Is Bitcoin Legal In India? What Is Tax Rate On Bitcoin Profits?
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. 2. Where does bitcoin come from or how is it generated? 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. Purchasing them from a bitcoin exchange against real currency Everyone cannot be a bitcoin miner. Hence, you can consider buying bitcoins from bitcoin excha Continue reading >>
Surat: Income Tax Department Cracks Down On Bitcoin Users For Evading Tax
Surat: Income tax department cracks down on Bitcoin users for evading tax Surat: Income tax department cracks down on Bitcoin users for evading tax A small toy figure is seen on representations of the Bitcoin virtual currency in this illustration picture. After freezing bank accounts of at least a dozen over Bitcoin exchanges and issuing notices to thousands of brokers and individuals investing in Bitcoins on the direction of Reserve Bank of India, the Income Tax department has started conducting search operations on those evading tax. Last week, the department had sent notices to thousands of people dealing in crypto-currency, after a nationwide survey showed that more than USD 3.5 billion worth of transactions have been conducted over a 17-month period. These include transactions done by high net worth individuals (HNIs), real estate players and jewelers. On Tuesday morning, around 100 income tax officials conducted search operations on premises of 15 Bitcoin brokers, website operators (dealing in crypto currencies) and groups of beneficiaries in Surat. Sources told India Today that search operations are still being done on entities such as Bitconnect Training Institute India Pvt Ltd, Ritz IT Service Pvt Ltd, Bitcoin Power and individual traders. The department suspects that these entities have earned huge profits and not paid commensurate taxes or filed income tax returns. "After taking action in Ahmedabad and Bhavnagar cities, our teams are searching for evidences of unaccounted assets of Bitcoin beneficiaries in Surat. In some locations, teams are examining data related to crypto-currencies," the source said. Incidentally, an IT team was seen conducting search operations on Surat's leading real estate company Happy Home Group. "At least 35 different premises of a Continue reading >>
Are Bitcoin Gains Taxable?
Bitcoin has given a whopping return of 892 per cent over the last one year. Due to such extraordinary returns the currency has caught the attention of many in India. But there is a hitch involved. The currency is not recognised by the government and come under the purview of no authority. In simple terms when it comes to crypto currencies, there is no regulator. In such a case are the gains from Bitcoin taxable? Archit Gupta, Founder & CEO ClearTax, says, " Even though Bitcoins are not specifically mentioned in the income tax act, Bitcoins are assets which are usually owned so holder can gain from an increase in its value. In that sense, they acquire the definition of capital gains. Which is a wide definition as per the Income Tax Act." Accordingly these can be classified as long-term when held for more than 3 years and short-term when held for less than 3 years. In case of long-term gains indexation benefit must be allowed and gains taxed at 20 per cent. Short term gains will be taxed as per the applicable income tax slab. Saurabh Agrawal, CEO and Co-founder, Zebpay, a Bitcoin exchange, agrees, "One needs to pay tax on profits made from investing in Bitcoin. One should declare the income while filing taxes." The issue about taxability of Bitcoin, however, is not so simple. There has also been a debate about under which head income from crypto currency should fall. Gupta, says, "Where there are too many trades in Bitcoins the owner may be classified as a trader and income will have to be reported as income from a business. In the absence of specific guidance on the matter, some taxpayers may choose to report this income under the fifth head of income which is 'income from other sources'." It is the head where residual income, income which cannot be reported under salar Continue reading >>
Newcrypto.ltd Review - Legit Hourly Profits Using Bitcoin Mining Hyip?
