People pay your Taxes

[The_Don1]

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

if you still believe in ache din then govt may consider to pay you 50k compensation in dreams

[1714661959]

1714661959

[1714661959]

1714661959

[TUSHAR@1908]

Yes, but people don't pay taxes normally than you think they will pay for BTC purchase?
People in India are so much corrupt that's why they have banned Cryptocurrency in India and I guess because of this there will be not much technological development in Cryptocurrency in India.

[Shamsher19]

Government should not to apply taxes because of it's a vulnerable market here one guy gets more profit and other get in lose so how can both will pay taxes.

[djbabu]

RBI banned no need to pay your taxes now

Enjoy the decision

http://epaper.bhaskar.com/detail/56625/4614031911/mpcg/map/tabs-1/2018-04-06%2000:00:00/172/12/image/

Modi done it again to clean black money

[sgk]

[achris]

Had a doubt on the redemption of bitcoins as non-currency for people who are well-versed in crypto taxation rules.


If I sell my bitcoins to get these gift coupons, do I have to pay tax on it ( Under the tax head "income from other sources " )
eg: As redeemable re-chargable coupons / gift coupons.

As long as it is not realised as real currency , do I still have to pay tax on it ?

[girirohit957]

I am actually paying taxes on the amount I am withdrawing from Indian exchange to my bank account , but after looking at new tax form , it's looks like government want us to pay taxes on what we are holding in cryptocurrency ,that is wrong , if my holdings gets zero by any incident , that's the uncertainty , so I support taxes on crytpo , but only on the amount we are withdrawing from exchange to bank , not on our cryptocurrency holdings

[achris]

.... but after looking at new tax form , it's looks like government want us to pay taxes on what we are holding in cryptocurrency ,that is wrong , if my holdings gets zero by any incident , that's the uncertainty , so I support taxes on crytpo , but only on the amount we are withdrawing from exchange to bank , not on our cryptocurrency holdings

Does the new tax form require one to declare the bitcoin assets ? #Just curious

[aasinghal]

I am actually paying taxes on the amount I am withdrawing from Indian exchange to my bank account , but after looking at new tax form , it's looks like government want us to pay taxes on what we are holding in cryptocurrency ,that is wrong , if my holdings gets zero by any incident , that's the uncertainty , so I support taxes on crytpo , but only on the amount we are withdrawing from exchange to bank , not on our cryptocurrency holdings

which new tax form u r talking about...?

[Soundharthulasi]

Japan using bitcoin as salary for thier employeer because of this in that country easy for transaction of crypto currency ...it will increase blockchain market

[aasinghal]

Guys, calculating taxes on crypto trading is rather easy and there is no ambiguity even in the bsence of any clear IT notification. The artcles in media are rubbish. Taxation is straight forward for all you Crypto -INR trading pairs. However it gets messy and complex in case of crypto-crypto transactions.

[weeklyeth]

paying taxes is best way to come out of tax zone with income tax departments so it is better we pay taxes on time we respect crypto as well taxation in india

[anad98]

It seems to be very interesting topic. I consider that its good to maintain your financial records clear. Profits from trading through cryptos comes under the earning from capital gain and can be of short term capital gain or long term capital gain. if you earned profit by keeping your investment for more than 1 year your income will be tax free.Moreover your net income from capital gain is subject to any losses that you occured in that year. thus any losses on investment will be deducted from the gains to get the net gain on which the tax will be levied.
Happy trading !!!!!!!!!!!!!! 

[achris]

Profits from trading through cryptos comes under the earning from capital gain and can be of short term capital gain or long term capital gain. if you earned profit by keeping your investment for more than 1 year your income will be tax free.

Nope. I think that's not right.

LTCG is applicable for these assets
A) immovable assets/property ( land, building and house  )  - if held for more than 24 months  ( before FY 2017, it was 36 months  )
B) movable assets ( jewellery , gold , etc ) - if held for more than 36 months
C) equity/bonds/ securities ( held for more than 12 months )

Exceptions on taxation are applicable -
For A under certain scenarios ( eg : selling a land/property to buy another land /property , sale of agricultural land etc * Some conditions apply. )
For C) from 2018 - if gains are more than 1 Lakh , else it is flat 10% tax

Crypto-currencies does not fall under the exemption category of LTCG.

[sanjeevgogi]

most e important thing about  our  coin community is  thriving. we need to  show  that all bitcoiners are  tax paying honest citizens who just  wants  economical freedom .
This is the most important one. as positive views grow, more and more people start to  join in, this  revolution and a thriving  eco system can be  created.

[lottaryico]

If you want to win a new car read this.

https://drive.google.com/open?id=1GkAl0Ibx6FvhsIQwrj7vItIR_ndsp2qf

Pls Read and if you believe me, you share for me

[Vimal.Sharma]

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.

Ah well fuck indian gov i'm not going to pay any tax.

+1
Pay taxes for what?? no roads.. shitass electric supply.. open garbages..
Our money is only gettin locked away in swiss accounts by these fuckin bureaucrats.. 

I understand you frustration. but fighting against the system head on is only gona give the  government reasons to go after the bitcoin community users.  we can  fuck up theses bureaucrats once  we have established  a  proper global decentralized currency. away from the control of world  governments.

Its in moments like this i feel the absence of crappy media.. they can replay the same fuckin news for two days in a row but cannot actually do one good thing for the community.. i mean while the rest of the world news agencies are giving out reviews.. positive negative other matter.. but atleast people know.. Sometimes i wonder why is India so fucked up on so many different levels.. and yet we are india shining.. Grrrr.. 

Remember, media shows its own views, not the peoples views.During demonitisation, some people were for it and a lot were against it. But the news showed only the happy ones.

When i Talk to friends in china, i feel india is going to be china soon(in terms of freedom of thought).

[Vineeta2oct]

I don't think I need to pay any taxes to govt for my crypto transactions because I only invested and lost, earned nothing

But seriously guys if you have made any profits then do pay your taxes as tax evasion is wil get you in big troubles.

[Chetan04]

Anyone here who pay taxes for crypto currency?

yeah I would love to if I had made any profits. But since I entered the market, whole crypto market is just keeping on going down. I don't even know whether I'll recover my original investment or not. So no gains, no taxes.

[sgk]

Anyone here who pay taxes for crypto currency?

yeah I would love to if I had made any profits. But since I entered the market, whole crypto market is just keeping on going down. I don't even know whether I'll recover my original investment or not. So no gains, no taxes.

You can claim these losses from government via reverse credit through ITR-8. The government will process it with your IT return and you'll get your claim amount back into your bank account, although you'll need to attach relevant proof of losses. This is in line with RBI's latest policy circular dated 5th May 2018 to protect investors from high-risk crypto investments. More information on RBI's website.

/s