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Author Topic: people face paying taxes on their Bitcoin Sales in India  (Read 115 times)
AICoin_Official
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December 14, 2017, 11:08:00 AM
 #1

people face paying taxes on their bitcoin Sales in India,do you need to pay taxes on Bitcoin trading in your country?


https://www.aicoin.net.cn/chart/D331D4E2

BTC (Bitfinex):
Resistance: $16,440 & 17,000, Support: $16,000 & 15,500
Comments:
Based on the fundamental analysis, we can’t see an obvious breakout in volumes and momentum even though BTC set another all-time high yesterday. Also, price moved within a broad range on daily chart and the game between bulls and bears seemed fierce as BTC made several attempts to the support level at $16,000. However, in the long term, BTC price remains bullish though medium-term trend isn’t clear for now. Considering the effects by the event that BTC futures went live on CBOE, constant attention should be paid to the launch of BTC futures falling on December 18 on CME. If the correction continues, the inflection point of price is expected to remain within the range from $14,000 to $15,000.
Suggestions:
For experienced investors, you can open a few new positions for short-term operations at support level and apply “buy on dips, sell on surges” as your strategy, however, loses must be stopped if price breaks below support level with decreasing volumes. Trend is not clear for medium and long-term investments for now.
 
BCH (Bitfinex):
Resistance: $1,725, Support: $1,630 & $1,600.
Comments:
BCH price surged as expected after breaking through the triangle pattern on December 12. Currently, BCH is getting close to the recent all-time high, short-term signals are expected to emerge after confirming the price move at $1,700, the psychological level.
Suggestions: 
Further attention should be paid to the price action around $1,700, for BCH holders, you can hold on to your positions and wait to see.
:
ETH (Bitfinex):
Resistance: $750, Support: $730 & $700.
Comments:
ETH has been continuously breaking above resistance levels in the past 2 sessions. However, the increasing volumes may indicate the possibility for divergence, which should be paid close attention to. Since there have been no announcements about ETH fork from major exchanges till now, the continuation of “candy bonus” can’t be excluded. Therefore, we need to focus on the price move in the next few hours.
Suggestions:
Profits can be partially booked for long positions holders as ETH set another new all-time high on daily chart, continuous attention should be paid to volumes and resistance.
 
LTC (Bitfinex):
Resistance: $320, Support: $290 & $270.
Comments:
We can’t observe an obvious trend for now as LTC price is moving sideways within a range after the surge, which is applicable for segment traders in the short term. The recent surge in LTC price has direct relationship with the exchange issue on Bitfinex, which, however, has a temporary boost to LTC price, instant attention should be paid to news about the exchange issue.
 
Original by Hashpai, translated and posted by AICoin Jami.

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December 14, 2017, 11:32:23 AM
 #2

The government is in a big muddle over Bitcoin and cryptocurrencies sighting the immense price surge over the last month and is even advising precaution to investors telling them to 'invest at their own risk'. All of this is leading to FUD about Bitcoin being taxed, while there is no official statement from the central government yet. Trading on exchanges is literally a nightmare as prices are ridiculous and these so called exchanges are getting away with tax and a lot of fee while the rest of the country is in disbelief of cryptos being taxed.


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February 08, 2018, 05:38:14 PM
 #3

in my country, indonesia
Public interest to invest in bitcoin increases in line with the rise in the price of digital currencies. Director of Counseling, Services and Public Relations Directorate General of Taxation Hestu Yoga Saksama also confirmed the benefits of sale and purchase or investment bitcoin is taxable income.
In fact, Bank Indonesia (BI) has banned the use of bitcoin as currency. Therefore, rupiah is the only legal currency in Indonesia. Thus, licensed payment system providers are also prohibited from processing payment transactions with bitcoins and other digital currencies.
But this is still in the discussion, still not clear the decision.
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February 08, 2018, 05:49:40 PM
 #4

Taxes, like death, are inevitable.

In the UK, bitcoin is treated like an asset, so you have to pay capital gains tax. There is a tax-free allowance of £11,000 a year, and any gains above that are taxed at 10% unless you are a higher rate taxpayer, in which case you pay 20%.

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February 08, 2018, 06:31:45 PM
 #5

In the Philippines, we don’t pay taxes on our bitcoin but we have problems in cashing out our profit from bitcoin exchange because some banks don’t want to be involve in bitcoin.

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February 08, 2018, 06:48:22 PM
 #6

Taxes, like death, are inevitable.

In the UK, bitcoin is treated like an asset, so you have to pay capital gains tax. There is a tax-free allowance of £11,000 a year, and any gains above that are taxed at 10% unless you are a higher rate taxpayer, in which case you pay 20%.

This depends on if you are a full-time trader or not, if you are a trader then you're actually liable to pay income tax instead of capital gains tax. In fact if your income in any way is a result of your 'job' then you'll pay income tax instead of capital gains. Makes me think it might be worthwhile for some individuals to get a part time job and try then claim that crypto earnings are just something on the side so they can pay the lower capital gains rates.

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February 08, 2018, 07:24:40 PM
 #7

Wow that is just another scummy step for a government that continues to screw its people over. Whats next pay taxes on the amount you lose too? Lol what a freaking joke, I don't mind paying taxes but these corrupt governments piss me off.