In recent months, there has been a surge in the release of crypto investment platforms due to the ever increasing value of Bitcoin , Ethereum etc. Today, one can find mutual fund type options for BTC that allow for steady profits to be incurred. Most of these services make use of long term stability plans, so as to allow for BTC value to gain steadily, while providing customers with decent benefits on a regular basis. New Crypto is an all new asset management platform that provides users with a wide range of services that have been designed to help Bitcoin miners invest their currencies in schemes that generate a steady/regular income on the side. The companys headquarters are based in the United Kingdom, and they employ professional form backgrounds ranging from advanced computer technology to engineering. (i) Investment Planning: one of the biggest uses of this platform is its ability to deliver clear and concise information that can help us make wise investment choices . It outlines various allocatory schemes that have good market potential, and will yield good returns within the shortest period of time. (ii) Insurance Policies: through the application of certain policies, all funds that are traded through New crypto are protected and covered using a creatively devised endowment plan. (iii) Trading Policies: as a result of this feature, the platform is able to execute trades that have some benefit for us in the future. (iv) Incentives: for all of the friends, family members that we are able to bring on board, users are able to receive various financial benefits. Infact, according to the official company policy, one does not even need an active deposit to receive affiliate commission. All one has to do is share their affiliate link, and start earning. 4% Daily Return Continue reading >>
Bitcoin Income Limited
Yes I also invested and then reinvested all my earnings. I only reseved one small return. The site is back up and running. They have a registered company. With a phone number and address. These guys are real dumb. They are a pack of nerds behind a computer screen that are messing with something they have no idea about. They owe me 5 Bitcoin As far as I'm concerned. We agreed to there terms of agreement so that's a contract for the services they are rendering. At this point that is some serious money. So comes serious consequences. Bitincome.io is a Scam business.They've run away with our money.I'm one of the people who invested in it and interested many other people to join it.I'm from Rwanda and I have a webpage called de250.com/bitcoin-supportI teach people 'Bitcoin Investment' and, part of what I teach I was telling people that the best way to accumulate Bitcoin was through Cloud mining and the best webpage was bitincome.ioBy the time I joined Bitincome ltd in September 2017, it was paying like in seconds. I brought 4 friends and got 5% commission on all of them. Plus I was getting a 7% daily return on my investment which was around 0.15 and my team had invested around $10,000After some few days they announced that they needed much investment and increased the daily return from 7 to 20% per day for 10 days. That was on 10TH October 2017 and from that day we never received anymore payment of returns. After the special period (on 20.10.17), the website went down.Until today if you try to open www.bitincome.io it won't show anything.I wrote to several bitcoin sites but in vain. I even wrote to Blockchain. I went on Twitter and Facebook but still in vain. There's currently a facebook page called SCAM BITINCOME LIMITED SCAM but there's little hope that anyone will ever r Continue reading >>
Beware Of These Five Bitcoin Scams
By Dan Blystone | April 23, 2015 1:37 PM EDT As consumers'adoption of bitcoin continues to increase and a number of major retailers have decided to accept the virtual currency, alarming cases of fraud with bitcoins continue to emerge. Because bitcoin transactions are irreversible and not overseen by a central authority or bank, bitcoins are a popular vehicle for fraud and theft. Bitcoin scams are often initially promoted in online forums or chatrooms, with promoters creating an elaborate front to convince investors they are legitimate. The following are five of the most common scams involving bitcoin: 1. Bitcoin Ponzi Schemes and High-Yield Investment Programs. These scams lure people in with promises of high interest rates on deposits. As with other Ponzi schemes , early investors are paid out using investments from later investors. When new investors stop joining and payments cannot be made, the scheme collapses. These scams last often only a couple of months, but the organizers are prone to simply repeat the whole process again afterwards. 