10 Key Facts About Bitcoins

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10 Key Facts About Bitcoins:

10 Key Facts About Bitcoins

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1. RBI has neither declared the crypto currencies as illegal not has it accepted these as legal tenders.

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2 . If RBI declares Bitcoin as a currency then any trading in it would be subject to FEMA Regulations.

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3. The question whether dealing in Bitcoin is a current account transaction or not wholly depends on whether Bitcoin is a ‘good’ or an ‘asset.

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4 . If it is not a good, then foreign transactions in Bitcoin shall be treated as capital account transactions requiring nod from the RBI

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5. Bitcoins could be deemed as capital assets for the Income-tax purpose if purchased for the purpose of investments.

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6 . Income from sale of Bitcoins would be taxable as business income if the transactions in bitcoins are substantial & frequent

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7. While as STCGs are taxable as per the slab rates applicable to a taxpayer, LTCGs are taxed at the flat rate of 20%.

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8 . If Bitcoins are classified as currencies, then no GST can be charged on its trading.

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9. If Bitcoin is not considered as a currency, any trading in Bitcoin would be considered as a ‘Service’ under GST.

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10. Exchange of INR into Bitcoin will subject to GST @ 18% on commission amount.

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