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Author Topic: Heisenberg's Merit Source Application for the Indian Board  (Read 968 times)
Heisenberg_Hunter
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June 21, 2019, 05:31:59 AM
Last edit: June 21, 2019, 06:05:56 PM by Heisenberg_Hunter
Merited by suchmoon (19), redsn0w (5), dbshck (4), tranthidung (3), bones261 (2), LoyceV (2), DdmrDdmr (2), ETFbitcoin (1), Last of the V8s (1), webtricks (1), o_e_l_e_o (1), r1s2g3 (1), 1miau (1), JSRAW (1), Zedpastin (1)
 #1

With the recent spikes in the bitcoin prices and the increase of good discussion taking place in the Indian Board which deserves merits, I would like to apply as a merit source for spreading out my smerits in the Indian Board. The Indian Board has been dormant with very few discussions taking place over the course of bear market. Other than that the board was an abosulte trash with the fake translators dominating the board. For past 1 year there was no moderator for the board which deserves one during the recent times since the board being much more active than it was during the last year. I have spent most of my smerits to the best posters in the Indian Board who are thriving their best to bring back the board to its normal state as it was 2-3 years back and when Benson was in control of the board.

I don't quote myself as an established member of the community since that is based on other's opinions on how established I am. I don't post much in the Indian Board but I do visit the board daily to merit a few good posts and report some. I am active in the forum for most of the time roaming around the Indian Boards, reporting spams and meriting a few good posts. I am the top smerit sender in the Indian Board by spending around 42 smerits and the smerits which I have now are inadequate to give to the posters who deserve much more than they are being merited now by me.

Apart from that, I along with other prominent Indian forum members have exposed fake translators and here is the thread for that : .Overview of Fake Hindi Translators in the Indian Board. Since they weren't tagged by DT, JSRAW tagged them and in return I and erikalui received negative tag from one of the exposed translator's alt account. Putting the drama aside, I have proven to be trustworthy by doing few successful trades in the forum and spreading out most of my merits to various members in the forum. According to bpip data, I have given 186 merits to 97 profiles where 42 of them having been spent in the Indian Board and I am 143rd top merited profiles in the forum. There has been an increase of good discussion in the Indian Board recently and if being selected as a merit source, the posters would get much more interest in posting higher quality posts.

Aside from the Indian Board, I visit the Development and Technical Board quite often and merit a few posts there. But there are a handful of merit sources visitng that board, so I have limited my smerits mostly to the Indian Board and it's child board.

I have collected 10 of the best recent posts from the Indian Board which were worth deserving more merits. Side note is that, most of them have been merited by others since the good posts are scarce enough in the board. India is a country were people speak large set of varied languages with English being the common among everyone. You can read my detailed post on what the Indian Board lacks in terms of receiving merits and being active for a better insight.



#1

Correct! It's open for both sides. All governments of India had the resource to manipulate things but did it effect us? The Death of Shastri or the relation of Indira Gandhi didn't effect the common mass in big way! Our daily life remained the same!

The death of Shastriji is what led to INC getting split, the Kamaraj faction losing out==>South Indians losing their intellectual role in INC (One of the biggest losses to our country if you ask me, just see the kind of visionaries South India could have given Congress), Indira Gandhi coming to power and establishing the "Congress High-command" system (Read about how she used to change CMs in Congree ruled states at her whims).

When the K. Kamaraj faction was kicked out; politics, bureaucracy and whole Indian polity was left open to the scourge of sycophancy and corruption. Indian bureaucrats in Pre-Independence and up unitl Nehru era used to be men of honor with a firm belief in the Indian identity and the need to take all people together for socio-economic reform. This was replaced by an the opportunistic/ despotic approach of Indira Gandhi who just tried too hard to fill her father's shoes. (Read about how even international media thought that "Who after Nehru?". Indira was nowhere in the running. All her blunders can be ascribed to her desperation to measure up to the expectations of a renowned father). It was Shastriji's death and Indira's taking over that led to the complete degradation of moral fiber in our politics. (Lets not even talk about how her favorite son Sanjay Gandhi was a bully and anarchist and how she declared emergency and corrupted the soul of India).

Don't believe what I say because its just a perspective. Read what the sycophant-in-chief Ramchandra Guha says about Indira's times in his book (India after Gandhi). You may have to read a bit between the lines while keeping yourself open to the idea that not all right-wing revolutionaries of India were religious fanatics (The way it has been portrayed in front of the common Indian in media for decades).

It is easy to say that it "didn't effect the common man". These are in fact the events that led our country into the divisive state that we are in today. We were made to doubt our own society and history.

Due to demonetization, millions of people lost their jobs. Thousands of small companies got closed down while the majority of the benefits were passed to certain big conglomerates. Take example of BSNL and JIO - a government run telecom provider doesn't have access to 4G spectrum while a private company is making billions in profit with the same spectrum.
I completely agree that demonetization was a fiasco, though i don't believe any conspiracy theories behind it. It was the typical Modi-style of sudden, spectacular moves. Agree about Jio but I don't see BSNL as the victim here. Airtel/ Vodafone/ Idea are what suffered the most.

BSNL is now not able pay their full time employees and delaying the salary since last 2 months! That's where common mass is getting affected.

