily basis is what am asking about. Unocoin is good to sell but not for buy orders, am looking to provide liquidity for many of my friends.
So i'll be needing to sell btc daily and buy daily , so i will receiving ~50k and sending ~50k daily.
I need suggestion and help on tax and what type of account shall i be looking for

Thanks
Regards Sky

[chronicsky]

So i want to do bitcoin buying/selling at bigger level , like 40-50k daily
Will i need a different business account ? will i have to register something somewhere?

If you mean 40-50k INR then it is not really a bigger volume. If you are an Indian, then Unocoin.com provides the platform you need for trading.

yes i believe that doesn't comes in Big volume but i'll be doing that daily , so overall i believe it comes pretty much good.

So i want to do bitcoin buying/selling at bigger level , like 40-50k daily
Will i need a different business account ? will i have to register something somewhere?

Do you mean 40-50k BTC daily ?

LOL why do you even think that?

[Amitabh S]

What exactly do you mean by "trading account"? Do you mean a bank account?

I think you definitely need a business account if you transact that much in a day.

[chronicsky]

What exactly do you mean by "trading account"? Do you mean a bank account?

I think you definitely need a business account if you transact that much in a day.

yes a bank account where i can transact about 1k daily (sending/receiving) without any issues.
Also  i don't suppose i will be liable to tax as long as it's below 250k as capital income , right?
BUT, am a student , no job , so do i count as an individual in IT ?

Thank you

[deadley]

What exactly do you mean by "trading account"? Do you mean a bank account?

I think you definitely need a business account if you transact that much in a day.

yes a bank account where i can transact about 1k daily (sending/receiving) without any issues.
Also  i don't suppose i will be liable to tax as long as it's below 250k as capital income , right?
BUT, am a student , no job , so do i count as an individual in IT ?

Thank you

Yes you will, doesn't matter if you are student or even kid. If you are earning more then exempted income you are liable to pay taxes.

[dashingriddler]

What exactly do you mean by "trading account"? Do you mean a bank account?

I think you definitely need a business account if you transact that much in a day.

yes a bank account where i can transact about 1k daily (sending/receiving) without any issues.
Also  i don't suppose i will be liable to tax as long as it's below 250k as capital income , right?
BUT, am a student , no job , so do i count as an individual in IT ?

Thank you

yeah you will need a current account in that case. also technically if you are leaving USD on a foreign bitcoin exchange like bitstamp, then your bank is not sending and receiving funds every day - so it should not matter much.

[Amitabh S]

What exactly do you mean by "trading account"? Do you mean a bank account?

I think you definitely need a business account if you transact that much in a day.

yes a bank account where i can transact about 1k daily (sending/receiving) without any issues.
Also  i don't suppose i will be liable to tax as long as it's below 250k as capital income , right?
BUT, am a student , no job , so do i count as an individual in IT ?

Thank you

Yes you will, doesn't matter if you are student or even kid. If you are earning more then exempted income you are liable to pay taxes.

I don't think you need anything if its only 1k daily. That's like 30k in a month. Not worth the taxmans' time.

Is it 1k or 40-50k as you posted earlier? If its the latter then you will need a business bank account.

[chronicsky]

What exactly do you mean by "trading account"? Do you mean a bank account?

I think you definitely need a business account if you transact that much in a day.

yes a bank account where i can transact about 1k daily (sending/receiving) without any issues.
Also  i don't suppose i will be liable to tax as long as it's below 250k as capital income , right?
BUT, am a student , no job , so do i count as an individual in IT ?

Thank you

Yes you will, doesn't matter if you are student or even kid. If you are earning more then exempted income you are liable to pay taxes.

What i meant here is that the not taxable income is 2.5 lacs and that is for individual who have a job as per the IT department. and as am a student with no job, i woulnd't be counted in an individual but a small business or freelancer and tax will be different.
The other statement meant , i will only be charged tax on the profit i make with trading right?

yeah you will need a current account in that case. also technically if you are leaving USD on a foreign bitcoin exchange like bitstamp, then your bank is not sending and receiving funds every day - so it should not matter much.

ohk! current account thanks! hope there won't be problem with bitcoin and bank as in other exchange's
i won't be leaving funds there or may be i will be. but what am saying here is more like i will be doing arbitrage with liquidity and indian exchange/s.

What exactly do you mean by "trading account"? Do you mean a bank account?

I think you definitely need a business account if you transact that much in a day.

yes a bank account where i can transact about 1k daily (sending/receiving) without any issues.
Also  i don't suppose i will be liable to tax as long as it's below 250k as capital income , right?
BUT, am a student , no job , so do i count as an individual in IT ?

Thank you

Yes you will, doesn't matter if you are student or even kid. If you are earning more then exempted income you are liable to pay taxes.

I don't think you need anything if its only 1k daily. That's like 30k in a month. Not worth the taxmans' time.

Is it 1k or 40-50k as you posted earlier? If its the latter then you will need a business bank account.

sory i meant 1l (100k)
Imagining a Scenario where i will be buying btc(providing liquidity) worth 50k and selling same day with arbitrage advantages.
So suppose i sold some btc for 50k and bought a lil more btc with that amt and sold again tomorrow to make a profit of 2k.
At the end of the year, i will be giving tax on that 2k profit but how do i need to show that to IT ?



Thanks everyone for answering
Regards Sky

[tnrmedia]

Yes, Unicoin is the best one for your needs. I am using it from couple years without any problems. All the Best.

[bitcoinisfurture]

Has anybody heard or being trading on https://bitcoin-india.org/

Not sure about the genuineness as never heard anything about this. But has anybody traded or any feedback for the mentioned site.

[tnrmedia]

Has anybody heard or being trading on https://bitcoin-india.org/

Not sure about the genuineness as never heard anything about this. But has anybody traded or any feedback for the mentioned site.

I am first time hearing about this site. I can try it soon.

[Benson Samuel]

Has anybody heard or being trading on https://bitcoin-india.org/

Not sure about the genuineness as never heard anything about this. But has anybody traded or any feedback for the mentioned site.

Ha.. This guy had pinged me a year ago saying that I was infringing his copyright and had to give up the India Bitcoin Facebook Page.
Fortunately, that was not the case.

[bitcoinisfurture]

Has anybody heard or being trading on https://bitcoin-india.org/

Not sure about the genuineness as never heard anything about this. But has anybody traded or any feedback for the mentioned site.

I am first time hearing about this site. I can try it soon.

Sure, let us know your reviews if you trade on this site.

[dashingriddler]

Has anybody heard or being trading on https://bitcoin-india.org/

Not sure about the genuineness as never heard anything about this. But has anybody traded or any feedback for the mentioned site.

Ha.. This guy had pinged me a year ago saying that I was infringing his copyright and had to give up the India Bitcoin Facebook Page.
Fortunately, that was not the case.

and should i give up www.indiabitcoin.com as well? haha

[Digitalbitcoin]

Trading bitcoin against altcoins is really a great way of earning some bitcoins. Now a days there are lots of altcoins are introduced and also have great value of exchange against bitcoin. Give brief review about Bitcoin Trading Platforms.

[bitcoinisfurture]

Trading bitcoin against altcoins is really a great way of earning some bitcoins. Now a days there are lots of altcoins are introduced and also have great value of exchange against bitcoin. Give brief review about Bitcoin Trading Platforms.

Other then LB which other platform accept INR?