[ANN] New Bitcoin Exchange in India- No Transaction Fee

[adv.kanishk]

This is to inform all the bitcoin enthusiast that a new bitcoin exchange have become operational in India. The url of the exchange is

https://millibits.in

There are no transaction fee, as of now, and even thereafter it will be a fraction of what other exchanges in India are charging. Hope you look forward to it and find this news useful!!!

[ramkumar]

Goodluck Kanishk

[subvolatil]

Looks good

Edit-
Kanishk is also part of the law firm
www.critaxcorp.com

[BitCoinDream]

This is to inform all the bitcoin enthusiast that a new bitcoin exchange have become operational in India. The url of the exchange is

https://millibits.in

There are no transaction fee, as of now, and even thereafter it will be a fraction of what other exchanges in India are charging. Hope you look forward to it and find this news useful!!!

Welcome to BitcoinTalk. Nice to see an advocate is being involved into Bitcoin.

Would like to know, by law, is bitcoin mining taxable in India, as long as the mined coins are not being converted to FIAT, i.e. INR ?

[ravin]

Interesting to see that you have trade APIs. Good luck.

[Equate]

Good luck with the exchange kanishk.

[adv.kanishk]

This is to inform all the bitcoin enthusiast that a new bitcoin exchange have become operational in India. The url of the exchange is

https://millibits.in

There are no transaction fee, as of now, and even thereafter it will be a fraction of what other exchanges in India are charging. Hope you look forward to it and find this news useful!!!

Welcome to BitcoinTalk. Nice to see an advocate is being involved into Bitcoin.

Would like to know, by law, is bitcoin mining taxable in India, as long as the mined coins are not being converted to FIAT, i.e. INR ?

As per my understanding mining of bitcoins will not be taxable as per current tax regime. However, the department may treat it as a wealth source and charge wealth tax on the same. Secondly, if you convert the same into INR it might be treated as income from other sources and you may have to pay tax on it but it will also show your bonafide in declaring it with tax authorities and also use the legitimate earned money into other things.

[h0lybyte]

I would suggest a small bootstrap theme, specifically a CDN-hosted bootstraps. As of right now, the site looks extremely shady.

[BitCoinDream]

This is to inform all the bitcoin enthusiast that a new bitcoin exchange have become operational in India. The url of the exchange is

https://millibits.in

There are no transaction fee, as of now, and even thereafter it will be a fraction of what other exchanges in India are charging. Hope you look forward to it and find this news useful!!!

Welcome to BitcoinTalk. Nice to see an advocate is being involved into Bitcoin.

Would like to know, by law, is bitcoin mining taxable in India, as long as the mined coins are not being converted to FIAT, i.e. INR ?

As per my understanding mining of bitcoins will not be taxable as per current tax regime. However, the department may treat it as a wealth source and charge wealth tax on the same. Secondly, if you convert the same into INR it might be treated as income from other sources and you may have to pay tax on it but it will also show your bonafide in declaring it with tax authorities and also use the legitimate earned money into other things.

This is where I'm confused. Taxing while converting to FIAT is fine, but on what tax structure or guideline Bitcoin can be taxed as a wealth as long as it is not converted to FIAT ?

Suppose, someone is earning 0.1 BTC per month whose FIAT value typically varies between INR 3000 to INR 6000 as per recent market scenario. Now what wealth tax can be applied to this person when he accumulates 1.2 BTC at the end of the financial year and does not convert any part of it to FIAT ?

[devesh.g]

This is to inform all the bitcoin enthusiast that a new bitcoin exchange have become operational in India. The url of the exchange is

https://millibits.in

There are no transaction fee, as of now, and even thereafter it will be a fraction of what other exchanges in India are charging. Hope you look forward to it and find this news useful!!!

Welcome to BitcoinTalk. Nice to see an advocate is being involved into Bitcoin.

Would like to know, by law, is bitcoin mining taxable in India, as long as the mined coins are not being converted to FIAT, i.e. INR ?

As per my understanding mining of bitcoins will not be taxable as per current tax regime. However, the department may treat it as a wealth source and charge wealth tax on the same. Secondly, if you convert the same into INR it might be treated as income from other sources and you may have to pay tax on it but it will also show your bonafide in declaring it with tax authorities and also use the legitimate earned money into other things.

