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subvolatil (OP)
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May 23, 2013, 02:40:04 AM
Last edit: August 31, 2014, 09:26:12 AM by subvolatil |
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Hi ,
as i have noticed, that many have now started actively purchasing and selling Bitcoins using your bank accounts. so now i will strongly advise, you to keep records of all transactions occurring in INR , weather it is in cash or online. These are necessary when you file in your returns next year,and the amount you pay for tax. Remember all bank transactions will always go through the RBI before arriving to the destination account so all records are kept. and Tax envision is a serious crime. So please do follow the practice of proper tax payment.
I want all of you to please follow the practice of paying your taxes and following the Tax laws properly. this atleast, will ensure that our little community is law abiding and working towards the progress of a free and decentralized community .
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"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi
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subvolatil (OP)
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May 24, 2013, 02:09:17 PM
Last edit: May 24, 2013, 02:58:31 PM by subvolatil |
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hum... i'm starting to see cobwebs in this post now. *cough, looks into the mirror and sees a dusty skeleton, SHIT !*
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Benson Samuel
Legendary
 Offline
Activity: 1890
Merit: 1000
Landscaping Bitcoin for India!
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May 24, 2013, 02:34:03 PM |
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hum... i'm starting to see cobwebs in this post now. *cough, looks into the mirroe and sees a dusty skeleton, SHIT !*
Clean up the OP. Lawyers are coming into bitcointalk forums very soon to help our journey! |
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spndr7
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May 24, 2013, 04:54:36 PM |
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I think annual income below 2 lakh is not taxable.Many students and part time workers on this forum don't have to worry  |
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subvolatil (OP)
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May 24, 2013, 06:21:02 PM |
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But not every one is a part time worker or a student. and many do have bitcoin transactions over 2 lakh. They, need to keep records and pay tax properly.
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drdanishkhan
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May 24, 2013, 08:29:05 PM |
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But not every one is a part time worker or a student. and many do have bitcoin transactions over 2 lakh. They, need to keep records and pay tax properly.
Ah well fuck indian gov i'm not going to pay any tax. +1 Pay taxes for what?? no roads.. shitass electric supply.. open garbages.. Our money is only gettin locked away in swiss accounts by these fuckin bureaucrats.. |
BTC tip jar 1LrwjfQ41DA9u8PLcQBLp7CueoWotdKshq
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subvolatil (OP)
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May 24, 2013, 08:52:40 PM |
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But not every one is a part time worker or a student. and many do have bitcoin transactions over 2 lakh. They, need to keep records and pay tax properly.
Ah well fuck indian gov i'm not going to pay any tax. +1 Pay taxes for what?? no roads.. shitass electric supply.. open garbages.. Our money is only gettin locked away in swiss accounts by these fuckin bureaucrats.. I understand you frustration. but fighting against the system head on is only gona give the government reasons to go after the bitcoin community users. we can fuck up theses bureaucrats once we have established a proper global decentralized currency. away from the control of world governments. |
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drdanishkhan
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May 24, 2013, 10:22:59 PM |
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But not every one is a part time worker or a student. and many do have bitcoin transactions over 2 lakh. They, need to keep records and pay tax properly.
Ah well fuck indian gov i'm not going to pay any tax. +1 Pay taxes for what?? no roads.. shitass electric supply.. open garbages.. Our money is only gettin locked away in swiss accounts by these fuckin bureaucrats.. I understand you frustration. but fighting against the system head on is only gona give the government reasons to go after the bitcoin community users. we can fuck up theses bureaucrats once we have established a proper global decentralized currency. away from the control of world governments. Its in moments like this i feel the absence of crappy media.. they can replay the same fuckin news for two days in a row but cannot actually do one good thing for the community.. i mean while the rest of the world news agencies are giving out reviews.. positive negative other matter.. but atleast people know.. Sometimes i wonder why is India so fucked up on so many different levels.. and yet we are india shining.. Grrrr..  |
BTC tip jar 1LrwjfQ41DA9u8PLcQBLp7CueoWotdKshq
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subvolatil (OP)
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May 25, 2013, 12:21:17 AM |
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But not every one is a part time worker or a student. and many do have bitcoin transactions over 2 lakh. They, need to keep records and pay tax properly.
