Copy of IT Summons and Notice Regarding CryptoCurrencies

Indian government now views cryptos has a great new source of income to line up it’s pockets. Taxing users heavily and demanding to know every single detail and transactions made in Indian or foreign cryptocurrency exchanges seems to be it’s only solution, instead of legalising Bitcoin and alt-coins.

How to file your income taxes on cryptocurrency

How are cryptocurrencies taxed?

Tax laws vary around the world. Please familiarize yourself with the tax rules that apply to you based on your country/jurisdiction.

Most countries consider cryptocurrencies to be capital assets. Therefore if the asset appreciates in value and you sell/trade/use it for profit, the gains are taxed like capital gains. If the asset depreciates in value and you sell/trade/use it at a loss, you may be able to deduct the losses against other capital gains to reduce your taxes.

The amount of tax depends on how much capital gain/loss there has been on the asset, how long you have held the asset, and the specific regulations in your country/jurisdiction. Because each taxable event may create a capital gain, you need to know the date, cost basis, sale value, and any fees associated with each transaction.

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Do I need to pay tax on my cryptocurrency?

If you traded, sold, or used any of your cryptocurrency to purchase something, then you may need to pay tax on these assets. If you were gifted or given cryptocurrency as payment, salary, or as a gift/donation, then this income should be reported just like any other income you receive.

If you are just buying cryptocurrency with your own money and storing it (no selling/trading/using it), then you likely do not need to pay tax on it. #HODL

How can I figure out my crypto taxes?

CoinTracker offers a few different methods to help you figure out your U.S. crypto taxes. Additionally, if you are in the United States, you can refer to the IRS’s guidance on cryptocurrency taxes. Beyond that, you should consult your tax professional to understand how much tax you owe.

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Use this affiliate link to get $10 off – HERE

Earn 20% Interest On Your Crypto HODLing | BHE Account #bitbns

BHE account by Bitbns have been designed specially to take care of your Crypto hodling and growth requirements. It lets your crypto grow with an attractive interest of upto 20%* p.a on your coin balances.

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Features of BHE Accounts

You can earn 20% p.a. interest on certain cryptocurrency balance at the end of every year which is applicable for resident accounts only.

For example, If you hold 1000 XRP from 1st April 2018 to 31st March 2019, you will be paid 1200 XRP on March 31st 2019.

Similarly if you hold 1 BTC from 1st April to 31st March 2019, you will be paid 1.2 BTC on March 31st 2019.

The duration of the holding is 1 year. There are longer and shorter term plans coming soon.

This is applicable on the 31 digital assets that Bitbns provides with.

Who is eligible to apply?

Existing and new customers of bitbns can opt for this by just filling a opt in form.

How to open a New BHE account?

Opening a NEW BHE account is very easy. Just go to Bitbns.com or download the Bitbns App and create an account and verify yourself. Post that you need to fill the form. You would be communicated when your application has been approved.

 

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WazirX Launch

wazirx exchangeIf you are still not registered on this exchange please dont miss this opportunity, register and get FREE 100 WRX coins – HERE

You can start depositing INR and Crytpos as well as start placing orders right away. Our iOS app is now visible to everyone through the link below.

Web – https://wazirx.com

iOS – https://itunes.apple.com/us/app/wazirx/id1349082789?ls=1&mt=8

Android – https://play.google.com/store/apps/details?id=com.wrx.wazirx

WazirX Launching with 3 crypto assets: BitcoinLitecoin and Dash. Tomorrow at 7PM, Read more details about the launch here

24 days of Free trading (no fees)

For the first 24 days you will not be charged any fees for buying and selling on WazirX.

SONM worldwide supercomputer

SONM is a decentralized worldwide fog supercomputer for general purpose computing from site hosting to scientific calculations. SONM company is an effective way to solve a worldwide problem – creating a multi-purpose decentralized computational power market.

Where to find SONM: