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Hello! Need some expert advice on declaring mining profits in tax returns urgently. Most of the resourses published online point that Mining rewards may be considered as self generated capital asset and does not have a value of purchase. Hence they are exempted from tax as of now (No defined regulation or law). Is that how it is?
I already spoke to couple of CAs but, this seems to be going out of their heads.
Anyone who has already filed their returns with mining profits declared?
I already spoke to couple of CAs but, this seems to be going out of their heads.
Anyone who has already filed their returns with mining profits declared?
Hello I am interested and will buy the whole batch just ping me on my number and any one else who are selling can also ping me 9265351610
I have 5 Unused Units of S9 Available with PSU (13.5T Batch) for sale. PM me if anyone interested.
Ive been using the site since quite a while now. Recently there were glitches which are solved now. Everything working smooth on my account.
But, I do agree that their customer support is just Pathetic. Who uses Whatsapp for chat support?
Can someone explain how exactly they got scammed?
But, I do agree that their customer support is just Pathetic. Who uses Whatsapp for chat support?
Can someone explain how exactly they got scammed?
Re: Have authorities requested data on users from Indian exchanges?
Nothing like this from coinsecure..
We do get enquiries, but always for a single or group of users, where something has really gone bad, Our lawyer verifies and drafts responses and sends us data dump requests. We have never divulged blanket information, however, under duress and court stress, we are aware that blanket requests are possible.
The source does look like a guess or word of mouth or bad rumour or something. I would disregard it unless there was a legitimate alarm about the same.
We do get enquiries, but always for a single or group of users, where something has really gone bad, Our lawyer verifies and drafts responses and sends us data dump requests. We have never divulged blanket information, however, under duress and court stress, we are aware that blanket requests are possible.
The source does look like a guess or word of mouth or bad rumour or something. I would disregard it unless there was a legitimate alarm about the same.
In case of a blanket request, would users also be informed of what data has exactly been requested/ submitted?
Will clarify with legal and revert.
If am not wrong, during mass investigations, authorities do request non disclosure in some cases.
Will be good to know your strategy.
If there is a blanket request, governments may ask for non-disclosure to users as well. However, if you approach a court against this request, the details requested will become public knowledge as well.
Quote
Hey Benson,
You can tell them that we only respond to requests from authorities when such requests are issued under law in an authorized manner. Such requests as per current Indian laws are generally issued only for specific individuals and are not blanket requests. However, since most of these specific requests are part of ongoing investigations we do not disclose the same to the individual as that may entail a risk of jeopardising the request. However since most of these requests are issued after a criminal case has been registered therefore the client usually is aware that such data may be requested and we are mandated under law to provide it.
Warm Regards
You can tell them that we only respond to requests from authorities when such requests are issued under law in an authorized manner. Such requests as per current Indian laws are generally issued only for specific individuals and are not blanket requests. However, since most of these specific requests are part of ongoing investigations we do not disclose the same to the individual as that may entail a risk of jeopardising the request. However since most of these requests are issued after a criminal case has been registered therefore the client usually is aware that such data may be requested and we are mandated under law to provide it.
Warm Regards
Hope this answers Coinsecure's stance..
We are very different compared to others.. Realtime, large number of concurrent users is technologically damn touch to achieve, but safer from a legal perspective. Hence we went in that direction.
The authorities seem to have harvested a list of users from the various exchanges.
The exchanges seem to have caved in and handed over user data on a platter to the authorities.
https://timesofindia.indiatimes.com/business/india-business/it-notices-to-4-5-lakh-individuals-trading-in-bitcoins-across-the-country/articleshow/62121048.cms
I thought Coinsecure had a legal stance against such a disclosure?
At least Coinbase took the fight to the courts before being forced to hand over user data.....
It went as expected and the Department has all the necessary data for Proceedings/Prosecution of Pro users trading on Indian Exchanges. Little or more, not every person trading in this field is a saint and there may surely be potential loopholes and lapses in Pro User accounts. These lapses are good enough for facing a probe. Now the wait is for notices to arrive.
Something which really pricks me are the following questions:
1. How does the department check for Tax Evasion when there is no official Order/Judgement/Gazette/Release stating the taxation rules laid for people trading on Bitcoins.
2. How will government check for Tax Evasion if a person from India purchase coins out of India (Using Foreign Assets) and hold them in a Wallet of an Indian Exchange.
3. How will government check for Tax Evasion if someone is earning BTC revenue from Mining and selling the earned revenue on an Indian Exchange?
Looking for Inputs from Senior Members and Mods.
They just made away with $1224 USD towards an order for S9 with PSU. No Communication or replies for 2 days now. The site looked shady but had to risk as it was urgent for me to get a replacement for an s9 in my existing farm.
Please dont fall in trap. Google shows their site as sponsored ad (Top Position).
Screenshot Attached.
http://i.imgur.com/BonLZ9J.png
http://imgur.com/a/I4nBC
Please dont fall in trap. Google shows their site as sponsored ad (Top Position).
Screenshot Attached.
http://i.imgur.com/BonLZ9J.png
http://imgur.com/a/I4nBC
Planning to sell off 20 units of Ant miner s4+ at cheap price.
Location: Hyderabad, India
Condition: Almost new. Scratch less.
Reason for selling: Not useful anymore.
Shipping mode: DHL, FedEx, International EMS. Buyer pays shipping.