Ah well fuck indian gov i'm not going to pay any tax. +1 Pay taxes for what?? no roads.. shitass electric supply.. open garbages.. Our money is only gettin locked away in swiss accounts by these fuckin bureaucrats.. I understand you frustration. but fighting against the system head on is only gona give the government reasons to go after the bitcoin community users. we can fuck up theses bureaucrats once we have established a proper global decentralized currency. away from the control of world governments. Its in moments like this i feel the absence of crappy media.. they can replay the same fuckin news for two days in a row but cannot actually do one good thing for the community.. i mean while the rest of the world news agencies are giving out reviews.. positive negative other matter.. but atleast people know.. Sometimes i wonder why is India so fucked up on so many different levels.. and yet we are india shining.. Grrrr.. Thats ckz the media has sold out. and its alos the same with western media companies , with "News Corp", owning some of the largest news outlets in the world. they control what goes in and what comes out. most of the media companies have heir affiliation to political parties, making news a hard thing to be provided without bias, |
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Benson Samuel
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Activity: 1890
Merit: 1000
Landscaping Bitcoin for India!
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May 25, 2013, 12:24:58 AM |
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But not every one is a part time worker or a student. and many do have bitcoin transactions over 2 lakh. They, need to keep records and pay tax properly.
Ah well fuck indian gov i'm not going to pay any tax. +1 Pay taxes for what?? no roads.. shitass electric supply.. open garbages.. Our money is only gettin locked away in swiss accounts by these fuckin bureaucrats.. I saw a very cool article on Private law and private banking from a Libertarian perspective. Way before Bitcoin and way ahead of its time! Check it out. I do remember that it was on the top list of searches! |
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drdanishkhan
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May 25, 2013, 07:09:14 AM |
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But not every one is a part time worker or a student. and many do have bitcoin transactions over 2 lakh. They, need to keep records and pay tax properly.
Ah well fuck indian gov i'm not going to pay any tax. +1 Pay taxes for what?? no roads.. shitass electric supply.. open garbages.. Our money is only gettin locked away in swiss accounts by these fuckin bureaucrats.. I understand you frustration. but fighting against the system head on is only gona give the government reasons to go after the bitcoin community users. we can fuck up theses bureaucrats once we have established a proper global decentralized currency. away from the control of world governments. Its in moments like this i feel the absence of crappy media.. they can replay the same fuckin news for two days in a row but cannot actually do one good thing for the community.. i mean while the rest of the world news agencies are giving out reviews.. positive negative other matter.. but atleast people know.. Sometimes i wonder why is India so fucked up on so many different levels.. and yet we are india shining.. Grrrr.. Thats ckz the media has sold out. and its alos the same with western media companies , with "News Corp", owning some of the largest news outlets in the world. they control what goes in and what comes out. most of the media companies have heir affiliation to political parties, making news a hard thing to be provided without bias, Thats what i am sayin.. everybody is out there to make a living even if it is at the cost of sacrificing thousands of innocent lives.. Media sucks bigtime... |
BTC tip jar 1LrwjfQ41DA9u8PLcQBLp7CueoWotdKshq
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drdanishkhan
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May 25, 2013, 07:10:40 AM |
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But not every one is a part time worker or a student. and many do have bitcoin transactions over 2 lakh. They, need to keep records and pay tax properly.