BSNL being in the dilapidated state it is in today is not because of Jio. They have mismanaged their affairs for decades now because of the limitations of being a PSU (Sarkari workforce). You only need to see the CAG report on BSNL for that.

CAG RAPS BSNL. MTNL. This is in 2013, not because of DeMo..
BSNL gave undue favors to vendors.


If we want to, the can of worms will be opened from both sides! But that's really not the intention of this thread for sure, so I will stop here. I still believe, demonetization is the biggest scam in Indian history which should be probed by an independent authority once the current rulling party goes out of power!
I am more than happy to discuss this here. At least it won't go down to the level of whatsapp university and Facebook debate..LOL (from both sides, left-liberal and conservatives). I am all for an unbiased probe into such allegations of scam. It should be done to clear the intentions and history.

As always amishmanish deserves much more merits than most of them in the Indian board and I can vouch for his excellent posting and his contribution to the Indian board.



#2


You are right about the political machinations that lead Jinnah losing prominence in INC. It was differences of political methods between Jinnah and Gandhi-followers. Jinnah's approach was the sophisticated, anglophile one of securing "political concessions" within the fold of British and gradual independence. Gandhi on the other hand proved to be politically much more cunning and in touch with the Indian masses as he touched a cord with his "going back to roots" philosophy. This is what truly made it a mass movement as the faithful, poor masses submitted themselves to the bhajan singing Mahatma.

We cannot blame anyone particularly for the religious polarization though. It was fanned by the British and both Hindu and Muslim leaders played in their hands. As history would have it, Jinnah himself became the catalyst as he put up his demand for a separate nation and choosing to use faith as the motivation to rally Muslims (probably taking a leaf from Gandhi's book).

Sure Pre-nehru era had its fault .Yet, i am talking about the way that not just politics but more importantly, bureaucracy and general public life fell to sycophancy and opportunism once the prodigious daughter came into her own. She was the one who committed the original sins in Judiciary (Appointment of A N Ray as CJI bypassing the senior most bench judges), declared Emergency. This solidified the thought process that you can have your own way if you have enough political power or know the right people.

--snip--
 What i was trying to tell is that, there might be a few people in an ocean that are pure to their heart on what they do, but the majority are corrupt and only when the majority is true to what they do, you wont see any change.
Politics maybe a cesspool of corruption but this constant refrain against politics has not helped us so I just wish to point out the positives.  The majority will always be corrupt and suffer from moral degradation but it is always that one man or that small group of person chipping against oppression and injustice that deliver change. Gandhi, MLK Jr, Nelso Mandela, were all drops in the ocean.. Smiley So we should also focus on them rather than the collective..



#3

Hey guys,
I know there are few threads discussing about the taxability of Bitcoins in India already however I would like to raise some different concerns. If you are Crypto Earner too, must read the whole post. I tried to be very informative by taking my own case as example:

Upto the PY 2017-18, Exchanges were operating in India. I used to sell my Bitcoins on Zebpay and Unocoin. I am not a trader, I haven't bought Bitcoins directly from my bank account ever except once in 2016 when I bought Ethereum worth few thousands in rupees. So I fill my Income Tax return as an income earner. I showed Bitcoin earnings as income and filed it as the professional receipts under Section 44ADA.

But that's not possible from PY 2018-19. Why? Because Exchanges no longer operate in India. Now my Bank Statement doesn't have a separate record of incoming-remittance as it used to be earlier when credits were marked from Zebpay or Unocoin. It was easy for me to categorize any credit as income because it was from Zebpay's bank account or Unocoin's Bank Account. But in past year I only used P2P. Now when we sell on P2P, the amount in bank is credited by some other buyer who is also Indian resident. Now in this new system, it is impossible to show Bitcoin earnings as income because buyer is not your employer, not a medium like Zebpay and not connected to your work at all.

In such a scenario I can only see following ways out:
1. I should file my income as Capital Gains where I can mark Cost of Acquisition to be NIL and file either STCG or LTCG on whole amount which has been credited to my account in previous year from buyers.
2. Carry on with my existing practice of showing credits as receipts and pay tax under PGBP. However, in this case I won't be able to provide any bill if I received Notice from Income Tax Department.

Are you facing the similar situation? If yes, then what have you decided. If no, then too share your views. Let's have a quality discussion as it is serious matter for Crypto Earners in India.



#4

You have pretty well highlighted the issue, but I think the concerns have not at all changed even after the ban of exchanges in India despite of one thing that you just have to scrutinize your banks statements to find out which receipts are from bitcoin selling.

Let me explain, If you have filed the return last year in 44ADA with showcasing your receipts being professional in nature without an issue of invoice the same can still be done. Moreover the fact the GST registration limit too has been raised to 40 lakhs gives you a large enough window for not issuing an Invoice. Most of the freelancers hardly issue any kind of invoices to their clients. Moreover as bitcoin has no legal statue as to what it is whether a commodity, currency or medium of exchange we can use it as anything. So you still have two options available.

1. Show it as a business income and professional receipts if you are earning bitcoin from signature campaigns or some work. Don't forget to claim for som expenses as a reduction.

2. If the receipts are larger than 40 Lakhs then it's better to take up a GST number. issuing invoice is never a problem and with an income of around 40 Lakhs an accounting software won't hurt that much.

