HELP- Investing on BTC and want to know someting

[S_D]

-snip-

It is really worth information and i appreciate your effort to explain the topic . But again here it looks like telling about trade like based on capital investment. How about earnings by giving services and like signatures . where there will not be any inflow only earnings then How it will be calculated

by giving signature earning I guess you mean providing your signature space on rent
and no inflow only earnings I guess you mean payment in terms of bitcoin or virtual currency.

In this case income is earned only on realization of profits i.e. you won't consider payments you received in bitcoins until you sell your bitcoins for INR.

So hypothetically, if you earned even few crores through renting away your signature space (for of bitcoins) they are unrealized profits and will be realized only when you turn them into INR and you will be liable to pay taxes on that "income" only for the bitcoins you converted to INR.

I am too tired and trying my best to explain hope you understand what I am trying to say here.

[noormcs5]

Since you used local bitcoins, there is no doubt that you are now on the tax radar.  There are better and more ways to buy Bitcoin that are within the scope of the law at a better scale.

[webtricks]

One need to understand that there is no relevance between your income and purchase of Bitcoin. Buying Bitcoin locally is equivalent to spending money on buying food, clothes, etc. thus it is your expenditure. What actually matters is your real income that is 3L per year and you have to pay taxes on it. It hardly matters to Income Tax Department that you spending your money on Bitcoin or amusement park.

[Prodigan786]

I also recomened you better consult with coinsecure, zebpay, unocoin . As far my bitcoin earnings linked with bank comes under TDS even am not sure trading earning may exchanges already deducting.

[noormcs5]

However, there is something a miss, as there do not appear to be any TX's that match any where near those amounts in the past six months from any of the wallets that LBC uses, so you may have more to worry about than taxes, as you apparently either came here and just made claims to try to impress or you were on a site that was not the real lbc.

[kabit9]

Could someone also clarify stances on paying tax in India from mining bitcoins?

Is anyone doing this? How do you report the income from mining?

[hinayupak]

Investing on BTC and want to know someting ? The world is becoming ever more reliant on the internet. So, really:It is no surprise that Bitcoin, a secure, global, and digital currency has claimed the interest of investors.Bitcoin is open to everyone and provides an exciting opportunity to delve into an entirely new asset class.Investing in bitcoin may seem scary, but know that it takes time and effort to understand how Bitcoin works Bitcoin with a capital “B” references Bitcoin the network or Bitcoin the payment system; bitcoin with a lowercase “b” references bitcoin as a currency or bitcoin the currency unit.