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Author Topic: People pay your Taxes  (Read 71110 times)
subvolatil
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May 23, 2013, 02:40:04 AM
 #1

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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subvolatil
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May 24, 2013, 02:09:17 PM
 #2

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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May 24, 2013, 02:34:03 PM
 #3

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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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 Smiley

subvolatil
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May 24, 2013, 06:21:02 PM
 #5

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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May 24, 2013, 08:29:05 PM
 #6

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.. 

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subvolatil
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May 24, 2013, 08:52:40 PM
 #7

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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May 24, 2013, 10:22:59 PM
 #8

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..  Angry Angry

BTC tip jar 1LrwjfQ41DA9u8PLcQBLp7CueoWotdKshq
subvolatil
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May 25, 2013, 12:21:17 AM
 #9

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..  Angry Angry

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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May 25, 2013, 12:24:58 AM
 #10

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!

drdanishkhan
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May 25, 2013, 07:09:14 AM
 #11

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..  Angry Angry

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...

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drdanishkhan
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May 25, 2013, 07:10:40 AM
 #12

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..  Smiley

BTC tip jar 1LrwjfQ41DA9u8PLcQBLp7CueoWotdKshq
subvolatil
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May 25, 2013, 01:53:05 PM
 #13

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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May 29, 2013, 07:02:46 AM
 #14

If the Income may taxable (if I earn that much of money), every one happy to pay taxes.

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May 31, 2013, 03:50:53 PM
 #15

Is there any online bank like that of SwissBank where you can convert your bitcoins to real cash and save it!?
Benson Samuel
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June 14, 2013, 03:45:23 PM
 #16

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.  Grin

LR has been seized last month by Feds & US govt,

Really?

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June 14, 2013, 04:00:48 PM
 #17

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.  Grin

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.

Benson Samuel
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June 14, 2013, 04:04:21 PM
 #18

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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September 11, 2013, 06:17:51 AM
 #19

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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November 21, 2013, 11:26:12 AM
 #20

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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