I have sometimes sold BTC for INR face to face. In these days, I was not too much familiar with all the available ways of trading btc.
In case someone is doing face to face deal, I don't think there's any payable taxes since no bill is there.
In most cases, I didn't hold bitcoin for long term. Can I count it as Capital gain too, I'm not much expert on these stuff. Is there any limit which will not be counted as capital gain even if I have gained a little profit?
As per law a capital asset is a property of any kind whether for business or not. So you can regard bitcoin as your property thus a capital asset. If you have made a little profit better show its Sale Amount - Purchase Consideration = Profit . Pay Tax at this profit in form of Short term Capital Gain to stay on the safer side. Webtricks very well highlighted the slabs for it
 
Quote
Make sure to accept the proceed of your crypto sales at a current account. Keep note of all the transactions. Pay tax as per presumptive taxation rules.

I did file my return under 44ADA as presumptive taxation last year because it was possible to trail back the source of income via Zebpay account. I can easily differentiate my crypto receipts from other receipts because they were credited from Zebpay account. But this year, receipts have come from personal accounts of buyers because I sold on P2P exchanges. Hence, it is almost impossible to differentiate which are actually crypto receipts and which are not. In such circumstances, I have no evidence to trail back transaction to my crypto earnings. Income Tax Department will surely not believe my return on mere words.

Tracing back transactions is not that difficult trust me. You just need to get your annualized bank statement which does mentions the name of the sender that will make it much easier for you to trace whether it's an income or merely a casual receipt. Even if you are unable to do so using this method try to get a statement from the P2P methods that you have used as far as I know wazirx, bitbns, koinex loop, remitano all provide with such statements. Even if you are unable to trace out transaction due to huge volume of transactions including the personal ones(which I don't think might happen with a saving account). Better just make a rough estimate of how much earnings you might have received from Crypto such as a percentage of total receipts. Every statement has total Receipts columns just apply a roughly calculated percentage make sure to be on the upper side to be safe. This would be the best solution with zero problems.

Moreover, If you have high volume of transactions, I would recommend you make a separate saving/ current account for your crypto related receipts from this year making it way easier to trace out such transactions just like normal businesses do. You will save yourself a lot of headache.



#5

संदर्भ ( Reference or source) :- यह पोस्ट @r1s2g3 के इस पोस्ट से प्रेरित है। मुझे लगा कि हिन्दी भाषी लोगों के लिए यह महत्वपूर्ण जानकारी होगी इसलिए मैंने इसका हिन्दी अनुवाद आपके लिए किया हूँ।


क्रिप्टो-मुद्राओं की बढती लोकप्रियता ने बहुत सारे निवेशकों को आकर्षित किया है लेकिन इसके साथ ही बहुत सारे स्कैम या स्कैमर्स भी बढे है ।

नीचे क्रिप्टो-मुद्राओं से संबंधित कुछ आम स्कैम है जिससे बचने की कोशिश की जानी चाहिए और अपने क्रिप्टो निवेश को सुरक्षित करना चाहिए।

1. मुफ्त मे बिटकॉइन का मिलना :


मै बहुत सारे साइटों के संपर्क मे आया जो यह कहते है कि उन्होंने बिटकॉइन के कोड में सुरक्षा दोष को पाया है या खनन पूल में बग पाया है जिसके कारण वे मुफ्त BTC उत्पन्न कर सकते हैं। आप बस अपना बिटकॉइन पता दर्ज करें और वे कुछ मिनटों के भीतर 1 से 3 BTC उत्पन्न कर सकते है। अब यहाँ से वास्तविक स्कैम शुरू होता है जब वे उत्पन्न किए गए BTC को क्लेम या दावा करने के लिए खनन फीस के रूप में 0.2 BTC मांगते हैं। मैंने इसे कभी प्रयोग नहीं किया है लेकिन अगर आपसे कोई BTC मांग करता है BTC भेजने के लिए तो यह पूर्णतः स्कैम या घोटाला है। खनन फीस पहले मांगने के बजाए वे ऐसा क्यों नही करते कि खनन फीस को काटकर बाकी बचा BTC भेज दे ?
 

2. क्लाउड माइनिंग :
ऐसी बहुत सारी साइटे है जो आपको 30 से 40 डालर के पैकेज मे बिटकॉइन, लिटक्वाइन, इथेरियम उत्पन्न करने के लिए हैशपावर प्रदान करने का वादा करती है। ये साइटे हाल ही में बनाई गई होती है और आशा के अनुरूप रिटर्न की पेशकश करती है। लेकिन वे केवल कुछ हफ्तों तक ही चलती है (जल्दी से पैसे को इकट्ठा करना और व्यापार को बन्द करना)। हालांकि वे साइटें जो वर्षो से स्थापित है उनके निवेशक भी खुश नही है। इसलिए एक नए निवेशक को क्लाउड माइनिंग में निवेश नहीं करना चाहिये।


...snip...


