Hello,
After reading this I had a doubt, we pay taxes, I agree. But only for transactions done in fiat right ?
Everything we do with our bank account is monitored by the RBI and we are questionable and taxable for the same. They are also freezing our bank accounts for being involved in crypto trading. How do they expect us to give them data of something like this when they themselves don't support it.
Also, am I taxable if I just store my BTC as it is ? Like, I sold a service, got paid, I never cashed it out : I just want it to remain as it is in my wallet.
You are not paying taxes for your transactions, you are just need to pay taxes for your earnings basically the income.And taxes are not monitored by RBI so your tax reports will not be going to the bank related offices so you no need to worry about it.
As long as you are not converting your bitcoins into fiat then there is no need of reporting it to tax.