Still not paid taxes on Bitcoin gains? I-T notice could be on the way

Bitcoin

Latest News

While virtual currencies like Bitcoin are gaining popularity, there is still lack of clarity on how they should be taxed. Many buyers of cryptocurrencies, therefore, don’t pay tax on the gains they make on selling them.

 

Software developer Pawan Bharti recently sold Bitcoin worth Rs 55,000 after his investment doubled. “Neither my friends nor I am aware that we need to pay tax on these gains,” says Bharti. He is planning to invest the money in fixed-income instruments.

 

Tax experts, however, say that investors are obliged to pay tax on their gains in virtual currencies. “What investors don’t realise is that the Income Tax Act may not cover the taxation of virtual currencies specifically. But there are provisions that cover all kinds of income and gains,” says Archit Gupta, chief executive officer, ClearTax. The definition of capital assets under Section 2 (14) is broad enough to include any investment in crypto currencies.

 

The taxation of virtual currencies will depend on the purpose for which an individual buys it, say experts. If a person has purchased a virtual currency to pay for goods, then there should be no tax. It’s as good as cash in the wallet that one uses for transactions. But the use of virtual currencies for such payments is less common. Most people buy it to make a profit on price changes.

 

Any profit arising out of the sale of virtual currencies can be construed as capital gains, according to tax experts. “Accordingly, the capital gains tax will be applicable depending upon the holding period of such investments,” says Suresh Surana, founder, RSM Astute Consulting Group. If these are held as an investment for three years or more, the gains will be considered as long-term capital gains. The investor will need to pay 20 per cent tax after considering indexation benefit. If an individual sells it within a shorter time period, the gains will be treated as short-term capital gains. The profit will be clubbed with the investor’s income and he will have to pay tax depending on his income tax slab.

If the transactions in bitcoins are substantial and frequent, it could be said that the individual is trading in bitcoins.

 

READ MORE

Advertisements

Miss Universe 2017: India loses; South Africa wins to end four-decade jinx

Shraddha Shashidhar. Photo: Twitter

Latest News

India’s Shraddha Shashidhar lost out on the Miss Universe 2017 title, failing to make it even to the top 16. South Africa’s Demi-Leigh Nel-Peters walked away with the crown, ending a nearly four-decade-long jinx for her country in one of the world’s biggest pageants.

 

After Manushi Chhillar’s victory at the Miss World 2017, India had pinned high hopes on Shraddha, 21, a media graduate, to end India’s 16-year drought as Lara Dutta had last brought back the crown in 2000.

 

As many as 92 women from around the world were competing for the Miss Universe 2017 title at the pageant, hosted by Steve Harvey.

 

Iris Mittenaere from France crowned her successor Demi-Leigh.

 

The winner has a degree in Business Management and she is passionate about a program she helped develop to train women in self-defence in various situations.

Demi-Leigh plans to share these workshops and help as many women as she can, according to the official Miss Universe website.

 

Laura Gonzalez from Colombia was named the runner-up, while Davina Bennett from Jamaica rounded up the top three.

 

As the host, Harvey was sporting enough to address his big mistake from the last time he hosted.

 

Harvey, a five-time Emmy Award winner, mentioned the moment from when he announced the wrong winner at 2015 Miss Universe.

 

“Well, my first year we started right here in Las Vegas. We all know how that went. We don’t need to go back into that,” said Harvey, who was returning the third time to host the show.

 

Singer Fergie took to the stage and performed her single “A Little Work” during the pageant’s evening gown competition. She donned a glittering black and silver mini-dress as the top 10 finalists did the catwalk during her performance, reported eonline.com.

 

READ MORE

Google marks India’s first woman lawyer Sorabji’s 151st b’day: Who was she?

doodle

 

Latest News

Google on Wednesday paid its tributes to Cornelia Sorabji, India’s first woman lawyer, through a dedicated doodle on the occasion of her 151st birth anniversary.

 

A woman with many accolades to her kitty, Cornelia was the first female graduate from Bombay University, the first woman to read law at Oxford University and the first Indian national to study at any British university, the first female advocate in India, and the first woman to practise law in India and Britain.