11. अपने वैलेट पता को कापी पेस्ट करते समय अपने पता की जाँच दुबारा करे कि क्या पेस्ट किया हुआ पता वही है जिसे आपने कापी किया था। (संभव है कि आप सिक्का RPG मालवेयर से प्रभावित हो सकते हैं )

12. बिना एस्क्रो के व्यक्तियों के साथ व्यापार न करें।

13. एस्क्रो के ईमेल पते ध्यान दे और उसके साथ डिल करे न कि टेलीग्राम या gmail/अन्य ईमेल द्वारा।

14.  अगर आपको वेबसाइट के सपोर्ट नम्बर पर काल करने का मैसेज मिला है तो सबसे पहले आधिकारिक वेबसाइट से नम्बर को सत्यापित कर ले। यह एक स्कैम करने का प्रयास हो सकता है जैसा कि उपर के टापिक मे चर्चा की गई है।

आखिरी लेकिन केवल यही नहीं , कभी भी ऐसे पैसे का निवेश न करें जिसके खोने को आप बर्दाश्त नहीं कर सकते।



Though this is topic is a translation of another English Topic, topics like this needs to be present to educate the Regional Language speaking Indians.



#6

~

आपकी बात से मै पूर्णतः सहमत हूँ और मुझे अंग्रेजी से कोई शिकायत भी नही है। हिन्दी को मै प्राथमिकता इसलिए देता हूँ क्योंकि क्रिप्टो-मुद्रा से संबंधित विषयों की जानकारी या उनपर चर्चा मंच के अन्य अनुभागों मे अंग्रेजी भाषा मे सरलता से उपलब्ध है और कोई भी व्यक्ति जिसे अंग्रेजी का अच्छा ज्ञान है उसे आसानी से समझ सकता है। लेकिन समस्या वहां उत्पन्न होती है जब अमुक व्यक्ति को अंग्रेजी का ज्ञान नही होता है और उसे अपने प्रश्नों का उत्तर उसकी भाषा मे उपलब्ध नही होता । ]यही कारण यह है कि मै हिंदी को प्राथमिकता देता हूं ताकि ऐसे लोग जिनको अंग्रेजी की अच्छी समझ नही है वो भी क्रिप्टो-मुद्रा को अच्छी तरह अपनी भाषा मे समझ सके और उससे संबंधित चर्चाओं मे भाग ले सके।

दुसरा जैसा कि हम जानते हैं कि भारत की अपनी कोई राष्ट्रीय भाषा नही है और यहां 23 भाषाओं को भारत की आधिकारिक भाषाओं का दर्जा प्रदान किया गया है जिसमे हिन्दी भाषी लोगों की संख्या अधिकतम है जिसे निम्न चित्र से समझा जा सकता है -

चित्र का स्रोत (Image source) https://en.m.wikipedia.org/wiki/List_of_languages_by_number_of_native_speakers_in_India

हम जब बड़े स्तर पर क्रिप्टो-मुद्रा के गोद लेने की बात करते हैं तो हमे यह भी सुनिश्चित करना होगा कि क्रिप्टो-मुद्रा से संबंधित विषयों की जानकारी स्थानीय भाषाओ मे भी उपलब्ध हो ताकि अधिक से अधिक लोग इस प्रौद्योगिकी को समझे और इसे अपनाये।

मै यहां पर यह भी कहना चाहता हूं कि जब मै इस स्थानीय भाषाओं के अनुभाग (Regional languages India) को देखता हूँ तो मुझे यहां किए गए पोस्ट खिचड़ी की तरह लगते हैं और नया कोई भी बन्दा यहाँ के पोस्टों को देखकर अचंभित हो जाएगा और उसे समझ मे ही नहीं आएगा कि यहां क्या हो रहा है। मै इस स्थानीय अनुभाग के लिए यह सलाह देना चाहूंगा कि प्रत्येक आधिकारिक भारतीय भाषाओं के लिए अलग अलग उपखंड बनाएं (23 उपखंड) ताकि भारतीय धागा और अच्छा दिख सके। वर्तमान परिस्थिति की सबसे बड़ी समस्या यह है कि हम निम्न गुणवत्ता वाले पदो को किस आधार पर रिपोर्ट करे बड़ी समस्या है और यही कारण है भारतीय स्थानीय बोर्ड इस मंच पर उपलब्ध अन्य स्थानीय बोर्डों में से सबसे गन्दा है।

हमे अपने भारतीय बोर्ड को और अच्छा बनाने के लिए मैरिट सोर्स की भी जरूरत है ताकि गुणवत्ता पूर्ण पोस्ट करने के लिए प्रोत्साहित किया जा सके। हमे इस बोर्ड के लिए एक सक्रिय माडरेटर का चयन भी करना चाहिए जो कि वर्तमान में कोई नहीं है। हालांकि मैने मेटा अनुभाग मे मंच के कुछ सम्मानित सदस्यों द्वारा इस विषय पर चर्चा का विषय देखा है।



#7

.....secondly its not easy to trust someone who says he will deploy miners in a country thousands of miles away. It smells of a scam and even putting that aside most people who did this model have given up due to how unprofitable the market became.

Scam and profitability, agree with both the points. About scam, its actually really not that hard to find information about anyone these days which is why I have been growing business with remote people. I am from BITS, worked for GM in India and then moved to US for masters and job at Cummins. I have had online presence since 2003 pretty much and have strong roots/community in both India and US. I would imagine most scammers would surface for a short duration and would lack a long history. And yet, there are far more ways to validate someone. I haven't been scammed (hacked yes, but not scammed) in online world for last 16 years and I assume the same with most others. Smart people can see a scam from miles away.

