Quote from: avikz on May 09, 2024, 05:42:31 PM

Quote from: Bitcoin Smith on May 09, 2024, 07:19:16 AM

I have this question for very long time especially when I see max trading limit on exchange goes even upto crores which means potentially people can convert how much amount they have in BTC to INR but there's no way someone who is selling huge amount is going to pay 30% tax and even 1% TDS seems too much considering the value in INR.

So what are the possible alternatives you think they convert BTC to INR if they wanted to.

Mostly all I see is going to Dubai set up a company and then transfer funds to INR but it's really feasible or how do you think they convert.

Let's speculate and bring in all your imagination guys. Grin

No Whales would want enforcement directorate to knock on the door. So even if the Wales are converting to fiat, they do not convert big amounts.

As per the PMLA act, if an account receives more than 10 lakh in one go, that transaction needs to be notified to the income tax and enforcement directorate by the banks. So Whales usually converts less than 10 lakhs in one go.

They can surely use the legal route by paying 30% taxes. But I don't think anyone is actually following the same.

Rich people never pay taxes and neither do poor in India. A whale is an individual or an institution which is backed by a team. That team is hired to make their financial life easier and they will find alternative options to avoid taxes or to reduce taxes. In crypto world there is nothing like reduce tax but there are shell companies that help them park their funds in tax heavens.