 

Cornelia was born in Nashik as one among nine children to Reverend Sorabji Karsedji and his wife, Francina Ford, who had been adopted and raised by a British couple.

 

She enrolled in Deccan College, and claims to have topped the Presidency in her final degree examination, which would have entitled her to a government scholarship to study further in England.

 

However, according to Sorabji, she was denied the scholarship, and instead took up a temporary position as a professor of English at a men’s college in Gujarat.

 

After becoming the first female graduate of Bombay University, Sorabji wrote in 1888 to the National Indian Association for assistance in completing her education.

 

This was championed by Mary Hobhouse (whose husband Arthur was a member of the Council of India) and Adelaide Manning, who contributed funds, as did Florence Nightingale, Sir William Wedderburn and others.

 

READ MORE

Kidambi Srikanth outclasses Lee Hyun Il to win maiden Denmark Open title

Latest News

Ace Indian shuttler Kidambi Srikanth ended India’s 38-year wait for a men’s singles Denmark Open Super Series Premier title as he beat South Korea’s Lee Hyun Il 21-10, 21-5 in just 25 minutes to win his maiden Denmark Open Super Series Premier title on Sunday.

 

This is Srikanth’s third Super Series title win of the year, after the Indonesia Open Super Series Premier and Australian Open Super Series earlier in the year.

 

Now, he has overall five Super Series titles on his name including China Open 2014 and India Open 2015.

 

Srikanth dominated the match as he maintained a healthy point’s gap at all stage of the game.

 

Despite losing the first two points of the match, Srikanth made a comeback with his trademark jump-smash to make it 1-2.

 

Because of his mix of attacking and net play he was able to take a massive 11-6 lead at the break after which Hyun Il could never come back into the game as Srikanth continued with his accurate smashes to win the first game 21-10 in just 12 minutes.

 

In the second game Srikanth maintained his aggression as he opened up a huge 5-1 lead early on.

 

Such was the difference in class between the two players that at the break in the second game, Srikanth was leading 11-1. The striking part about Srikanth’s game was his movement and picked almost everything with comfortable ease.

 

Srikanth won the second game 21-5 to put his opponent out of his misery.

 

He had reached the finals after defeating Vincent by 21-18, 21-17 in a one-sided semi-final clash that lasted just 39 minutes.

 

Hyun Il, on the other hand, had made it to the finals after sweeping aside his countryman and top seed Son Wan Ho in a three-game thriller that lasted one-and-a-half hour.

 

Prior to Srikanth’s win, Prakash Padukone was the last Indian to win the men’s singles title at Denmark Open in 1980.

 

READ MORE

FIFA U-17 World Cup: India lose 1-2 to Colombia

FIFA U-17 World Cup, India, Colombia

Latest News

A bright India provided hope for a brighter future but their dream ended in a heartbreak following a 1-2 defeat to Colombia today in the FIFA U-17 World Cup, leaving the many heads totting the stands teary-eyed.

 

When defensive midfielder Jeakson Thounaojam neutralized Colombia’s lead by scoring the country’s first-ever World Cup goal in the 82nd minute, India were moments away from securing their maiden draw in only the second attempt.

 

But that was not to be as Juan Penaloza (83rd) scored his second of the night on the counter to leave the home players, as well as the crowd, crestfallen.

 

Nonetheless, a charged up India produced one of their finest performances before going down in front of a disappointed but proud group of spectators, who witnessed a historic first-ever FIFA World Cup goal.

 

India scored when Jeakson, the tallest player in the side, headed in a Sanjeev Stalin corner, sending the whole stadium into a state of delirium.

 

The move to make four changes by coach Luis Norton de Matos proved to be a wise one as the taller Indian players ensured they were equal to the task, when it came to the aerial battle against the well-built Colombians.

 

It was a very different India that turned up after the 0 -3 loss to USA three nights ago.

 

They were on the ball from the word go and even though the Colombians had more of possession, India very much managed to make their presence felt.

 

There was heightened activity in the Colombian box, with Ninthoinganba Meetei initiating surging runs down the right flank, each steps raising hopes for the improbable.