Profitability has gone down as well, which is why its allowing business like mine to sustain paying industrial electrical rates compared to hobby miners on residential rates. Last year, collocation facilities were abundant but now most of them have shut down. Even though they were having good rates, I can see that inefficiencies in the operation killed them along with low profits. Hosting is really not that lucrative, you barely make much considering how much overhead electrical consumption you end up having outside client equipment. Being solo, and able to handle everything myself..from buying, building, deploying to management, maintenance, troubleshooting allows me cut my overheads and just that I have experience to make the operation run efficient is letting me keep my head above the water.

Big farms were thriving when they were able to sell daily and make profits. Right now, I believe its perfect time for hobby miners who dont sell and instead HODL. Today's lower profits means absolutely nothing when you are not selling, as long as its positive. A big farm like me (apart from clients, I have my own farm too) cant HODL anymore because of my electricity expenses would be too high to sustain long term.

I am looking to build a trusted channel to be able to sell in India but in my recent visit (I was there for first half of Jan), I learned that mining is almost considered illegal so that hardware trading would still take a time. Now that would make me seek miners who still might be interested in this crazy idea of "someone else running their mining equipment a thousand miles away" Smiley I know, as much as crazy it sounds, it probably is not too far from Genesis running your cloud contracts. Once trust is there (which can be built with due diligence) it doesn't matter if you are located in next town or across the globe. Remote access would be same.

Btw, here is my website. I need to update few more pics though Smiley http://mysticdigital.io



#8

So, I have seen a lot of people asking questions regarding the Taxability and disclosure requirements about their Bitcoin Income. As we all know the return filing date is coming. So I would suggest you with ways of disclosing your bitcoin or other cryptocurrencies Income earned in Financial year 2018-19.

Remember to save yourself from hazzles only pay taxes on cryptos which you have redeemed in Bank. Anything held on exchanges such as Koinex, Bitbns, WazirX still counts as crypto assets not sold. So you don't need to pay tax on that. Pay TAX on "₹" That you have received in your bank account only.

So, there are a list of sources as to how you can earn your bitcoin Income:
1. Earnings from Signature Campaigns, Bounties & other Services Rendered.
2. Earnings from Regular day trading profits.
3. Earnings from Crypto Investing(Crypto brought before 2018 but sold in 2018).
4. Earnings from any other source.


1. For Bounty Hunters and Signature Campaigner: If you have earned any income from such sources and redeemed it on an Indian exchange. Its better if you show yourself as a Digital Marketing Agency and file your return under Profits and gains from Business. In this way you will be able to take advantage of "Presumptive Income Scheme" in which you can declare your total earnings and even subtract some expenses such as Internet Cost, Electricity cost etc. better ask your CA regarding it. So if you have earned received for eg. ₹200,000 in form of Receipts from signature campaigns you can deduct some expenses and file a return under 44ADA.

2. For Regular day trading profits.: If you are involved in regular trading of cryptocurrencies and have redeemed something in bank Account then you need to pay taxes on it. Remember don't Disclose this income under Capital Gains. You have to disclose this once again under profits and gains from Business but you can't opt for presumptive Income Scheme. Just ask your Accountant to make you a profit and Loss with Balance Sheet and file your return by paying tax at normal Slab Rates.

3. Earnings from Crypto Investing: If you have sold some crypto assets throughtout the year like merely 15-20 transactions with their profits its better you disclose such profits under Capital Gains. Remember you must have brought Cryptocurrencies using bank account to disclose income here. You can just show your sales Receipts minus the Purchase payment and pay tax on profit as short term capital gain.

4. Earnings from any other source: In general I don't think there is any other source of earning. Even if you have earned something from giveaways or something just show it under your income from other sources showing it as "CRYPTO RECEIPTS". Pay tax at normal slab rates.

I think I have covered all the major sources of crypto earnings. If you have any other query a PM is always welcome Smiley



#9

...snip...

Absolutely right that this benefit is only available to people notified U/S 44AA(1)
Quote
Now section 44AA(1) says,
(1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the Official Gazette' shall keep and maintain such books.
Yes this is what is written under 44AA(1) which says any other profession as notified by board in official gazette which has notified Information Technology Services. Signature campaign and digital marketing( The broad domain of bounty hunters) falls under this category.

Now your interpretation of 44ADA is horribly wrong. It only takes out the notified services from 44AA(1) not the clause of maintaining books of account, it contradictaly states that

Section 44ADA(4) Notwithstanding anything contained in the foregoing provisions of this section, an assessee who claims that his profits and gains from the profession are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (1) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.

In layman terms this means that one who is not obeying 44ADA has to mantain books of accounts as prescribed by you here
Quote
– Cash book;
– Journal;
– Ledger;
– Carbon copies of the bills and receipts issued by the person in relation to sums exceeding Rs.25;
– Original bills and receipts issued to the person in respect of the expenditure incurred.

And if we say that even people opting for 44ADA and 44AB have to maintain books of accounts then the whole presumptive income scheme becomes a joke.

