Wapinter (OP)
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August 27, 2015, 01:45:18 PM |
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If I mine bitcoin in India and later sell it for usd to a buyer located somewhere out of india,how will I have to disclose it in my tax documents?
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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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Amph
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August 28, 2015, 02:45:57 PM |
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bitcoin it's not regulated there see india here https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_countrywhich mean that you are free to operate without tax, but it could not be the point anymore from this year(the wiki is not updated), if you can't ask locally it's better to declare your income to be safe there must be also a maximum that if not surpassed it should put you in a tax free zone, but i don't know how in india things work |
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Wapinter (OP)
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August 28, 2015, 06:40:03 PM |
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bitcoin it's not regulated there see india here https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_countrywhich mean that you are free to operate without tax, but it could not be the point anymore from this year(the wiki is not updated), if you can't ask locally it's better to declare your income to be safe there must be also a maximum that if not surpassed it should put you in a tax free zone, but i don't know how in india things work Thanks for replying. But it doesn't matter whether I declare it or not,the tax collecting authorities will eventually know from my bank account that I have received such and such amount from abroad and that could put be in legal trouble. So to be on a safer side I myself want to declare it but am at loss to figure out under what category should I show it. |
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gentlemand
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August 28, 2015, 07:44:34 PM |
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bitcoin it's not regulated there see india here https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_countrywhich mean that you are free to operate without tax, but it could not be the point anymore from this year(the wiki is not updated), if you can't ask locally it's better to declare your income to be safe there must be also a maximum that if not surpassed it should put you in a tax free zone, but i don't know how in india things work Cow shit isn't regulated either. If I sell several tons of it and make a profit I'll be expected to pay tax on it. |
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Wapinter (OP)
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August 28, 2015, 07:53:29 PM |
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bitcoin it's not regulated there see india here https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_countrywhich mean that you are free to operate without tax, but it could not be the point anymore from this year(the wiki is not updated), if you can't ask locally it's better to declare your income to be safe there must be also a maximum that if not surpassed it should put you in a tax free zone, but i don't know how in india things work Cow shit isn't regulated either. If I sell several tons of it and make a profit I'll be expected to pay tax on it. You need export license to sell is out of your country. You can then get rebate in tax for earning foreign exchange. But the problem with btc is that you can't get export license for it not does it come under forex business |
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gentlemand
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August 28, 2015, 08:01:23 PM |
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You need export license to sell is out of your country. You can then get rebate in tax for earning foreign exchange. But the problem with btc is that you can't get export license for it not does it come under forex business
Maybe for the sake of a quiet life you could declare it as software sales? Ultimately it's nothing more than computer code that you've created by mining it. |
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Wapinter (OP)
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August 28, 2015, 08:12:35 PM |
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You need export license to sell is out of your country. You can then get rebate in tax for earning foreign exchange. But the problem with btc is that you can't get export license for it not does it come under forex business
Maybe for the sake of a quiet life you could declare it as software sales? Ultimately it's nothing more than computer code that you've created by mining it. Good idea..  |
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Amph
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August 29, 2015, 01:47:53 PM |
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bitcoin it's not regulated there see india here https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_countrywhich mean that you are free to operate without tax, but it could not be the point anymore from this year(the wiki is not updated), if you can't ask locally it's better to declare your income to be safe there must be also a maximum that if not surpassed it should put you in a tax free zone, but i don't know how in india things work Cow shit isn't regulated either. If I sell several tons of it and make a profit I'll be expected to pay tax on it. this only if they know about your selling but anyway not everything is subject to tax(there are forms of collectionable item for example, that are not taxable), and every country has its rule |
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ashour
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September 01, 2015, 08:49:58 PM |
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If I mine bitcoin in India and later sell it for usd to a buyer located somewhere out of india,how will I have to disclose it in my tax documents?
Depends on how much $ worth of bitcoin you mine. If it is low for your countries status then you might not declare it in your tax documents. Maybe ask the Indian IRS for an accurate answer ? |
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