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February 08, 2018, 09:36:44 PM
 #8

Two certain things in this life are death and taxes. So get used to it. You still need to use the road, electricity, internet, so I think taxes its not that bad and scary. Cheers!
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February 08, 2018, 10:12:08 PM
 #9

In the Philippines, we don’t pay taxes on our bitcoin but we have problems in cashing out our profit from bitcoin exchange because some banks don’t want to be involve in bitcoin.

You don't pay taxes on BTC  or BTC sales? I'm asking because there are no countries where people are required to pay taxes on cryptocurrencies. Only profits coming from exchanging to fiat are taxable. As long as you're keeping cryptocurrencies in their original form you're safe, try to turn it to fiat and there's only a handful of places where that won't be taxed.

Two certain things in this life are death and taxes. So get used to it. You still need to use the road, electricity, internet, so I think taxes its not that bad and scary. Cheers!

As long as it's not a fixed rate the tax will always be scarry for the simple reason that those who work harder and earn more will have to pay more. And since they aren't using those common roads and pavements more often than the rest, they aren't treated equally.

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February 08, 2018, 10:14:58 PM
 #10

Two certain things in this life are death and taxes. So get used to it. You still need to use the road, electricity, internet, so I think taxes its not that bad and scary. Cheers!
That's true, same time government should not levy taxes on each and everything. Even on the basis necessity of the human beings tax should not be levied. This gives an earning to the political people and ruins the life of common people. Good government serves the people with diverse plans not with the taxes.

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February 14, 2018, 10:23:36 AM
 #11

In our country, there is no need to pay taxes for the sale of bitcoin, but the government is thinking about it. Perhaps in the future in all countries bitcoin will be taxed.

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February 14, 2018, 10:25:40 AM
 #12

I think most countries technically require you to pay tax on gains like bitcoin, ethereum or other cryptos. Its best to stay within the law.

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February 14, 2018, 11:39:30 AM
 #13

Two certain things in this life are death and taxes. So get used to it. You still need to use the road, electricity, internet, so I think taxes its not that bad and scary. Cheers!
Well it is better to have taxes than to banned the bitcoin in assigned country.Honestly taxes of bitcoin implementation was difficult in a first place especially when we start our income that without an experience to have a tax deduction.This is a reality and we can't change this one but the important is we continue our income in bitcoin and continue to help other people to involve bitcoin as a profit.In terms of thinking taxes of bitcoin why should we focused on our bitcoin profit to grow and find more income of cryptocurrency especially in joining ICO Bounty Compaigns or a Trader.
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February 14, 2018, 11:44:06 AM
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In the Philippines, we don’t pay taxes on our bitcoin but we have problems in cashing out our profit from bitcoin exchange because some banks don’t want to be involve in bitcoin.

Its good to hear that your country didn't taxes your Bitcoin assets. So, how you cash out your Cryptoassets? In my country, we have some gateway exchanges that can cash out our crypto assets. It seems the owner bribe some government regulator, so BITCOIN still acceptable in my country.

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February 14, 2018, 11:47:34 AM
 #15

Not only India, there are many countries asking for taxes when exchanging their Bitcoin to the cash. So we have to be very careful when dealing the governments because they need taxes, in order people should not become rich in any country.

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February 14, 2018, 12:05:08 PM
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just a few weeks ago, I heard from the radio that my country is planning on taking steps to secure bitcoin so that they can help reduce the use of bitcoin for scam. So, the idea of paying taxes for bitcoin comes to mind. But, as of now, there are no news that our government is charging us taxes.

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February 15, 2018, 12:07:46 PM
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In the Philippines, we don’t pay taxes on our bitcoin but we have problems in cashing out our profit from bitcoin exchange because some banks don’t want to be involve in bitcoin.

Its good to hear that your country didn't taxes your Bitcoin assets. So, how you cash out your Cryptoassets? In my country, we have some gateway exchanges that can cash out our crypto assets. It seems the owner bribe some government regulator, so BITCOIN still acceptable in my country.

Well that's happenning in a lot of countries. Citibank even decided to cease allowing debit cards for crypto transactions which for me is very wrong. India has been open in its stance in not supporting btc and taxing traders is one way to discourage people. See how they're afraid of crypto Cheesy

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February 15, 2018, 12:13:21 PM
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An obstacle for bitcoin development in India
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February 15, 2018, 12:21:55 PM
 #19

Fortunately in my country did not ask any taxes from my bitcoin income. But as what out Security and exchange commission has shown its interest on bitcoin, well it really makes me worried for maybe time will come they will apply for taxes in all users and bitcoin holders in my country.

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February 15, 2018, 11:19:40 PM
 #20

At the moment we are not yet paying any taxes on any bitcoin transaction here in the Philippines. However, our government is taxing everything here and has even increase taxes on vehicles. So I believe that the government is now finding ways on how they can generate income out of bitcoin since they are aware that big transactions out of many people are happening. You cannot escape paying taxes here in our country. It is kind a different once this will happen, because bitcoin is a decentralize system or direct transaction without any third party required to give approval.

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