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Re: Zebpay Bitcoin India Releases New Powerful Features for Pro Bitcoiners
is KYC required for buying of vouchers in ZebPay?
Vouchers and Airtime does not require KYC below 10,000 INR. We MAY ask KYC if your usage is above 10k INR.
Regards
over what period?
CoinSecure bringing in merchants to accept bitcoins?
http://www.digit.in/general/coinsecures-mohit-kalra-says-that-bitcoins-are-getting-more-popular-in-india-in-2016-29289.html
"We have already signed contracts with a few merchants who will be using our payment gateway. India will soon be seeing top merchants accepting Bitcoin through Coinsecures Bitcoin payment gateway."
also
"We are also going to be launching our Mobile Wallet App by the end of February which will enable users to book flight tickets, hotel rooms, mobile/DTH services etc., using Bitcoin through our mobile application. Alongside, we will also be releasing our Exchange App which users can link to our Wallet app and can instantly transfer funds between our wallet app and exchange app to buy or sell Bitcoins."
This is awesome. any updates on this?
"We have already signed contracts with a few merchants who will be using our payment gateway. India will soon be seeing top merchants accepting Bitcoin through Coinsecures Bitcoin payment gateway."
also
"We are also going to be launching our Mobile Wallet App by the end of February which will enable users to book flight tickets, hotel rooms, mobile/DTH services etc., using Bitcoin through our mobile application. Alongside, we will also be releasing our Exchange App which users can link to our Wallet app and can instantly transfer funds between our wallet app and exchange app to buy or sell Bitcoins."
This is awesome. any updates on this?
Re: If you buy something online with bitcoin, what should the invoice mention?
No, that should not be an issue. But for your records, please keep note of transaction id and INR value of the transaction as that will help you with tax calculations.
Regards
Regards
but how will you associate the transaction to the transaction made to buy the product?
If you buy something online with bitcoin, what should the invoice mention?
If you buy something from overstock or newegg, will it be enough if the invoice mentions this:
- buyer info (name, address, etc.)
- payment method
- amount
- product details and quantity
None of the companies seem to be interested in putting bitcoin transaction ID in invoice.
Will that be an issue?
True, we can show the transaction from the blockchain, but it won't necessarily mean it was the same transaction that bought the product from the seller.
Thoughts?
- buyer info (name, address, etc.)
- payment method
- amount
- product details and quantity
None of the companies seem to be interested in putting bitcoin transaction ID in invoice.
Will that be an issue?
True, we can show the transaction from the blockchain, but it won't necessarily mean it was the same transaction that bought the product from the seller.
Thoughts?
Yes thats true that there's hardly any Indian merchant that accept Bitcoin but the question is why do you want to use bitcoin when you can pay with fiat? I use bitcoin to pay online merchants based outside India because i dont have credit card and dont want to use PayPal.But for the merchants based in India,there are many payment options available like net banking,debit card etc and for buying physical goods,almost all reputed sellers/merchants/ecommerce sites accept cash in delivery as well.Now why would a common man still want to use bitcoin for payment is beyond my comprehension
which online merchants do you use to purchase?
there are hardly any merchants that accept bitcoin in India. The only true initiative I have seen is by ZebPay to really expand the ecosystem. They have been sincerely trying to get merchants aboard.
the only other business seems to be bitcoin exchanges which was absolutely necessary. Now that people have a way to acquire bitcoins, what next?
I really don't see the future or a plan of Bitcoin in India. I wonder what people are using Bitcoin for? as an investment?
the only other business seems to be bitcoin exchanges which was absolutely necessary. Now that people have a way to acquire bitcoins, what next?
I really don't see the future or a plan of Bitcoin in India. I wonder what people are using Bitcoin for? as an investment?
is there a website which accepts bitcoins for flights and hotel booking? I have heard of Expedia, but I don't think accept bitcoin in India.
if a company like that accepted bitcoins, what should the invoice mention (in Indian legal perspective) ?
if a company like that accepted bitcoins, what should the invoice mention (in Indian legal perspective) ?
how would sending bitcoins abroad come under law?
If someone from India were to send bitcoins to obtain service from a person from another country or to buy something from a company abroad like overstock how would it come into the law?
if we are to treat bit coin is an asset, it would not come under FEMA, right?
could it violate any other law?
if we are to treat bit coin is an asset, it would not come under FEMA, right?
could it violate any other law?
there seems to be a lot of lack of clarity regarding the whole legal scenario. it would be good if someone clarified this once and for all (all the possible outcomes of using bit coins and their likelihood).
And who better to do this than the government?
This FAQ has raised more questions than it answered.
laws here being retrospective or not is a general question that is not quite specific to bticoins.
I think if you have bitcoin holdings, you have declare it every year until you sell it off.
Am I right?
Am I right?
That is one interpretation which I am afraid of, and don't think is right.
This provision can be easily used to harass the crypto-community in the future.
what do you mean by harass?
if you declare it like this every year what is the problem? you don't have to pay tax on your bitcoin holdings every year right? it's only the first year.
They may decide
- Those who have declared may need further scrutiny
- If you miss declaring it in the first year, then you are in trouble.
- In case law changes (let us say bitcoin becomes illegal) then the government has a ready database.
bitcoin becoming illegal can't really be retrospective right? if they actually ban bitcoins we should stop using them I guess. I don't suppose everyone who has traded with bitcoins will be in trouble because that was in the past.
Their is no past in Tax Law, when they impliment any law they go back for some years and start searching all records. Ya but it is now upto the government to take Bitcoins as what way in India.
ok so what can they ban? possessing bitcoins or trading them for INR? if it is the former they might ask people to hand over all bitcoins. if it is the latter they might shut down exchanges?
I don't understand what you meant by "no past in tax law". you mean all tax laws passed are retrospective?
there seems to be a lot of lack of clarity regarding the whole legal scenario. it would be good if someone clarified this once and for all (all the possible outcomes of using bit coins and their likelihood).
I think if you have bitcoin holdings, you have declare it every year until you sell it off.
Am I right?
Am I right?
That is one interpretation which I am afraid of, and don't think is right.
This provision can be easily used to harass the crypto-community in the future.
what do you mean by harass?
if you declare it like this every year what is the problem? you don't have to pay tax on your bitcoin holdings every year right? it's only the first year.
They may decide
- Those who have declared may need further scrutiny
- If you miss declaring it in the first year, then you are in trouble.
- In case law changes (let us say bitcoin becomes illegal) then the government has a ready database.
bitcoin becoming illegal can't really be retrospective right? if they actually ban bitcoins we should stop using them I guess. I don't suppose everyone who has traded with bitcoins will be in trouble because that was in the past.
I think if you have bitcoin holdings, you have declare it every year until you sell it off.
Am I right?
Am I right?
That is one interpretation which I am afraid of, and don't think is right.
This provision can be easily used to harass the crypto-community in the future.
what do you mean by harass?
if you declare it like this every year what is the problem? you don't have to pay tax on your bitcoin holdings every year right? it's only the first year.
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.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
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.
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.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
not purchased, but got from doing work for someone.
But the thing here is that your passbook would show that you have "spent" 1 lakh as expenditure on something (buying bitcoin). But in the situation I explain, there is no INR involved for those 4 bitcoin. But tax is being paid.
The blockchain is your passbook.
Plus, if you had received your payment in cash, there would have been no trace.
so if there is an audit, the IT people will have to be explained about how Bitcoin works, etc. ?
You are right about cash. so how do IT people ever check for overpaid tax / declared cash?