2. Bitcoin Mining Investment Scams. Bitcoin mining involves validating transactions and providing security for the public ledger, known as the blockchain . This process requires extremely powerful and expensive computer equipment. The mining scams typically involve orders for equipment that are paid for in advance and never delivered. (For an in-depth review of mining, see: What is Bitcoin Mining? ) 3. Bitcoin Wallet Scams. A bitcoin wallet is a software program used to store bitcoins. Wallet scams attract users with the assurance of greater transaction anonymity. Once the deposit level rises above a certain level, the scammers simply move the bitcoins into their own wallet. 4. Bitcoin Exchange Scams. These exchanges attract users Continue reading >>
List Of Bitcoin Companies
This is a list of Wikipedia articles on for-profit companies with notable commercial activities related to bitcoins and Cryptocurrency . Common services are wallet providers , bitcoin exchanges , payment service providers  and venture capital . Other services include mining pools , cloud mining , peer-to-peer lending , exchange-traded funds , over-the-counter trading , gambling , micropayments , affiliates and prediction markets . A sign advertising bitcoin payments in a cafe in The Netherlands in April 2013 A bitcoin ATM in the Czech Republic in September 2014 A FPGA based bitcoin mining board from 2013 Detail of TREZOR hardware wallet showing transaction details on its display 2014 A bitcoin point of sale terminal showing transaction has been paid, 2016 Continue reading >>
Hedge Fund Betting On Bitcoin Spread Unfazed By Record Price
Bloomberg the Company & Its Products Bloomberg Anywhere Remote LoginBloomberg Anywhere Login Bloomberg Terminal Demo Request Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Hedge Fund Betting on Bitcoin Spread Unfazed by Record Price BitSpread focuses on price disparities between exchanges Fund gained 80 percent in the first nine months of the year DFJ's Draper Says Bitcoin Is Transforming Finance BitSpread Ltd. isnt interested in the price of the cryptocurrency, even as it soared close to the $6,000 mark this week. Instead, the firm is looking at something else: the price disparity between the exchanges that sell bitcoin. Were not interested in the price of bitcoin -- high or low, said Cedric Jeanson, the former JPMorgan Chase & Co. trader who started BitSpread, which manages more than $25 million. Well buy bitcoin versus the yen if the price is high, while simultaneously selling bitcoin versus the U.S. dollar if the price is low. What the firm is really interested in is the price differences between the big exchanges that have sprung up, such as Gemini and itBit. BitSpread gained about 80 percent this year through September, boosted by market making on exchanges in Japan and Korea, which have experienced a surge of interest in digital currencies after the countries legalized bitcoin use, Jeanson saidin an interview. There is incredible momentum around the world now to access blockchain networks, either as an investment or value tra Continue reading >>
Hyip Monitor, Find Working Top Paying Hyip's, We Invest | Btcmanager
A HYIP Monitor we came up with for our own use. We have real money invested in these projects and are paying attention so you can get some sleep. Let us know if you love it or have any questions in the comments below. If you dont know what a monitor is used for,take a look at the HYIP wiki article . For the cliffnotes, they are High-yield investment programs that can change quickly. With our page, you can easily check the status of the industry. BTCMANAGER is actively engaged in the search and financial monitoring of all kinds of investment companies and online projects. BTCMANAGER reminds its readers that any financial companies offering high-yield investments with quick cryptocurrency earnings in a short time carry a potential risk of losing money. We recommend that you only invest as much as you can afford to lose. The inclusion of a company or project on this page is for information purposes only and is not necessarily an endorsement or recommendation. Investors participate at their own risk. A team of our specialists experienced in cryptocurrency mining permanently works on optimizing the whole process of cooperating with investors (including the system of lending computing powers) in order to ensure stable high profit from mining Bitcoin and other popular cryptocurrencies for all the members of our common business. Continue reading >>
Review Of Bitcoin Income Limited : Scam Or Legit ?