 

This was in the in the beginning of the Group A match.

To the surprise, and delight, of the sizeable crowd at the Jawaharlal Nehru Stadium, India had Colombia at their mercy in the 16th minute.

 

But, to the disappointment of the thousands occupying the stands, Abhijeet Sarkar, having found a clear view of the goal, shot over.

 

India’s hopes went up in smoke after coming agonizingly close to scoring their first ever World Cup goal.

 

In the cut-throat world of international football, Colombia may be many, many rungs above India, but the host nation had the momentum on this night. And they used it to rattle the Colombians on a few occasions.

 

READ MORE

Rishi Kapoor chides Rahul Gandhi over dynasty politics remark

Latest News

Actor Rishi Kapoor, who has been known for his tirade against almost everything on Twitter, didn’t seem much impressed with Congress vice-president Rahul Gandhi referring to Bollywood, while talking about the presence of dynasts all across India.

 

The actor took to Twitter to warn the Congress vice-president “to not bullshit people on dynasty” and added that one has to earn people’s respect through hard work.

 

“Rahul Gandhi. In the 106 years of Indian cinema of India, Kapoor’s contribution is 90 years. And each generation is chosen by public on merit (sic),” Rishi Kapoor tweeted.

 

Citing the example of his own famous Kapoor family, which has been ruling the Indian Cinema for the past 90 years, Kapoor said that all the members of the family have been chosen on merit and have earned immense love from the audience.

 

“By God’s grace we are in 4 generations.Prithviraj Kapoor.Raj Kapoor.Randhir Kapoor.Ranbir Kapoor-Males.Besides all others. You see otherwise (sic),” he added.

 

“So don’t bullshit people on “Dynasty” You have to earn people’s respect and love through hard work not zabardasti and gundagardi (sic),’ he tweeted.

Kapoor’s comments came after Rahul mentioned about Abhishek Bachchan while talking about “dynasty politics” in his speech at the University of California in Berkeley, United States.

 

Rahul Gandhi on Tuesday hit back at those who have accused him of reaping the benefits of “dynasty politics”, and justified the charges against him, saying that the entire nation is running on it and hence, one should not go only after him.

 

“Most of the country runs like this. Akhilesh Yadav is a dynast. Stalin is a dynast. Dhumal’s son a dynast. Even Abhishek Bachchan is a dynast. Also Mr. Ambani. That’s how India runs. Don’t go after me,” he said.

PM Narendra Modi to receive Japanese Prime Minister Shinzo Abe in Gujarat, for annual bilateral summit meeting

Latest News

At the invitation of Prime Minister Shri Narendra Modi, Mr. Shinzo Abe, Prime Minister of Japan, will undertake an official visit to India on September 13 and 14, 2017.

Prime Minister Modi and Prime Minister Abe will hold the 12th India-Japan Annual Summit, at Mahatma Mandir in Gandhinagar, Gujarat on the 14th of September. The two leaders will deliver statements to the media.

An India Japan Business Plenary is scheduled the same day.

This will be the fourth Annual Summit between Prime Minister Narendra Modi and Prime Minister Abe.

The two leaders will review the recent progress in the multifaceted cooperation between India and Japan under the framework of their ‘Special Strategic and Global Partnership’ and will set its future direction.

The two leaders will attend a public function to mark the commencement of work of India’s first high-speed rail project between Ahmedabad and Mumbai, on 14th of September.

The train is expected to significantly reduce travel time between the two cities.

Japan is a pioneer in high-speed rail networks, and its Shinkansen bullet train is among the fastest in the world.

The city of Ahmedabad will greet Prime Minister Abe with an elaborate civic reception on 13th of September, showcasing the cultural diversity of India, through a series of performances.

The two Prime Ministers will visit Sabarmati Ashram, established by Mahatma Gandhi on the banks of the Sabarmati River. They will then visit the “Sidi Saiyyed Mosque” – a famous 16th century mosque in Ahmedabad. The two leaders will also visit Dandi Kutir, the museum dedicated to Mahatma Gandhi, at the Mahatma Mandir.

 

Read More