People pay your Taxes

[vrd]

I pay my tax and then I am told what I do is illegal.
can somebody explain to me how to handle this?

[ShivaGanesh]

Government has not yet revealed how they are planning  to tax profits from cryptocurrency.
But one thing is for sure if they tax it too much , crypto money will not come back in country specially some huge black money holders, they can buy properties across the globe using cryptocurrency.

However if government make it tax free like Singapore and Japan , India will see lot of money coming back in the country even all the black money that government has been chasing for such a long time.
A win win situation for everyone.

[vrd]

Government has not yet revealed how they are planning  to tax profits from cryptocurrency.
But one thing is for sure if they tax it too much , crypto money will not come back in country specially some huge black money holders, they can buy properties across the globe using cryptocurrency.

However if government make it tax free like Singapore and Japan , India will see lot of money coming back in the country even all the black money that government has been chasing for such a long time.
A win win situation for everyone.

Nothing such will happen , all the process which takes place in our country is under the vigilance of govt. the laws which would be introduced and regulated would be mended in such a  manner where the power is centralized, that's the basis for Indian democracy/

[veroniquee]

Yes you are right there are emerging scam and cobwebs stealing your personal transaction records and datas.

[Cath0Vic]

I think as far as i know, bitcoins are not permitted within India; RBI also didnt approved its usage, how could we pay taxes to it illegeally?

[Garret44eza]

Yo are saying to pay tax to a thing that doesnt even exists in real world except internet. Their price is continuously fluctuating so i didnt invest in them an

[GamerPapaRoach5]

Taxation may erradicate and locate criminals and terrorist by tracking the documents near the RBI. It will wipe out black market in btc.

[coingrowth]

the only concern with indian govt is people avoid paying taxes nt paying tax is big crime now in present govt once we declare ur income and be in tax radar it is safe to do investment in crypto currencies

[ajayramani95]

Government has not yet revealed how they are planning  to tax profits from cryptocurrency.
But one thing is for sure if they tax it too much , crypto money will not come back in country specially some huge black money holders, they can buy properties across the globe using cryptocurrency.

However if government make it tax free like Singapore and Japan , India will see lot of money coming back in the country even all the black money that government has been chasing for such a long time.
A win win situation for everyone.

Nothing such will happen , all the process which takes place in our country is under the vigilance of govt. the laws which would be introduced and regulated would be mended in such a  manner where the power is centralized, that's the basis for Indian democracy/

If govt of india intend to take taxes on profits by crypto then they should first analyse their own rules of it not just copy-paste of USA tax rules of crypto. USA is so different and developed country. In india if govt starts collecting taxes then they should first elaborate the structure and server it all over india...I bet more than 50% are unawae about how to pay taxes.

[vrd]

Almost 90% of the total TRADERS in India , data you submitted to ZEBPAY and KOINEX and the exchanges have been sent to IT and ED. 2 LAKH 131 (a) Notice have been rolled out asking for ITR return on cryptos, along with that all the possible details which we can have in our crypto daily life has to be submitted to them.

Those who are regularly filing ITR haven't received the notice though and don't need to worry.

[Blitz99]

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.

s i agree more than the tax slab they need to pay 20% of the income earned from bitcoin to IT.

https://cleartax.in/s/bitcoins-taxes-india

[Danish Mohiuddin]

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.

That 25 Questionaire wont going to help either to GOI; Moreover it will also encourage people to Jump the Gun and Devise method of redeption that will not be law abiding and People will definately fall for it .

[ankit05]

If you are saving to pay taxes. When you are buy and sell bitcoin using your bank account because you are paid income tax if you can big investment bitcoin and earn profit.

[icoprofits]

if u are crypto trader in india it is safe to pay tax orelse income tax in india will start questioning us for source of income and penalty before to avoid all such is it safe to pay taxes

[sgk]

Hello,
I'm very much into crypto but not that aware of how taxation works actually. Will file my first ITR this year.
Can someone explain me, that if I invested in crypto with my own risk, and got rekt, then no one is liable for my risk. But if I earned profit from the investment, I am liable to the gov to pay them taxes!
is it funny?

That's how it works. Same with share market. Bitter truth.
As for your question, many people seem to think crypto income falls under capital gains. Work your way from there.

[bitcoinblog]

Hello,
I'm very much into crypto but not that aware of how taxation works actually. Will file my first ITR this year.
Can someone explain me, that if I invested in crypto with my own risk, and got rekt, then no one is liable for my risk. But if I earned profit from the investment, I am liable to the gov to pay them taxes!
is it funny?

Best i will recommend u to either consult an online CA or CA near you , they will suggest you better solution.

[confusedcoin]

I'm into crypto for more than an year - so still a noob considering the age of this post alone!

Looking at all the complexities, even CAs aka CPAs are struggling to calculate by cost basis and rejecting a lot of clients due to lack of time.

We at BearTax have been solving this problem of calculating gains in an intelligent and optimal way instead of other tools that are in the market.
Few of them even raised millions of dollars in funding.

We are pretty new and they are free for less than 20 transactions. Currently integrated with Coinbase, GDAX, Poloniex, Gemini and soon working on integrating with Zebpay, Koinex. However, you will be able to upload transactions in a common csv format.

Hope it becomes easy for users to calculate gains and report taxes appropriately!

https://bear.tax

[niket11111]

If I invested 2 lacks and withdrawan 1.5 lakh a... Am I supposed to pay tax?

[Kunal666456]

My anual income is 50k ,
So I m not pay tax

[kishanmadhesiya]

Invested 1 lacs and earned 9 lacs in 7 months.
How much tax i need to pay ?
Anyone here who can help me in the same.!!!