Ah well fuck indian gov i'm not going to pay any tax. +1 Pay taxes for what?? no roads.. shitass electric supply.. open garbages.. Our money is only gettin locked away in swiss accounts by these fuckin bureaucrats.. I saw a very cool article on Private law and private banking from a Libertarian perspective. Way before Bitcoin and way ahead of its time! Check it out. I do remember that it was on the top list of searches! Benson if you have some time do read about the concept of islamic banking.. i think you will like it.. |
BTC tip jar 1LrwjfQ41DA9u8PLcQBLp7CueoWotdKshq
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subvolatil (OP)
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May 25, 2013, 01:53:05 PM |
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Well the important thing about our coin community is to keep it alive and thriving. we need to show that all bitcoiners are tax paying honest citizens who just wants economical freedom .
This is the most important one. as positive views grow, more and more people start to join in, this revolution and a thriving eco system can be created.
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nagatlakshmi
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May 29, 2013, 07:02:46 AM |
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If the Income may taxable (if I earn that much of money), every one happy to pay taxes.
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Wilson
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May 31, 2013, 03:50:53 PM |
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Is there any online bank like that of SwissBank where you can convert your bitcoins to real cash and save it!?
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Benson Samuel
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Activity: 1890
Merit: 1000
Landscaping Bitcoin for India!
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June 14, 2013, 03:45:23 PM |
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Is there any online bank like that of SwissBank where you can convert your bitcoins to real cash and save it!?
Nope. ;( Peoples were using LR as their online Swiss bank account till now.  LR has been seized last month by Feds & US govt, Really? |
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Benson Samuel
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Activity: 1890
Merit: 1000
Landscaping Bitcoin for India!
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June 14, 2013, 04:00:48 PM |
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Is there any online bank like that of SwissBank where you can convert your bitcoins to real cash and save it!?
Nope. ;( Peoples were using LR as their online Swiss bank account till now. LR has been seized last month by Feds & US govt, Really? yes. visit www.libertyreserve.com... it's been seized... US Govt has posted a legal information too.... just check... This is crazy. Wonder if you went through the forum before making that post. |
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Benson Samuel
Legendary
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Activity: 1890
Merit: 1000
Landscaping Bitcoin for India!
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June 14, 2013, 04:04:21 PM |
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I heard the same team has seized mtgox's one method of payment system.
not sure what is up with them, but nothing is gonna effect bitcoin, well. LR was one side wannabe bitcoin anyways.
I am pretty sure they can not do anything on crypto currencies.
Welcome to the forums mate. But you may want to spend some time going through existing posts. These topics have been discussed 2 weeks ago. The Seizures have been well documented under the India thread and this discussion should be made in those threads. |
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yangrenpeng
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September 11, 2013, 06:17:51 AM |
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Hi ,
as i have noticed, that many have now started actively purchasing and selling Bitcoins using your bank accounts. so now i will now strongly advise, you to keep records of all transactions occurring in INR , weather it is in cash or online. These are necessary when you file in your returns next year,and the amount you pay for tax. Remember all bank transactions will always go through the RBI before arriving to the destination account so all records are kept. and Tax envision is a serious crime. So please do follow the practice of proper tax payment.
I want all of you to please follow the practice of paying your taxes and following the Tax laws properly. this atleast, will ensure that our little community is law abiding and working towards the progress of a free and decentralized community .
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lonsharim
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November 21, 2013, 11:26:12 AM |
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Interesting thread. Has anyone actually declared an income from their bitcoins in their IT filings. I will be most interested in knowing especially if I profit from this down the road.
I realize that a number of people don't need to pay taxes primarily because they don't trade or make significant enough profits to declare but for those that have filed, what ITR forms have you submitted.
I know that people having regular incomes and interests file ITR1 form. Those that also have rentals file ITR2. I also know that regular stock, intra day traders file ITR4 where they show profits and write off losses, deduct operation expenses etc. Bitcoins are still ill defined as far as Indian taxes are considered. Should it be filed as a short term capital gain. How does one off set expenses incurred in hardware and electricity in the tax returns? Or if he has purchased the Bitcoin, he should only be paying a capital gains tax on the profits.
Eventually I hope the authorities are going to make this clear once they see the volume of people using Bitcoins in India.
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