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Author Topic: Regarding taxes from regular trading.  (Read 250 times)
jaideep1000
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July 11, 2017, 03:47:11 PM
 #1

Wanted to ask a simple question.

Suppose I want to file my tax return from trading bitcoin.

Is it a good method to just make a weighted average between all the buys and sells I did and then calculate profit on that and pay taxes according to my tax slab?

Just started this year so please let me know if I'm missing anything.

I keep records of all my trades so have all the info on hand.(Although its quite a lot of data to process)


Thanks,
-J
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kabit9
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July 11, 2017, 03:58:11 PM
 #2

several threads here point to filing taxes as you would equity income.

WA method is absolutely incorrect. all buy / sell trades are accounted for individually and profit/loss calculated.

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July 11, 2017, 07:02:02 PM
 #3

I do know about the other threads. However wondering if anything has changed after GST.
@prashant
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July 12, 2017, 03:44:37 AM
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I do know about the other threads. However wondering if anything has changed after GST.
Gst has no effect on bitcoin trading fees as far i know.it is just everyone has to pay withraw fess from exchanges so there might be increment in that just like there is some increment in buying/selling using card transactions.

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