Quote from: newtocryptocurrency on September 11, 2015, 02:07:05 PM

Quote from: nicole7852 on September 10, 2015, 08:46:47 PM

Quote from: newtocryptocurrency on September 09, 2015, 05:06:46 PM

Quote from: dashingriddler on September 09, 2015, 12:18:30 PM

Quote from: newtocryptocurrency on September 06, 2015, 11:30:48 AM

if someone earns 5 bitcoins (at 20,000) from doing some work and converts only 1 bitcoin (at 21000) thru an exchange, how should the income tax be calculated here?

even though in this example it doesn't exceed 2.5 laks but assume that there are other sources of income that make it exceed 2.5 laks..

thank you

From my knowledge, you would be paying the taxes for 1000 INR which is the profit from selling 1 bitcoin for 21000 that you purchased at 20000 INR.

not purchased, but got from doing work for someone.

dude that is the concept of BITCOIN ... NO TAXES , NO govt.. NO banks... and eventually NO QUESTION...
the only good thing for everyone not only Indians is to wait for more places to accept BITCOINS...
and as u r saying ,no the income -tax department wont interfere unless u have continuous trades and that too majority over 10 lacks ..
so no worries u can sell and encash small amounts.

I don't think this is true. Paying taxes is a must even with bitcoins.

I don't anyone in India has traded 10 lacs of Bitcoins that too multiple times.

yes this just what u think... there r people who trade more than that for cash..

yes BITCOIN saves tax and dosent allows govt.. to scam people.