sgk
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January 04, 2018, 06:31:34 PM |
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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 ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) ; 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 . Thanks for sharing, this will be helpful. Appreciate it!
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deathwish
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Enjoy the journey...Live in the now...Future will
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January 07, 2018, 05:27:52 AM |
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As of today, the government has not clarified on the questions from the bitcoin community and from the exchanges on how the taxes should be filed and the criteria. Only intimation available that I know of is that Government as said that 'Bitcoin transactions will be taxed'. That leaves so many questions open. its only Open to manipulation. ;invest in a good lawyer or CA to get you through these taxes.
And if anyone get some concrete direction, do post it here...
And one more thing... Always pay your taxes no matter if its extortion, or if it theft by the government or if the government does build roads or whatever.
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Blackshadow007
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January 08, 2018, 09:58:14 AM |
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As of today, the government has not clarified on the questions from the bitcoin community and from the exchanges on how the taxes should be filed and the criteria. Only intimation available that I know of is that Government as said that 'Bitcoin transactions will be taxed'. That leaves so many questions open. its only Open to manipulation. ;invest in a good lawyer or CA to get you through these taxes.
And if anyone get some concrete direction, do post it here...
And one more thing... Always pay your taxes no matter if its extortion, or if it theft by the government or if the government does build roads or whatever.
For now you should file it as Capital gain and keep record of all your trades in excel or something like that . Then pay tax as Short term or Long term Capital gain . Talk with your CA .
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gopaljiverma
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January 13, 2018, 05:48:38 PM |
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Most of the people think that it is easy to get away with taxes in India. In reality, it is very easy for RBI and banks to track your investments in BTC,thus pay your taxes.
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shailkumari
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January 14, 2018, 12:21:24 PM |
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I have seen a lot of people trying to hide taxes especially the ones using localbitcoins. They forget the fact that government can trace them based on earnings received in their bank accounts.
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sgk
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January 16, 2018, 08:28:52 AM |
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I have seen a lot of people trying to hide taxes especially the ones using localbitcoins. They forget the fact that government can trace them based on earnings received in their bank accounts.
Many of the localbitcoins trades are cash-in-hand transactions.
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amitydv5
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January 19, 2018, 07:41:13 PM |
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Is there any limit? and what if you have only invested the money and did not take any profits yet? so can you guide us on where to look into taxation for cryptocurrencies in India? Also is it valid for if people have only invested less than 1 lakh Please respond ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Thank you!
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saurabh
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January 20, 2018, 07:31:50 AM |
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How come Bitcoin be regulated by Indian government as its not possible either this lawyer does not know how the technology work or he is just making a hype.
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Digital Currency is the future
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knoxshaan
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January 28, 2018, 12:10:18 PM |
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Income up to Rs 3,00,000 No tax
Income from Rs 3,00,000 – Rs 5,00,000 5%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
I'm not fit any figure, btw I followed the Indian government rules and regulations.
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knoxshaan
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January 28, 2018, 12:25:32 PM |
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Is there any limit? and what if you have only invested the money and did not take any profits yet? so can you guide us on where to look into taxation for cryptocurrencies in India? Also is it valid for if people have only invested less than 1 lakh Please respond ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Thank you! Go to here for more details: https://cleartax.in/s/income-tax-savings
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djbabu
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January 31, 2018, 04:59:57 AM |
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sgk
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January 31, 2018, 06:09:19 AM |
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USA has classified crypto as capital asset. Indian finance ministry has said previously that crypto is not legal tender (currency), hence it makes sense for India too classifying it as capital assets. It makes much more sense and also makes easier for them to tax it.
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djbabu
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January 31, 2018, 04:26:41 PM |
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USA has classified crypto as capital asset. Indian finance ministry has said previously that crypto is not legal tender (currency), hence it makes sense for India too classifying it as capital assets. It makes much more sense and also makes easier for them to tax it. Capital assets like shares ? Long term capital gain etc ?
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sgk
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February 02, 2018, 05:46:48 AM |
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In an interview after the budget session, Jaitley said a dedicated committee is working to further clear gov's stand on the matter. I believe in coming weeks we'll have more clarity. I really hope they classify it as a capital asset (like USA did) and the exchanges / trading is termed legal business.
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djbabu
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February 02, 2018, 08:20:20 AM |
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In an interview after the budget session, Jaitley said a dedicated committee is working to further clear gov's stand on the matter. I believe in coming weeks we'll have more clarity. I really hope they classify it as a capital asset (like USA did) and the exchanges / trading is termed legal business. Then only 10% tax correct ?
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sgk
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February 02, 2018, 05:20:10 PM Last edit: February 02, 2018, 05:37:04 PM by sgk |
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In an interview after the budget session, Jaitley said a dedicated committee is working to further clear gov's stand on the matter. I believe in coming weeks we'll have more clarity. I really hope they classify it as a capital asset (like USA did) and the exchanges / trading is termed legal business. Then only 10% tax correct ? Apparently: STCG tax (short term, profits made within 3 years) is taxed at normal rates based on your income slab, which can go up to 30% LTCG tax (long term, profits made after 3 years) is taxed at 20% + surcharge and education cess Reference: https://cleartax.in/s/capital-gains-income#assetsEDIT:10% LTCG tax if you term crypto as "equity" asset 20% LTCG tax if you term crypto as "debt" asset There is a gray area here and everyone has their own way of interpretation until government clarifies anything. I personally think the new move of government to put 10% tax on LTCG equity assets is probably in line with their future plans of taxing people with crypto profits. So in near future the government may put crypto into "equity" category which will allow them to tax the profits @ 15% and 10% for Short Term and Long Term respectively.
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BitcoinTesla
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February 07, 2018, 10:11:23 PM |
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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 .
You shouldn't be into this space if you're willing to pay TAX, LMAO! Crypto Currencies are DECENTRALIZED and they meant to be FREE from anyones hold i.e. Government and their taxes etc. This space has to be CLUTTER FREE from their TRADITIONAL THEFT's i.e. TAX, CAPITAL GAIN TAX, THEIR WIFE TAX, THEIR CAR TAX, THEIR LUXURY TAX ETC.
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mishrakjr
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February 08, 2018, 03:18:45 PM |
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still we r confused of govt. polices always it in unclear ,when u start understand that time another statement or a new police into take the part
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