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..
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
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_Indiaहम 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"
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
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
#9
...snip...
Absolutely right that this benefit is only available to people notified U/S 44AA(1)
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
– 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 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.
#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!