Source: http://www.icnl.org/research/library/files/India/IndiaIncomeTax1961.pdf  Smiley

Alternatively showing it under other income sources may make such income more prone to scrutiny by Income Tax due to unclear disclosure while no one doubts on a digital marketing business that easily. Smiley



#10

Thanks for reading the entirety of both writeups. It is good to get some feedback. The ideas are more of a log of what I felt the crypto movement originally was all about, bringing power and trust back to the people. Of course, I too do not foresee these ideas being embraced wholeheartedly by the establishment. Having said that, I personally feel that the way things are going, such ideas may start to find more acceptance in the long run. I have always thought that crypto adoption will not come until there are truly no other choices left and people, in general, have had enough.

As requested, here is a TLDR version of the two articles -

Part 1 ---

- Historically India is a decentralized country in terms of population diversity, culture, language etc.
...snip...
- In summary, decentralization goes way beyond a crypto-anarchist principle. It is a vital requirement for amazingly efficient, self-sustaining, self-regulating, autonomous and resilient systems of governance (humans included).

Part 2 ---

- King and peasant mindsets remain under the guise of democracy. As long as there is a supreme post of power, there will be a supreme leader with a top-down management style. Such management styles are highly ineffective for managing a place like India. With extreme centralization of power, there comes blind worship of a few blind leaders. However, with decentralization of power, there come more responsible leaders and enlightened followers.
...snip...
- A truly shared economy with resource sharing can be only possible with trustless, public distributed ledgers.

This should give an overview of the contents and ideas explored in the above articles.

Cheers!

 
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June 21, 2019, 11:14:32 AM
 #2

I think you deserve it. I see you in Bitcoin Technical Support board very often. Very helpful to others.

Adding him in the merit source list will help the other users to receive merits.

Consider this as my endorsement for you application.

Good luck bud.

.WOLF.BET.
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June 21, 2019, 11:40:40 AM
 #3

I support your MS's application, Indian board can use at least one merit source along with moderator. Nowadays I am trying to spend a majority of my earned s-merits in Indian section too and spread all my recently gained s-merits in posts which you have mentioned. Will continue to do so in the future as well. Consider this as support from Fellow Indian and hope others will join.

I hope that Theymos will look into it. Best of Luck.

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June 21, 2019, 02:07:45 PM
 #4

I support @Heisenberg's Merit Source Application because Heisenberg is so active not only in the Indian Board but all over the forum. I believe being Heisenberg as a merit source indian local board could be more clean and increase more quality postings. The current status of Indian Board really need at least one merit source and I also support Heisenberg as a moderator of Indian Board if he wants it . Without moderator indian local board going more worse and anyone posting anything there and where which is just annoying to see this board . I wish @theymos could take quick action on this merit source.

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June 21, 2019, 03:04:51 PM
 #5

My support for you.

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June 21, 2019, 04:10:07 PM
 #6

I support your application as a merit source. Good luck Smiley

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June 21, 2019, 05:32:48 PM
 #7

I also support your application

I see you sometimes help others on Development & Technical Discussion & Bitcoin Technical Support & surely you can identity merit-worthy posts easily.
Just be patient as it took few months to see merit sources changes.

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June 21, 2019, 05:35:14 PM
 #8

I absolutely support your application. Best of luck.
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June 21, 2019, 05:39:21 PM
Last edit: June 22, 2019, 03:59:19 PM by Last of the V8s
 #9

(Think you missed a couple of examples (8/10?), but edit: since corrected )these seem pretty good anyway.

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June 22, 2019, 02:18:15 PM
 #10

I support Heisenberg_Hunder Merit Source Application for Indian board.
If anyone deserves to be Indian merit source, it has to be Heisenberg.


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June 22, 2019, 03:56:25 PM
 #11

In support of allocating more smerits to local boards through appointment of merit sources and haven known Heisenberg_Hunter personally for his quality contributive style of writing and also seen some of his contribution to his local board, I'm positive he'll do well as a merit source for his local board therefore I'm voicing my support for his appointment.

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June 22, 2019, 07:18:09 PM
 #12

Thanks for all the inputs and support for the application till now.  Smiley The board is getting much better than it was during last year. Over the course of bear market, promotional and referral spams were the only thing being posted in the Indian section and I was tired of reporting all the way to clean the section. Luckily almost all my reports were handled within a day and the topics were trashed. The reason why I didn't post much in the local section was, if I were to post something good, I would have been the only sole being talking to myself for the past one year. With recent spikes and the returning back of old good posters, this seems to be a positive sign to bring back the section and to be on par with the Russian and the other active local boards.

I urge the Indian posters to read my post on what our section lacks in terms of quality and merits.

(Think you missed a couple of examples (8/10?), but edit: since corrected )these seem pretty good anyway.
Ah, the post should have been more than 64k characters since I have quoted various other posts. This should have probably been the reason for only 8 posts showing up with the final one just being half of OP Tongue Snipped some of the longer posts and added the missing 2 posts. Thanks.

 
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June 24, 2019, 08:32:19 AM
 #13

I support Heisenberg_Hunter, we need Merit source in Indian Boards too.

If you think Jr. Member is not valuable one then consider my post as BUMP.

Please check this thread, for all information, related to Bitcointalk, (List of iseful threads): https://bitcointalk.org/index.php?topic=5149708.0
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July 20, 2019, 06:17:41 AM
 #14

I believe that this guy deserve to be a merit source.

