Describes the tax matters and tax liability on Crypto & Forex Trading in Malayalam.
If you need any clarification/opinion viewers may contact / WhatsApp 9567945879
If you would like to contact CA Subin VR directly contact between 6pm to 9pm to 9995645879
Or can send message to the below direct link
https://wa.me/919567945879
CA Subin VR https://wa.me/919995645879
Viewers may also check for other articles and similar contents at the below links.
https://www.facebook.com/krishnanisation
https://www.instagram.com/subins_clicks/?hl=en
https://www.facebook.com/CA.Subin.VR/?view_public_for=1105651556162267
For share trading inputs:
https://t.me/keralaoharivipany
https://t.me/kovtelegram
Disclaimer: This video is intended for education purpose only and not for the purpose of soliciting business. The viewers shall take professional advice before taking any decisions on the matters specified in the video. The matters discussed in the video may subject to change due to amendments in various Acts/Rules etc. This channel will not responsible for any damages caused to the viewers.
for the detailed information on disclaimer please visit the link below.
https://www.termsfeed.com/live/0f12f3c4-0c54-4c05-8f83-acf08ab07854
Cryptocurrency, or “crypto” or “tokens”, is all the rage right now. People are buying and using cryptos for varied purposes. Some mine it, that is earn cryptocurrency by solving cryptographic equations with the use of high-power computers, while some use it for buying goods and services, and some even invest in it with a view to earn profits on appreciation of these cryptos or a combination of all the options. Be that as it may, it is important to understand that there could
What is bitcoin?
Bitcoin is one of the earliest forms of cryptocurrency, forming part of the worldwide peer-to-peer payment system.
Cryptocurrency is digital money. It is considered to be more secure that the real money. Cryptocurrency uses something called cryptography to secure its transactions. Cryptography, to put it in simple words is a method of converting comprehensible data into complicated codes which are tough to crack. Cryptocurrencies are classified as a subset of digital currencies, alternative currencies and virtual currencies.
Bitcoin was the first ever cryptocurrency created in the year 2009. Subsequently, there has been a rapid increase in the number of cryptocurrencies that have been created some of which are Litecoin, Ethereum, Zcash, Dash, Ripple etc. Bitcoins, in India, have slowly started gaining popularity, given the efforts of the government to move towards a cashless economy.
However, one should know that bitcoins, as of today, are not centrally administered or regulated by any specific body like the RBI which administers physical currency in India. In fact, peer-to-peer transactions with bitcoins are managed using something known as the blockchain technology which serves as a public ledger for all transactions.
Where does bitcoin come from or how is it generated?
One can obtain bitcoins either by :
Mining:
Mining is an activity where an individual (called the “miner”) uses his computer prowess to crack computationally difficult puzzles. The process of cracking such puzzles which are integral to the blockchain technology, help in maintaining them. As a reward for this, the miner gets new bitcoins which is nothing but creation of a bitcoin or mining.
It would be interesting to note that currently, the value of 1 bitcoin is approximately about INR 31,99,620.
Receiving bitcoins in consideration of selling goods and services:
Though this may not be a common phenomenon in India currently, there are few savvy businessmen who accept bitcoins (instead of real currency) on sale of goods or services, they deal in.
Is bitcoin legal in India?
As earlier discussed, bitcoin, as a medium of payment, has neither been authorized nor been regulated by any central authority in India. Further, no set rules, regulations or guidelines have been laid down for resolving disputes that could arise while dealing with bitcoins. Hence, bitcoin transactions come with their own set of risks.
However, given this background, one cannot conclude that bitcoins are illegal as, so far, there has been no ban on bitcoins in India. The Supreme Court of India has in its ruling pronounced on 25 February 2019 required the Government to come up with Cryptocurrency regulation policies. The matter had been adjourned in the hearing on 29 March 2019 and has been rescheduled for hearing in the second week of July 2019.
How are bitcoins taxed in India?
The concept of bitcoins being quite new to the Indian market, apparently the government has not yet brought taxability of bitcoins into the statute books. At the same time, the levy of tax on bitcoins cannot be ruled out because the Indian income tax laws have always sought to tax income received irrespective of the form in which it is received.
Comments
Comments are disabled for this post.