People pay your Taxes

[Antnaone]

 this year another income source has been added i.e my online earnings.My online earnings have exceeded now over 5 Lac.

[Antnaone]

Pf course.Paying tax is to contribute to GDP and you can become a loyal person too. After all, this is our country.

[Antnaone]

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.

There is no legal requirement to pay income taxes on Bitcoins capital gains in India, because the government has not yet passed any regulation defining bitcoin as a property or an asset.

[Dil dil]

Its in moments like this .why is India so fucked up on so many different levels.. and yet we are india shining Angry

[Antnaone]

I don't make that much I make less than 1 lakhs annually and I after reading above information, I don't think I need to worry about filing tax. Thank you all for the information.

[BCryptopath]

I have a question. Say if I buy 10 litecoin worth 40k INR from a local exchange via my Rupee funding account,transfer them to an international exchange like Bittrex ,trade them in alts and earn a 50 ℅ profit over a period of time and decide to transfer the 15 LTC to my Indian exchange to sell for cash,the amount credited to my linked bank account will be taxable under what header? If any Income Tax Act ,1961 and relevant provisions expert may guide a layman and beginner in the cryptocurrencies world. I would be grateful. Is Cryptocurrencies a commodity or Forex or other business activity ,how do I fill it up in my Income Tax Return Form No 1.

[Sawpport]

Unlike our tax payer we pay our own taxes the tax is to improve our country and for the hurricane or fire tax goes.

[kohlicool54]

Is there any restrictions to collect funds in BTC to power local projects ??

[kohlicool54]

What do you think really indian gov ban Bitcoin in India or will regulate
Coz still not confirmed from our gov side.
Only god knows what these beauricates are upto.?

They sure Gona restrict it. But they can't ban it completely.there are many other ways to trade it.

[asyoudoido]

Not restrict but regulate it, admit it or not, in the short term at least regulation helps growth and acceptance.

[Vishnu.Reang]

Well taxes are useless, as government uses most of them to fill their coffers and fly in high end supersonic jets and enjoy a luxurious lifestyle with our money. I already pay more than I would like to the government. 

[RameshSekar]

nice thread. I think many numbers of people don't need to pay any taxes primarily because they don't trade or make significant enough profits and bitcoin is not legal in India for now.

[Blackshadow007]

I will find a way to convert my digital money into fiat money without transferring to bank account.
I don't want to give my hard earned money away to those greedy peoples, they do and WILL fill their own accounts without considering the Country benefits.

LBC Cash in Hand best way . Meet with your buyer can get cash

[aspire]

nice thread. I think many numbers of people don't need to pay any taxes primarily because they don't trade or make significant enough profits and bitcoin is not legal in India for now.

I'm sure that many doesn't want to pay tax and this is applicable to all of us in India.

[sgk]

In today's newspaper I read that Income Tax department is going to send notices to 4-5 lakh high level traders who have traded Bitcoins at popular exchanges.
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html

This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.

Let us know if anyone here receives the notice 

[shiv06]

Any online bank like that of PayPal where you can convert your currency to real cash and save it. If the income may taxable, every one happy to pay taxes.

[Dil dil]

Any online bank like that is a SwissBank can convert your bitcoins to real cash and save.
I realize that a number of people need to pay taxes because trade for those that have filed ubmitted.
From what I've read, I understand that to pay on bitcoin in India as regulated.Once we convert btc.
I am trading BTC on coinsecure constantly buy and sell I do not redeem to my bank account.

[Blackshadow007]

Paid tax feeling good
Declared Bitcoin earnings and got clean signal from IT central processing .

[sgk]

Paid tax feeling good
Declared Bitcoin earnings and got clean signal from IT central processing .

Did you declare it as capital gain or "other income"? I may have to declare my earnings this year and I'm curious how you classified it.
(This is important because long term capital gain usually attracts 20% tax while "other income" falls into regular bracket which can go up to 30%)

[Blackshadow007]

Paid tax feeling good
Declared Bitcoin earnings and got clean signal from IT central processing .

Did you declare it as capital gain or "other income"? I may have to declare my earnings this year and I'm curious how you classified it.
(This is important because long term capital gain usually attracts 20% tax while "other income" falls into regular bracket which can go up to 30%)

Well i don't know much deep how my CA showed it . But its should be as Other Income , My filling checked by Central processing of IT and received no demand intimation from them ; as far i know he didn't mention any short term or long term capital gain instead he pushed it in my Export of Service category of my business which also attract NIL GST rate for my GST .