People pay your Taxes

[harsh300684]

Can some one please help me.

a) If i buy Bitcoin through Credit Card in USD and Sell in INR (on Indian exchanges ) i.e trading , so will thier be any problem with income tax/RBI ? becoz transaction size will be huge ,and lot of money money in and out of bank account. i am ok to pay taxes. But i am worried about FEMA/and other un-necessary torture by IT/RBI.

Please help. I am unable to get answer anywhere

[Dil dil]

How to you bitcoin and other altcoin

[bitdragon84]

Can some one please help me.

a) If i buy Bitcoin through Credit Card in USD and Sell in INR (on Indian exchanges ) i.e trading , so will thier be any problem with income tax/RBI ? becoz transaction size will be huge ,and lot of money money in and out of bank account. i am ok to pay taxes. But i am worried about FEMA/and other un-necessary torture by IT/RBI.

Please help. I am unable to get answer anywhere

Income tax won't be a problem if you declar/pay tax. RBI maybe a problem as USD to INR conversion has happened.

Best case scenario - RBI ignores or issues warning. It has work to do.
Worst case scenario - RBI penalizes you 3 times the amount.

Just my 2 cents.

[yingyang8884]

What about NRIs .
IF I can buy in EUR and then sell it in INR into NRE Account?
Usually any amount deposited in NRE account is tax free in india ?

[bitdragon84]

What about NRIs .
IF I can buy in EUR and then sell it in INR into NRE Account?
Usually any amount deposited in NRE account is tax free in india ?

Fiat gains: I think to be safe, you should pay taxes on fiat money capital gains in India as well.

Crypto trading gains: I don't think there is any tax treatment for crypto-to-crypto trading gains (not booked in fiat) except in the USA, where the IRS has issued guidelines to tax crypto-to-crypto trades

Taxation can be retrospective (e.g. Vodafone case). Not sure if the government will issue guidelines this tax year. My sense is they will treat Bitcoin as "commodity", so capital gains should be paid on fiat gains but not on crypto gains. They "may" ask people to declare their Bitcoin holdings in tax returns although they have not done that yet for gold, property etc.

[Dil dil]

I think income below

[Anarchy101]

I participated in some signature campaign which gave me around 2 lac worth of tokens how should I show that in my tax report?

[Dil dil]

If a income may texbale

[atc1-REAL]

Under what head does one have to file their taxes? Short term capital gains? Because there's no policy for this, would it even attract capital gains, especially if youre not trading at all and have got btc through some other means?
Some clarity is needed on this. Regardless, as OP said, always safe to declare income.

[@prashant]

Under what head does one have to file their taxes? Short term capital gains? Because there's no policy for this, would it even attract capital gains, especially if youre not trading at all and have got btc through some other means?
Some clarity is needed on this. Regardless, as OP said, always safe to declare income.

As bitcoin is not yet legalise by government so they do not consider it as gold /silver asset or capital asset as well .it only act as external income that you get from work.income tax filing should always be there so no one can question your current money amount.capital gain is not valid for crypto market only valid for mutual fund stuff or capital asset.

[Dil dil]

every one is a  part time  worker  or a  student or many do have a bitcoin transactions  over  2 lakh. They are need to keep records and pay tax properly

[taiwww]

Trading in bitcoins is becoming more and more popular in india.
Bitcoin exchanges adding new customers daily.
Irrespective of RBI`s warning people are investing / trading in bitcoins.
But we must not forgot that our entry in such exchanges is KYC updated.
At the time of opening an account they have taken our PAN no.
For fund transfer we have linked our banks without bitcoin wallet. Central board of direct taxes have not yet issued any guidelines for income from bitcoin trades.
Tax departments of USA consider this income as capital gain.
Though bitcoin trading is not declared legal in india, still income from such trading is taxable.
Need to pay advance tax on such income.

[Dil dil]

I know that people having regular incomes and interests. that also have rentals file . I also know that regular stock, intra day traders file Bitcoins are still 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

[baddys]

Trading in bitcoins is becoming more and more popular in india.
Bitcoin exchanges adding new customers daily.
Irrespective of RBI`s warning people are investing / trading in bitcoins.
But we must not forgot that our entry in such exchanges is KYC updated.
At the time of opening an account they have taken our PAN no.
For fund transfer we have linked our banks without bitcoin wallet. Central board of direct taxes have not yet issued any guidelines for income from bitcoin trades.
Tax departments of USA consider this income as capital gain.
Though bitcoin trading is not declared legal in india, still income from such trading is taxable.
Need to pay advance tax on such income.

Recently i was forced to submit KYC documents at bittrex. Do i have to include that earnings in tax submissions too?

[mnrox]

Is there any software or program that keeps record of our profit and loss crept during P2P buy sell of bitcoins that will help in showing income while paying taxes

[akablackhat]

If you didn't withhold enough money from your paycheck-- or if you've received a 1099 in the mail from your contract work or side business -- you're probably going to owe money to the government. And if you don't pay that tax bill, you'll rack up interest and penalties that will only make it harder to settle the balance. (If you don't pay at all, of course, you risk an audit and the collection process.)

Better to avoid all that and make sure your check's in the mail by Tax Day.

[Kathlemm]

People will always seek to avoid paying tax whether it is a tax on income or on sales. Instead we should look at cracking down on the loopholes, seeking greater punishment for lawbreakers, and giving support and encouragement for those who do pay their taxes.

[Antnaone]

If anyone is looking to File Income tax return in Delhi NCR, you can PM me too.Bitcoins accepted as payment.

[Kathlemm]

Trading in bitcoins is becoming more and more popular in india.
Bitcoin exchanges adding new customers daily.
Irrespective of RBI`s warning people are investing / trading in bitcoins.
But we must not forgot that our entry in such exchanges is KYC updated.
At the time of opening an account they have taken our PAN no.
For fund transfer we have linked our banks without bitcoin wallet. Central board of direct taxes have not yet issued any guidelines for income from bitcoin trades.
Tax departments of USA consider this income as capital gain.
Though bitcoin trading is not declared legal in india, still income from such trading is taxable.
Need to pay advance tax on such income.

Thanx for your information.

[Dil dil]

 my opinion it will good if you buy btcoin if you want an easy job then use for indians