We are social : help us to keep this page up to date. If you see something wrong, improve the quality of this page by modifying it. Write an article about this review to help new users : tutorial or user experience. Keep in mind that you don't be able to add a referral link in your article. Please respect our editorial guidelines. Reserved to silver or gold member. 0 unique visitors sent by NBR on last 30 days. The referal link is actually available. Use coins to get yours on. Increase the visibility of this page and create an ad to display it at the top of its category. You are the owner of the site reviewed here or you own the referral link of this review : boost it to get more traffic ! Status assigned by NBR, relative to payment reliability of the site. AVERTISSEMENT This site is identified as illegal because it uses a ponzi system. Reason to the status currently assigned by netbusinessrating since the 24/09/2017 at 22h36 Bitcoin Income Limited is a new company which let us buy mining contract on unlimited time. The cheapest contract is Bitcoin Mining and cost us 0.005 BTC it give us back 7% of our investment daily. There are three more contracts second one is Ether Mining the minimum cost is 5.00000001 and maximum is 50 BTC and it give us 9% of profit daily. Third one is ZCash Mining it cost minimum 50.00000001 and maximum 75 BTC It gives us 11% daily profit. The last one is Dash Mining it cost us minimum 75.00000001 BTC the maximum amount isn't specified it give us 13% daily profit. I also want to add that all contracts duration is "Forever" and the company is registered and have certifiacte, the company number is 10924832 it's possible to check it on their website. They offer Instant payments, Modern equipment and even more i think it's worth to at least check i Continue reading >>
How To Spot A Bitcoin Scam
Opinions expressed by Forbes Contributors are their own. Whenever something gets hot, the only guarantee is that scamsters will lock onto it like a heat-seeking missile. The virtual currency bitcoin is no exception. For those living off the grid, bitcoin is a digital currency. Its value, not backed by any government or central bank, is determined by software that few people truly understand. Since few know how bitcoin really works, there have been endless opportunities for chicanery. Social media has provided fertile ground for numerous frauds. Naturally, those who want to speculate in bitcoin want to believe that the currency's value will do nothing but go up in value, but that hasn't been the case. The currency is very volatile and few understand why. According to a recent report by Zerofox , a digital risk monitoring company, there's a considerable dark side to bitcoin. Here are some ways to spot scams: -- Malware downloads. Bitcoin is often used as "bait" to get you to download some nasty software that will mess up your computer. According to Zerofox: "Fake bitcoin 'wallets' hiding malware downloads: Attracting users to click through URLs posted to social media is a technique that ZeroFOX has observed in a variety of attacks. This one uses the promise of bitcoin to lure the user into following a URL that subsequently attempts to download a malware-laden app. We also discovered that fake bitcoin surveys are often used to distribute malware, and we advise caution when encountering any social media URL that is either shortened or not secured with an HTTPS connection." -- Bitcoin phishing impersonators. "Impersonators run rampant on social media, and impersonating the bitcoin brand itself is a tactic that can be used to gain a victims trust and credibility. A phishing Continue reading >>
Bitincome.io Review Legit Way To Earn Bitcoin Income By Hyip Investing?
Are you interested in High Yield Investment Programs (HYIPs)? There are many options of investments available on the internet, but you have to be picky if you really expect some real profit. Many of these programs are scams that will not get you your investment back. If you want to invest in these programs, you have to look for the most trustworthy ones. Because of this, you have to be prepared for some serious research about these programs. To help you to invest as well as you can, we review HYIPs for you. Today, we are going to review Bitcoin Income. Unfortunately, we still cannot analyse Bitcoin Income at this moment. Our team has not yet completed its analysis of this program, so you will have to be patient and we will be able to help in a few days. If you want to know more about other HYIPs, you can always browse the blog to know more about them before investing . We still lack some very important information to be able to prove if Bitcoin Income is paying or not. Because of this, this review is partial. Avoid this company for the moment. If you want to know more about good investments, our site has plenty of HYIP and ICOs analysis to help you. Browse more for the best deals. We cant be sure if Bitcoin Income is risky or not at this moment and, because of this, its impossible for us to vouch for this program yet. You should stay away from any HYIP which you are not 100% sure that will pay you for your investment. Remember to always invest well and be always aware that investing in HYIPs is a risky business and you have to be prepared before you suffer any financial loss. Bitcoin Income offers its investors many options for investment: Avoid Bitcoin Income for now. We cannot say if this company is a safe investment for our readers, so we will have to advise you aga Continue reading >>
Is Bitcoin Income Limited A Scam?