This is where I'm confused. Taxing while converting to FIAT is fine, but on what tax structure or guideline Bitcoin can be taxed as a wealth as long as it is not converted to FIAT ?

Suppose, someone is earning 0.1 BTC per month whose FIAT value typically varies between INR 3000 to INR 6000 as per recent market scenario. Now what wealth tax can be applied to this person when he accumulates 1.2 BTC at the end of the financial year and does not convert any part of it to FIAT ?

Hi

I don't mean to intrude, however, wealth tax shall not be applicable on the same. As long as it is held in BTC, no form of taxation under any law shall be applicable.

[G K G]

This is too cool. But you definitely need to work on the website theme

[Fernandez]

Good to see this, might use this if volumes pick up.

Good luck!

[adv.kanishk]

See as per current tax regime it shall not be taxable. As per my understanding, when you convert the mined bitcoins into INR and show it in your returns it would become taxable. Aso if you bought bitcoin in INR and you sold it after holding it over some period and made some profit then the difference in the buy and sell price would be taxable like in the case of properties. However, the valuation adoption and other things are still not confirmed. We may look into the issue deeply and provide you an opinion on the same, if you intend to.

You may contact me on my details mentioned herein below.

Kanishk Agarwal
Advocate
CriTaxCorp
Criminal-Taxation-Corporate
www.critaxcorp.com
+91-9999966252

This is to inform all the bitcoin enthusiast that a new bitcoin exchange have become operational in India. The url of the exchange is

https://millibits.in

There are no transaction fee, as of now, and even thereafter it will be a fraction of what other exchanges in India are charging. Hope you look forward to it and find this news useful!!!

Welcome to BitcoinTalk. Nice to see an advocate is being involved into Bitcoin.

Would like to know, by law, is bitcoin mining taxable in India, as long as the mined coins are not being converted to FIAT, i.e. INR ?

As per my understanding mining of bitcoins will not be taxable as per current tax regime. However, the department may treat it as a wealth source and charge wealth tax on the same. Secondly, if you convert the same into INR it might be treated as income from other sources and you may have to pay tax on it but it will also show your bonafide in declaring it with tax authorities and also use the legitimate earned money into other things.

This is where I'm confused. Taxing while converting to FIAT is fine, but on what tax structure or guideline Bitcoin can be taxed as a wealth as long as it is not converted to FIAT ?

Suppose, someone is earning 0.1 BTC per month whose FIAT value typically varies between INR 3000 to INR 6000 as per recent market scenario. Now what wealth tax can be applied to this person when he accumulates 1.2 BTC at the end of the financial year and does not convert any part of it to FIAT ?

[bitcoinisfurture]

I was going through the site and it says  'This is the country's only sub-second, user-to-user, bitcoin exchange with no trade limits'.     Which is the first site?

Also, anybody traded from this site?

[subvolatil]

I was going through the site and it says  'This is the country's only sub-second, user-to-user, bitcoin exchange with no trade limits'.     Which is the first site?

Also, anybody traded from this site?

Haven't traded yet but reviewing the code it looks robust, but i'm no expert, Would like more of you to check it out and review the codes published in the site. But i do like the fact that they would allow API's, and all their communications  are pgp signed and verified so very little chance of phishing  attacks.

[Aayush]

Millibits is a good website, 0 transaction fees for now, I have traded good amounts on it.
Depositing money and withdrawing money can sometimes take time, but they have told me that they are working on it, so that it can be faster.
A good exchange though even if not aesthetically appealing!

[Aayush]

I was going through the site and it says  'This is the country's only sub-second, user-to-user, bitcoin exchange with no trade limits'.     Which is the first site?

Also, anybody traded from this site?

This is not what they mean
By sub-second they mean instant exchange from bitcoin to inr and vice versa.
And yes I have traded good amounts in this exchange and it is trustable

[shahadil]

i have used it a couple of times. use it for some arbitrage opportunities that come up some time. have deposited bitcoins and withdrawn money as well. they seem to have a huge order book available most of the times. there trading is very fast.

also very responsive on email.

[adv.kanishk]

Glad to see some response from real time clients of the exchange....

[ctptosec]

In the millibits.in  mentioned that "ssl heartbleed safe. ssllabs https rating A+"  but in ssl labs it shown "F"

https://www.ssllabs.com/ssltest/analyze.html?d=https%3A%2F%2Fmillibits.in