Fire your tax related queries and i would get it solved!!!

[vagar11]

One of my friend is in US and when he sells bitcoin from zebpay the money goes to Saving account instead of NRO account. Is it ok.

 

[lonstud]

would you mind sharing a sample of the contract note. you can email (in case you don't wanna share here) at [email protected]

I contacted the broker as well regarding this issue and they have informed me that contract note send for 3rd July was errorneous as GST should be charged on brokerage. They'll fix the contract note of 3rd July and resend it. I guess that resolves the issue for now. Thank you for your time and interest in this matter.

 

[canikhil]

One of my friend is in US and when he sells bitcoin from zebpay the money goes to Saving account instead of NRO account. Is it ok.

two issues: one he should not use saving account once he is a NRI. 2. any income (difference between the buying and selling price of bitcoins) will be a taxable income in India in this case.

 

[vagar11]

two issues: one he should not use saving account once he is a NRI. 2. any income (difference between the buying and selling price of bitcoins) will be a taxable income in India in this case.

Thanks.

 

[vagar11]

two issues: one he should not use saving account once he is a NRI. 2. any income (difference between the buying and selling price of bitcoins) will be a taxable income in India in this case.

Actually he buys bitcoin from Coinbase (US site) and then transfer them to Zebpay(india site) and then sell them. In Zebpay prices are 4-5% higher than Coinbase.

 

[canikhil]

that would trigger taxation in India ..

 

[Satya.]

Sir,Education cess removed completely?
In ITR-1,der waz education cess+something 3% on a total tax.

 

[canikhil]

education cess is not removed. still applicable on income-tax.

 

[princy01]

dis iz vry confusing Sir
my CA says w/o dclaring 8% ITR cant b filed,else go for audit as i'm in a loss.

Sir,if in coming yrs my TO is huge,y wud I dclare 8%?
I'd go for audit as 8% dclaration will b vry costly.

hope my undrstding is correct

Whenever you are in loss in fno, audit is a must if you file that loss and carry that forward

 

[canikhil]

Whenever you are in loss in fno, audit is a must if you file that loss and carry that forward

not necessarily. the audit becomes applicable only if your total income is in excess of the exempted limit and your profit % is below 8% of the turnover.