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Author Topic: Help with withdrawals of bitcoin to INR and tax application  (Read 1754 times)
bitcoin.user
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October 18, 2016, 08:28:10 AM
 #1

Hello everyone,
I have recently started getting paid in bitcoins for my online activities.
I was wondering if someone can help me with understanding which is a good medium for withdrawing BTC to INR.
Also, how do file income tax for these.

If you can point me to a CA who understands this well would really appreciate it.
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RocketSingh
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October 19, 2016, 12:11:28 AM
 #2

Hello everyone,
I have recently started getting paid in bitcoins for my online activities.
I was wondering if someone can help me with understanding which is a good medium for withdrawing BTC to INR.
Also, how do file income tax for these.

If you can point me to a CA who understands this well would really appreciate it.
Please check this sticky - https://bitcointalk.org/index.php?topic=213792.0

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October 19, 2016, 07:38:28 AM
 #3

For bitcoin or any altcoin,there is no income tax or something like that.there is minimum transaction fees which are too low.if you are using coinbase then your transaction fees are free.


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buxlover
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October 19, 2016, 12:48:00 PM
 #4

Use localbitcoins and don't trade with anyone outside the site. Even i have account there with the same username, If you would like my offer contact in LBC.

There are many other services and website where you can exchange your Bitcoin for INR like zebpay, coinsecure, etc... but none of the are as fast as trading in LBC and also the rate in higher in LBC.

As far as Tax you need not worry about exchange volume of bitcoin, Just file tax for your income (both bitcoin & fiat).

bitcoin.user
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October 19, 2016, 03:13:58 PM
 #5

Thanks everyone.
I dont need to pay additional service tax for this income.
Any idea on that?
I want to sell on zebpay hence checking if that is cool.
philiveyjr
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October 21, 2016, 03:48:29 AM
 #6

Thanks everyone.
I dont need to pay additional service tax for this income.
Any idea on that?
I want to sell on zebpay hence checking if that is cool.
Well, you will have to pay taxes on any earnings atleast once. So be it during the time you convert btc to inr. If you don't pay your taxes then its not exactly legal. But you can still do cash transactions and not report the tax. But wouldn't suggest doing that. It affects the Indian bitcoin community if the government sees more and more people not paying taxes.

bitcoin.user
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October 24, 2016, 05:40:59 PM
 #7

I am more than happy to pay tax on it.
Lets say I am earning 10 lakhs via bitcoin trading. If my income is in 30% income slab how does this additional bitcoin income plays for me.
How much do I need to file and how?
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October 27, 2016, 07:39:43 AM
 #8

Hello Friend,

Contact me if you like to cash out your bitcoin in to Rupees without any tax filings or bank transactions.

dashingriddler
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October 29, 2016, 06:35:31 AM
 #9

For taxation purposes, you can treat it as if you received equivalent cash against your invoice.

You can also sell your Bitcoin on Unocoin.com and get INR to your bank account in 2-3 working hours.

CENTRA

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soyab0007
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November 01, 2016, 04:38:48 AM
 #10

so in short, tax will be applicable or not?
dashingriddler
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November 01, 2016, 01:18:33 PM
 #11

so in short, tax will be applicable or not?

Yes it is applicable.

CENTRA

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bitcoin.user
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November 02, 2016, 10:41:47 AM
 #12

Thanks everyone.
I was trying to understand if I can file under "business income".
I think understood how it can be done.
SaShiRaJaVu
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November 02, 2016, 12:58:12 PM
 #13

so in short, tax will be applicable or not?

Yes it is applicable.
how is it taxable when bitcoin is not accepted as a legal asset or currency by the government,under which section is bitcoin taxable ?


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dashingriddler
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November 03, 2016, 01:28:20 AM
 #14

Our auditors have suggested this to be shown as "income from other sources".

CENTRA

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rajasumi2
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November 07, 2016, 08:52:29 AM
 #15

there is income tax for bitcons if ur interest goes more than 10000 per year . well then u gonnna file an income tax application otherwise have fun ..go on doing bitcoining ....kudoos Smiley

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November 07, 2016, 09:08:51 AM
 #16

Our auditors have suggested this to be shown as "income from other sources".

But there is still no tax that has been levied upon Bitcoins or any other digital currencies currently as they have neither said Bitcoins to be legal or illegal, so I don't think that unless this goes viral in country and RBI takes some interest, there is any need of tax payments.

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November 07, 2016, 01:25:32 PM
 #17

Somebody please clarfy, Wink
 am a unocoin.com user, earns 20000INR per month from it (using revenue share websites),  does i need to pay tax for that? (i also have other incomes) anybody paid yet? then please share the snapshot of your application..(or please explain it).it will be very helpful.

and i heard btc trading is illegal in india,then how can i mention/pay tax for that?

Thanks in advance Smiley
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