Bitcoin taxes

Prima facie you are an NRI and any income earned in India would be taxed in India.

Also while transferring the amount from NRO to NRE account you would need Form 15CA 15CB wherein you have to mention whether tax was paid on such transfer or not.

Also as per article 24 any tax paid in India one would get its credit in Australia if the income is taxed there, so there will be no double taxation.

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Dear Sir,

Hope you are doing well !!

The tax residential status determines your taxable income in India. 

For ordinarily person worldwide income gets taxable in India. Ensure that you remain non-resident in India for tax purpose as non-residents are taxable in India for income earned & accrued in India.

You need not to pay any tax in India on your foreign income. Also, you can claim the credit of taxes paid in Australia while filing ITR in India.

For transfer of funds from NRO to NRE account, NRIs need to submit Form 15CA (online application form) and form 15CB (Chartered Accountant Application) to the bank branch.

We may assist you in entire procedure.

Hi,

Firstly, the profit should be treated as business income and not capital gain as transactions would be frequent and your intention would ne to earn trading profits and not warn investment return.

Further, this would help you to substantiate that profits are not taxable in India. Because, business income of NRIs are not taxed in India unless they have permanent establishment in India.

Hi,

You would be considered as NRI if you haven't spend 182 days in India in previous year.

Also, if you haven't spend 60 days in India in previous year and haven't spent 365 days in previous 4 years in india

You are considered an Indian resident for a financial year: 

i. When you are in India for at least 6 months (182 days to be exact) during the financial year

ii. You are in India for 2 months (60 days) for the year in the previous year and have lived for one whole year (365 days) in the last four years.

If you are an Indian citizen working abroad or a member of a crew on an Indian ship, only the first condition is available to you – which means you are a resident when you spend at least 182 days in India. The same is applicable to a Person of Indian Origin (PIO) who is on a visit to India. The second condition is not applicable to these individuals. 

You are an NRI if you do not meet any of the above conditions.

Hello,

Income Tax in India is levied on the basis of the residential status of the assessee. Being a resident in India, global income is taxable in India, while for a non-resident only income accruing or arising in India would be taxable in India.

In your case, you need to check your residential status as per the income tax law first.

Income, as mentioned by you, would be taxable to you being accruing in India. In my opinion, it would be considered as your business income as the frequency of such trades would be high in number.

Any tax paid in Foreign Country on such income would be available as a credit in India from Income Tax.

I hope that this answer satisfies your requirements. 

Regards,

CA Hunny Badlani

Yes, as the income is accruing in India.

You will be considered as Resident in India if Your cumulative stay in India during the relevant financial year is 182 days or more, Or your cumulative stay in India is 60 days or more during the financial year and 365 days or more during the 4 previous financial years.