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hacker1001101001
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July 20, 2019, 08:30:30 AM
 #15

I support this guy ! Indian board need's a merit source ASAP.
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July 20, 2019, 12:43:59 PM
 #16

In my opinion, we really need more merit source members in local sections of this forum.
Many local members write posts only in local sections so if no merit source, they don't have chance to receive merit.
Right now I'm only merit source in Croatian section of the forum and understand how important for local community is our role.
It seems that you are good candidate so you have my full support.



.
.BIG WINNER!.
[15.00000000 BTC]


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Rainbot
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July 25, 2019, 05:15:46 PM
Last edit: July 28, 2019, 09:17:47 AM by Heisenberg_Hunter
 #17

All the smerits of mine are dried up.

Need few people to merit this topic : https://bitcointalk.org/index.php?topic=5167367.msg51898092#msg51898092

This guy is doing an outstanding contribution to the board and he needs the recognition through merits.  Smiley

Though I have a strong suspicion that the user is an alt of someone (his initial postings doesn't look like he is new to the forum), merits are meant to identify quality posts.

 
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July 25, 2019, 05:38:07 PM
 #18

BTCump. All the smerits of mine are dried up.
It happens with me all the time. Good luck to your application. Have my support.

Quote
Need few people to merit this topic : https://bitcointalk.org/index.php?topic=5167367.msg51898092#msg51898092

This guy is doing an outstanding contribution to the board and he needs the recognition through merits.  Smiley
Sorry I don't have left any as I am writing. I hope someone else will send some sMerits for that user.

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July 30, 2019, 03:29:26 PM
 #19

You have to be patient here and don't expect a quick response from admins.
In my case, I waited several months before admins responded to my merit source application.
I'm sure that you are qualified candidate so don't worry, soon or later your request will be granted.



.
.BIG WINNER!.
[15.00000000 BTC]


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Rainbot
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July 30, 2019, 07:35:33 PM
 #20

You have to be patient here and don't expect a quick response from admins.
In my case, I waited several months before admins responded to my merit source application.
I'm sure that you are qualified candidate so don't worry, soon or later your request will be granted.
No worries its just a bump.

I am also feels that he can be a deserved candidate on Indian localboard where no merit sources are there currently available.

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July 31, 2019, 04:58:54 AM
 #21

You have to be patient here and don't expect a quick response from admins.
In my case, I waited several months before admins responded to my merit source application.
I'm sure that you are qualified candidate so don't worry, soon or later your request will be granted.

I am pretty sure I won't be getting a quicker response considering the board is much inactive and the merits I gain is little bit sufficient enough to merit the posters. But I don't post much very often to receive merits at a larger rate but I do browse the forum daily for reporting spams and merit a few. If my merit receiving rate gets slow due to me being little inactive in posting, that shouldn't stop me from meriting good posts in the section.

On top of that, as other merit sources pointed out we should bump our application at consistent intervals to show our interest towards the application. Anyway thanks for supporting the application @Pamoldar, @Daniel91 and @Findingnemo, I hope the application would be taken into consideration at the earliest.  Smiley

 
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July 31, 2019, 07:58:49 AM
 #22

You have to be patient here and don't expect a quick response from admins.
In my case, I waited several months before admins responded to my merit source application.
I'm sure that you are qualified candidate so don't worry, soon or later your request will be granted.
No worries its just a bump.

I am also feels that he can be a deserved candidate on Indian localboard where no merit sources are there currently available.

I always support applications for merit source in any local board because often members in such local sections don't know English well and don't write post in English part of the forum.
Without local merit source they don't have chance to receive merit for good quality posts in local language.



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August 09, 2019, 03:23:22 PM
 #23

I supported the merit source application of Heisenberg Hunter.

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August 20, 2019, 06:55:11 AM
 #24

BTCump. The Indian community is getting a lot more active (than I thought) with some interesting discussions taking place all over the board.
Glad to see the community is active and some real discussion going on and i wish you to be the merit source for the local board so that we will have more activity and some real discussion and have a clean local board for the first time  Smiley. I hope theymos will consider your application when he is open to add more users as merit source or he will make an exception here for the welfare of the local board and to see more activity and healthy debates Wink.

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August 24, 2019, 01:28:16 PM
 #25

Always support you gues I hope theymos consider you for merit source to Indian Board.
hope continue your helping movement.

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September 03, 2019, 02:47:12 PM
 #26

Well, I'd like to chime in here. As a long time contributor to Indian board, I'm deadly against making Heisenberg_Hunter a merit source over there. This guy was never an active poster on Indian board until very recently. He said this in his own words...

I don't really post anything on the Indian board but I am a regular visitor to merit few good posts (which I rarely find) and trash the shit present out there.

He gained some merit from Bitcoin Technical Support and threw it to some Indian. Then contacted them in PM to build a rapport. Now coming here and trying to be the merit source. He is also aspiring to be the Mod of Indian sub-forum. His footsteps clearly indicate some dubious plan of abusing the power he wants to gain on Indian sub-forum.