Payment mode: Cash, Bank wire, Bitcoins
Price: Quotes are invited. Kindly suggest price. If considerable, can close deal.
Location: Hyderabad, India
Condition: Almost new. Scratch less.
Reason for selling: Not useful anymore.
Shipping mode: DHL, FedEx, International EMS. Buyer pays shipping.
Payment mode: Cash, Bank wire, Bitcoins
Price: Quotes are invited. Kindly suggest price. If considerable, can close deal.
i think $800 is too high, $600 are negotiable, $500 are acceptable price.
anyway
how much it cost while shipping to indonesia with ems, postal code 55163?
anyway
how much it cost while shipping to indonesia with ems, postal code 55163?
I am afraid, EMS is not available between your zip from mine.
i buy device from china using aliexpess is available.
or if ems not available, please calculate using ups or dhl or other shipping methods
I'll get you the quote by today.
i think $800 is too high, $600 are negotiable, $500 are acceptable price.
anyway
how much it cost while shipping to indonesia with ems, postal code 55163?
anyway
how much it cost while shipping to indonesia with ems, postal code 55163?
I am afraid, EMS is not available between your zip from mine.
I'm afraid you are asking waaay too much per unit.
Kindly quote a price, can be negotiated,
I'd suggest a price, but I can't even bid on these as I'm just too far away. I'm in Canada and shipping per unit would just kill the deal most likely. If you are just simply intending to continue mining and your main concern is power costs you could consider hosting them with me. See my signature link.
I would have surely considered hosting my miners but then I have to pay huge for customs and shipping. Comparatively I'll have to work for no profits for few months then.
I'm afraid you are asking waaay too much per unit.
Kindly quote a price, can be negotiated,
2BTC Each?
Oops. That price goes for S4 i guess.
Planning to sell off my 20 Units of Antminer S4+. Imported directly from Bitmain, Shenzen, China.
Reason for Selling: Switching to S7's in Bulk
Price: $700 USD Each (Negotiable)
Mode of Payment: Bitcoins, Bank Wire
Mode of Shipment: DHL, Fedex (Buyer pays shipping)
Item Location: India
Escrow: Trusted escrow services can be used.
Images:
http://s9.postimg.org/7odri97bj/IMG_0143.jpg
http://s23.postimg.org/bmhw030m3/IMG_0160.jpg
http://s15.postimg.org/nc0o6tfvf/IMG_0140.jpg
Specifications:
1. Hash Rate: 2570GH ±5%
2. Power Consumption: 1480W (at the wall)
3. Power Efficiency: 0.58J/GH (at the wall)
4. Chip Quantity per unit: 204 x BM1382
5. Chip process: 28nm
6. Quantity of hash boards: 4
7. Hash board structure: String design
8. PSU built-in: 1600W (205V - 264V AC)
9. LCD: not included
10. Buzzer: not included
11. Dimensions: 432mm*442mm*133mm
12. Certified By: FCC / CE
13. Network Connection: Ethernet
The S4+ retains the same dimensions as the original S4, in a rack-mountable 3U sized case.
Reason for Selling: Switching to S7's in Bulk
Price: $700 USD Each (Negotiable)
Mode of Payment: Bitcoins, Bank Wire
Mode of Shipment: DHL, Fedex (Buyer pays shipping)
Item Location: India
Escrow: Trusted escrow services can be used.
Images:
http://s9.postimg.org/7odri97bj/IMG_0143.jpg
http://s23.postimg.org/bmhw030m3/IMG_0160.jpg
http://s15.postimg.org/nc0o6tfvf/IMG_0140.jpg
Specifications:
1. Hash Rate: 2570GH ±5%
2. Power Consumption: 1480W (at the wall)
3. Power Efficiency: 0.58J/GH (at the wall)
4. Chip Quantity per unit: 204 x BM1382
5. Chip process: 28nm
6. Quantity of hash boards: 4
7. Hash board structure: String design
8. PSU built-in: 1600W (205V - 264V AC)
9. LCD: not included
10. Buzzer: not included
11. Dimensions: 432mm*442mm*133mm
12. Certified By: FCC / CE
13. Network Connection: Ethernet
The S4+ retains the same dimensions as the original S4, in a rack-mountable 3U sized case.
Re: [WTS] 3 Months used Antminer S4+ 2.57 Th/s. 5 Available.
Will you also send the relevant documents and sell letter?
Yes. Including Import Docs.
Re: [WTS] 3 Months used Antminer S4+ 2.57 Th/s. 5 Available.
also will there be an escrow, shipping will also be an issue, due to the weight of it
You can use an escrow if you want. Shipping is no issue these days. Specially within India.
Original Price is $1823 USD + $53.84 USD Shipping to India through DHL = $1876.84 or BTC8.214
Indian Price: Rs. 124564.18
Customs Duty: 7.50%
Educational Cess: 12.50%
Customs Educational Cess: 2%
Higher Education Cess: 1%
Additional Duty (Imports): 4%
Total Price Incl. Customs (Appx): Rs. 158194 (Involves lot of customs headache)
Not a too bad deal that you guys are offering.
Indian Price: Rs. 124564.18
Customs Duty: 7.50%
Educational Cess: 12.50%
Customs Educational Cess: 2%
Higher Education Cess: 1%
Additional Duty (Imports): 4%
Total Price Incl. Customs (Appx): Rs. 158194 (Involves lot of customs headache)
Not a too bad deal that you guys are offering.