Many members of the crypto community believe Bitconnect is/was a scam, yet the platform is still here dishing out daily profits to those willing to take the risk.... But now there is this >> What do people think about this platform? I haven't heard of this. I just checked the website, Bitconnect is an exchange, a lender, abd they have their own coin. What's the part if this that people thought was a scam? What are you worried about specifically? I couldn't find much information about their income offering, how is it supposed to work? More detail would help us give you better answers. Many members of the crypto community believe Bitconnect is/was a scam, yet the platform is still here dishing out daily profits to those willing to take the risk.... But now there is this >> What do people think about this platform? Never heard about it. Is this you who made the platform noself22? I think that you are probably right about this. This post looks like a promo of this HYIP Ponzi crap site/scheme,which is a scam by far. So Op i advice you to stop promoting these fake and scamy sites and do something more productive in crypto world. Trying to steal others hard earned BTC is certnainly not the way. Professional Investor, Trader, and Bitcoin Fanatic Bitincome.io is officially a Scam business since like two weeks. I'm one of the people who invested in it and interested many other people to join it. I'm from Kigali, Rwanda and have a webpage called de250.com/bitcoin-support I teach people about 'Bitcoin Investment' and, part of what I teach I was telling people that the best way to accumulate Bitcoin was through Cloud mining By the time I joined Bitincome ltd in September 2017, it was paying like in seconds. I brought 4 friends and got 5% commission on all of them. Plus I was gettin Continue reading >>
Bitcoin: 7 Reasons Why You Should Not Invest In Bitcoins, Cryptocurrencies - The Economic Times
7 reasons why you should not invest in bitcoins, cryptocurrencies 7 reasons to stay away from cryptocurrency like Bitcoin How to keep your money safe if you want to invest in cryptocurrencies When Vivek Pethe read that the price of a bitcoin had surged five times between January and September 2017, he couldnt resist jumping on the cryptocurrency bandwagon. Pethe started small. In June 2017, he invested Rs 11,000 in bitcoins and another Rs 15,000 in ATC Coin , an Indian cryptocurrency . Although his Rs 15,000 investment in ATC Coin quickly grew to Rs 1.82 lakh, Pethe started having doubts when he tried to withdraw Rs 5,000 from his holdings. He was unable to execute the sell order smoothly. The computer screen just flashed operational error messages. When that was resolved, and he was finally able to sell them, the money wasnt credited to his bank account right away. I finally received the money three months later, that too after many follow ups with the firm. I am not sure if Ill be able to recover my remaining investment in this scheme, he says. While this incident prompted Pethe to sell his bitcoin stash immediately and vow to steer clear of such investments in the future, cryptocurrency exchanges claim that around 2,500 new users in India are entering the market every day. Gopal Jiwarajka, President, PHD Chamber of Commerce and Industry says, Bitcoin is fraught with risks and not backed by any tangible asset. But the number of investors is still growing, which is a concern. His bitcoin experience: Invested Rs 11,000 in bitcoins and Rs 15,000 in ATC Coin. The value of the latter grew to around Rs 1.82 lakh but when he tried to sell part of his holdings, he faced a number of challenges. He sold his bitcoin holdings immediately afterwards for Rs 19,000 and decided to s Continue reading >>
Bitcoin Growth Fund | Invest In High Growth Startups
At BGF we truly believe in a decentralised ecosystem where the trust lies in a network that is resistant to corruption and modification from untrustworthy sources in the society. Our vision might have been a far fetched dream a few years ago but today with the advent of Blockchain we see our vision becoming a reality. Our firm commitment in our value system constantly drives us to support great ideas in the blockchain and cryptocurrency domain. We not only provide the necessary capital influx to accelerate great ideas but also bring in the required tech and non-tech expertise to enable a team to achieve its ideas and goals for the future of mankind. Either we will contact you or you can have our attention by providing your details HERE To protect our users interest, we will be having multiple conversations with you and your team. You will have to furnish various proofs as per our requirements before we proceed further Once you pass the due diligence stage you will be listed on our web portal where more than 97,000+ users can see the potential in your idea Your BGF target can be a subset of your overall ICO target. Any amount put in your ICO will be initially held in a smart contract and will be released once you start releasing the tokens to our users We truly believe that a genuine ICO has to go through a really difficult time in raising any amount primarily because of the multiple sectors the team is involved in at one point of time. We at BGF are happy to help you in your journey and fill in the required gaps both at the tech and non-tech front. Feel free to reach out to us at [email protected] We are revamping our complete user experience for BGF Exchange. Please be patient and we will let you know once it is up and running in 2-3 weeks. Continue reading >>