There are lot of other Hero & Legendary members in Indian board, who are contributing over years, as well as using sMerits in a more rational way. They're not manipulative like Heisenberg_Hunter, but definitely better deserving candidate to be merit source of Indian board.
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September 03, 2019, 07:03:42 PM
 #27

This guy was never an active poster on Indian board until very recently. He said this in his own words...
Who would like to post in a Garbage board which was infested by spams, scams, trolls and shitposts for over 2 years? The board is much better than it was over a year back. Till now I have posted only 2-3 posts in the Indian board and even now, I don't really like to post anything there unless there is some activity and interesting topics being discussed.

He gained some merit from Bitcoin Technical Support and threw it to some Indian. Then contacted them in PM to build a rapport.
Good Drama over here.  Roll Eyes Of the 257 total smerits which I have received over 1.5 years, only 81 of them have been given to the Indian board. Also neither of those Indians whom I merited in the board were thirsty of merits or were just scumbags. They contributed to the betterment of the board and I merited them. If I didn't merit them, it would have hindered the quality even more than it is right now.

Now coming here and trying to be the merit source. He is also aspiring to be the Mod of Indian sub-forum. His footsteps clearly indicate some dubious plan of abusing the power he wants to gain on Indian sub-forum.
Mod of Indian sub-forum? LOL... The board doesn't even need a MOD IMO. The reports are being handled at a regular rate. The board is completely out of control and there is only a handful of good discussions taking place. The board was once controlled by spammers, shitposters, translation abusers who were running the board right after Benson left the forum. The old timers have left and I am pretty much sure none of them are even interested in the board after all. It would be better, if theymos close the board completely. If there was to be an appointment for a MOD, I would stand for krishnapramod, Eality, amishmanish and newIndia. All 4 have really good report count AFAIK.

There are lot of other Hero & Legendary members in Indian board, who are contributing over years, as well as using sMerits in a more rational way. They're not manipulative like Heisenberg_Hunter, but definitely better deserving candidate to be merit source of Indian board.
sMerits in a more rational way? Apart from @amishmanish, @JSRAW, @avikz, I don't even see any other Indian even meriting there!

 
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September 04, 2019, 06:01:18 AM
 #28

Mod of Indian sub-forum? LOL... The board doesn't even need a MOD IMO. The reports are being handled at a regular rate. The board is completely out of control and there is only a handful of good discussions taking place. The board was once controlled by spammers, shitposters, translation abusers who were running the board right after Benson left the forum. The old timers have left and I am pretty much sure none of them are even interested in the board after all. It would be better, if theymos close the board completely. If there was to be an appointment for a MOD, I would stand for krishnapramod, Eality, amishmanish and newIndia. All 4 have really good report count AFAIK.

I thought you were applying to become a merit source for the Indian Board from the topic of the thread. I supported you earlier because I thought that you were doing some improvements to the Indian Board. If you want to see the Indian Board closed better close this topic. What's the point on becoming a merit source for a board you are recommending to close? However, if you want to become a merit source for yourself. Better change the topic as "Heisenberg's Merit Source Application" don't include the Indian Board into it.

Apart from the above, I think you are a valuable member of the forum.

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September 04, 2019, 07:46:30 AM
Last edit: September 04, 2019, 08:33:49 AM by Heisenberg_Hunter
Merited by eaLiTy (1)
 #29

If you want to see the Indian Board closed better close this topic.
Not exactly. What I meant was, if there doesn't seem to be any improvement or interest in the board on the whole it might be better to close the board instead of rambling over anything. But to the contrary, we have certainly seen many improvements over the last few months with fake Translators leaving the board all together, some members ranking up by contributing to the board, etc. newIndia and Eality have been actively reporting the section and trashing the spam for over a year but still there is very little activity till now. Many Indians have moved onto the main boards with very less contributing to the community.  Sad If this continues to follow, we would lose all the decent discussions taking place out there and certainly would be infested by spams all together.

What's the point on becoming a merit source for a board you are recommending to close?
People have been contributing to the community some way or the other to educate our fellow Indians. In return we could merit them, but that doesn't happen to be the case. It's been over 2 months and we haven't got any response from theymos still. We don't even have a merit source and with the recent regulation practices people are losing interest in the board. If this happens to be, what is the point of having a separate section dedicated to India?  Cry

If none of the good posters are not really interested to post there, what would be the point of having a board? to promote spam? If you just look onto other local boards (Russian, Indonesian), majority of the posters would be sticking onto their local section with very less posting in the main boards.

See this :

The main cause for being inactive there is there's no moderation in that area of the forum after Benson Samuel left his authority. I've had been watching that section but nothing much caught my interest to post there. Trust me, you can't run a complete section/part of a forum with just 18-20 members making good posts there. I've not seen good amount of engagement between people there may be because as sardasa said, they might be scared of being trapped by officials just because Gov has the power to get us barred from using these services and even BTC. After their bullshit bill about banning cryptocurrencies in India, I believe people are trying to maintain a gap from crypto for some time till a final decision arrives.

EDIT : @Rotten Egg if I didn't take this initiative to apply for becoming a source and troll members like you, our board would have been like how it was last year. Either I may or may not be worthy to become a source, but we need a source for sure.

 
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September 17, 2019, 06:35:29 AM
 #30

Hey

I think Indian Sub-forum can really use a Moderator, especially with recent times in India with Crypto, it's more of a need.

Also good use would be a merit source for sure and i support, Heisenberg to be one.

 
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