buddycool
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Activity: 182
Merit: 100
★YoBit.Net★ 350+ Coins Exchange & Dice
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February 12, 2016, 05:58:20 PM |
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If govt is not asking tax for btc then why to pay... However already they inposed a lot of tax and doin nothing withthat money other tahn adding it to their bank balances...
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btvGainer
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Activity: 854
Merit: 1000
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February 17, 2016, 07:49:58 PM |
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If govt is not asking tax for btc then why to pay... However already they inposed a lot of tax and doin nothing withthat money other tahn adding it to their bank balances...
Thats right.How can we pay tax on something which is not taxable or which doesn't exist for government? If Govt. wants to impose tax on income generated by bitcoin,it should first give bitcoin its due recognition |
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polynesia
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Activity: 1358
Merit: 1000
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February 18, 2016, 12:44:17 AM |
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If govt is not asking tax for btc then why to pay... However already they inposed a lot of tax and doin nothing withthat money other tahn adding it to their bank balances...
Thats right.How can we pay tax on something which is not taxable or which doesn't exist for government? If Govt. wants to impose tax on income generated by bitcoin,it should first give bitcoin its due recognition Government imposes taxes on any income generated. It is always better to follow the law. If you generate capital gains by selling bitcoins, better to pay tax on that. |
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soyab0007
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April 13, 2016, 10:31:43 AM |
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wish bitcoin remains tax free in future as well...
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jonatuzc
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April 15, 2016, 06:01:31 PM |
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There are no taxes involved in bticoins. But if u r involving backs, then Fiat is a must
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GregH37
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Activity: 1302
Merit: 1037
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April 15, 2016, 06:10:07 PM |
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wish bitcoin remains tax free in future as well...
Bitcoin will remain tax free only because it controlled by people and people dont want tax  |
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Farhad099
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Activity: 10
Merit: 0
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April 24, 2016, 09:22:31 AM |
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People will be pay taxes. If he doesn't want to pay taxes then he will fired from government. Taxes pay is a good hobbit.
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btvGainer
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Activity: 854
Merit: 1000
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April 29, 2016, 10:22:05 PM |
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wish bitcoin remains tax free in future as well...
Bitcoin will remain tax free only because it controlled by people and people dont want tax Agree bitcoin is controlled by people but same people are controlled by government and law.So if some tax is imposed on bitcoin or it's usage,we are bound to pay |
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mynameisdon
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Activity: 322
Merit: 250
i am don(ripper's big daddy).i clean scammers.
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May 29, 2016, 03:44:06 PM |
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wish bitcoin remains tax free in future as well...
Bitcoin will remain tax free only because it controlled by people and people dont want tax yes but btc transaction will be almost tax free.but selling bitcoin for bank will be one reason to pay tax by you. |
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mynameisdon
Sr. Member
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Activity: 322
Merit: 250
i am don(ripper's big daddy).i clean scammers.
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May 29, 2016, 03:47:56 PM |
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wish bitcoin remains tax free in future as well...
we don't need to wish to being tax free of bitcoin transaction.because satoshi already defined it as feesless currency. also it will always need fees just for solving block or completing transaction which is at least .00001btc.which is nill to everyone. |
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mynameisdon
Sr. Member
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Activity: 322
Merit: 250
i am don(ripper's big daddy).i clean scammers.
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May 29, 2016, 03:53:31 PM |
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do I have to pay taxes for any amount of money that enters my account n i convert into bitcoin ?,
What if I used the account for the soul purpose of converting cash to bitcoins , each time i deposit money into my account for the same it is taxable ?, that sukz.
yes its taxable ans aslo you have limit for maximum receiving of 10lack inr in Indian bank foe saving account. you must have to pay 14% tax to government if you deposit your bank more than 120,000rs yearly. |
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btvGainer
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Activity: 854
Merit: 1000
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May 30, 2016, 09:28:45 AM |
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wish bitcoin remains tax free in future as well...
we don't need to wish to being tax free of bitcoin transaction.because satoshi already defined it as feesless currency. also it will always need fees just for solving block or completing transaction which is at least .00001btc.which is nill to everyone. Bitcoin fee is not tax.Government cannot impose additional tax on spending or receiving bitcoins.One should not confuse with bitcoin fee and tax on gains from bitcoin |
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Poornimagoswami
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Activity: 28
Merit: 0
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June 12, 2016, 06:21:20 AM |
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How do we pay taxes on BTC and how do we show it in our accounts?
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polynesia
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Activity: 1358
Merit: 1000
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June 20, 2016, 12:56:00 AM |
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How do we pay taxes on BTC and how do we show it in our accounts?
You should pay taxes in INR, the same way you will pay taxes normally. Depending on how you earned/made profits on bitcoin, you should classify it accordingly (other income/ capital gains) |
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dashingriddler
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Activity: 1258
Merit: 1001
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June 20, 2016, 10:42:59 AM |
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How do we pay taxes on BTC and how do we show it in our accounts?
For now, just consider it as an income from other sources heading and the rest should be straight forward to your accountant or CA. |
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Poornimagoswami
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Activity: 28
Merit: 0
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June 20, 2016, 01:24:31 PM |
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How do we pay taxes on BTC and how do we show it in our accounts?
You should pay taxes in INR, the same way you will pay taxes normally. Depending on how you earned/made profits on bitcoin, you should classify it accordingly (other income/ capital gains) Thank You! but how do I show sending and receiving of bitcoin for capital gain? |
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philiveyjr
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Activity: 840
Merit: 1000
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June 20, 2016, 03:55:43 PM |
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How do we pay taxes on BTC and how do we show it in our accounts?
You should pay taxes in INR, the same way you will pay taxes normally. Depending on how you earned/made profits on bitcoin, you should classify it accordingly (other income/ capital gains) Thank You! but how do I show sending and receiving of bitcoin for capital gain? Why would you be declaring or showing any capital gain on it, if you go about showing it as an income from another source ? Capital gain won't be applied then. |
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polynesia
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Activity: 1358
Merit: 1000
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July 06, 2016, 12:37:13 AM |
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How do we pay taxes on BTC and how do we show it in our accounts?
You should pay taxes in INR, the same way you will pay taxes normally. Depending on how you earned/made profits on bitcoin, you should classify it accordingly (other income/ capital gains) Thank You! but how do I show sending and receiving of bitcoin for capital gain? You should just report your capital gains in your income tax filings. You don't have to show sending and receiving, unless specifically asked during scrutiny. For that, I think your wallet transactions should be sufficient. |
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Roboabhishek
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July 15, 2016, 02:06:20 PM |
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How do we pay taxes on BTC and how do we show it in our accounts?
You should pay taxes in INR, the same way you will pay taxes normally. Depending on how you earned/made profits on bitcoin, you should classify it accordingly (other income/ capital gains) What if someone is 18> years and making 500k+ inr every year then is it necessary for him to pay taxes ? |
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polynesia
Legendary
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Activity: 1358
Merit: 1000
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July 26, 2016, 12:57:18 AM |
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How do we pay taxes on BTC and how do we show it in our accounts?
You should pay taxes in INR, the same way you will pay taxes normally. Depending on how you earned/made profits on bitcoin, you should classify it accordingly (other income/ capital gains) What if someone is 18> years and making 500k+ inr every year then is it necessary for him to pay taxes ? Yes. Age really doesn't matter in this case. Even in the case of minors, income is clubbed with that of the guardian and income tax has to be paid. |
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