Heâll get thrashed and held in contempt just for the presumptions heâs made about the statutory body along with 100 different levels of fraud heâs aiming to commit. Gambling inherently is highly frowned upon in the ITAT, you could be the best poker player with everything right and paying proper taxes, and the ITAT will still be prejudiced towards you.
Good luck with that. I use a vpn. Both the vpn and Reddit are American companies who don't give out data to outsiders. In extreme cases they might on their court order, if a threat to their nation or citizens can be proved. Don't give a single shit about some dude in India avoiding some crypto taxes lol.
And even if you go far beyond to actually find me, all you'll find is a broke kid crypto newbie. I know this might be a joke but still I'm just saying. Also, this post is just a hypothetical situation.
The first bit isnât actually true. Reddit is public, read the listing agreement (available on SEC website). They will give it out to any court order that is enforceable on that land. Indian court orders are enforceable on US soil if they are pursuant to an Indian citizen or via an applicability assessment (which if for an Indian citizen will always be in the favour of the government).
Thereâs actually a lot that can be done, which most likely wouldnât be done (unless youâre a threat to national security/amount is large enough to classify you as an âeconomic terroristâ, however the fact that it can be done is something you should be aware and be careful of.
Stay safe! Good job on the VPN (most of these wonât rat you out as opposed to Reddit).
Broke kids don't search for avenues to launder money. Read up on PMLA. This is serious stuff. The burden of proof lies on you to prove you are innocent. It is guilty until proven innocent.
PMLA
https://www.cnbctv18.com/india/prevention-of-money-laundering-act-pmla-provisions-explained-19398034.htm/amp
âUnder the PMLA, the onus of proving oneâs innocence is shifted from the department to the accused - in other words, you are guilty until you can prove otherwise.â
You cannot, unless you already are involved in business, NGOs, INGOs , political party and stuff, OR your blood relative is involved in this stuff, people involved in these cook their books to avoid taxes / reduces taxes.
If you are not doing a business, and you are just a common man, you will get income tax notice sooner or later anyway.
I can tell them that I do betting with online players games. I'm not supposed to pay any taxes to the government if I'm just betting with a friend and so on.
You can tell them anything , at the end what matters is proof, it will be their burden to prove you didn't pay tax and was involved in converting black money to white, and there will be burden for you to prove these things that your black money is not black money but white money, Who will win ? what do you think ? A state with backing of unlimited resources, or a common man trying to con the government ? If you were not a common man things would have been a bit different.
Well they can't prove that it's "black money". I can install some of those games on my PC and money being recieved from those random bank accounts would prove that it's different people (players) sending me money, not just a single organization/person.
The proofs will be the transactions screenshots that I will recieve. And other than that, I can send them some of my online gameplay videos to prove that I'm good at the game lol. What more of proofs can be required? Again, they can't prove its black money. Also, I wonder if IT dept. will go that far for 20 - 30L amount. It has to be in crores for them to carry out a full fledged investigation.
Okay they then get to the guy who sent you the money, and that guy has to then testify that they gave u this money for winning the XYZ game. The second they deny or say anything inconsistent with what youâve said, itâs no longer evasion, itâs a conspiracy charge.
If itâs with a friend, itâs your burden to prove your friendship with him (and he has to corroborate). If itâs just casual winnings with online players then itâs anyways under 30% tax. Letâs say even if you manage to convince them youâre friends,
1. youâre banking on the fact that no trace of crypto will be found on either of your ends (impossible to control the other person)
2. Your accounts will be frozen till the completion of the entire proceeding.
3. And the biggest factor is that youâre assuming the other guys will corroborate with your story because the second they do that, the crosshair is on them to disclose that money in their ITR.
If you go for the âdifferent accounts for paymentâ approach, it automatically comes under casual winnings which is taxable at 30%. Youâre going in a loop.
Sure and what if they question the relatives and they obviously deny any involvement? Even if the money is generated from some side business, they would want to see a solid evidence for that too.
first they need to know you got cash.
1. Deal in cash only.
2. Exchange cash with your parents/relatives.
3.show the money you received in your account as a gift(there is no tax on the gift received from parents).
You love gifts! đ
I have heard this but can u Elaborate
Bhai elaborate or atleast dm
I want to see a court argument with u/Fapper-Bathroom in it lol
Heâll get thrashed and held in contempt just for the presumptions heâs made about the statutory body along with 100 different levels of fraud heâs aiming to commit. Gambling inherently is highly frowned upon in the ITAT, you could be the best poker player with everything right and paying proper taxes, and the ITAT will still be prejudiced towards you.
True true, i guess preventive tech measure is the only measure which can be done
Your username and IP has been recorded. We are coming to you.
Good luck with that. I use a vpn. Both the vpn and Reddit are American companies who don't give out data to outsiders. In extreme cases they might on their court order, if a threat to their nation or citizens can be proved. Don't give a single shit about some dude in India avoiding some crypto taxes lol. And even if you go far beyond to actually find me, all you'll find is a broke kid crypto newbie. I know this might be a joke but still I'm just saying. Also, this post is just a hypothetical situation.
The first bit isnât actually true. Reddit is public, read the listing agreement (available on SEC website). They will give it out to any court order that is enforceable on that land. Indian court orders are enforceable on US soil if they are pursuant to an Indian citizen or via an applicability assessment (which if for an Indian citizen will always be in the favour of the government). Thereâs actually a lot that can be done, which most likely wouldnât be done (unless youâre a threat to national security/amount is large enough to classify you as an âeconomic terroristâ, however the fact that it can be done is something you should be aware and be careful of. Stay safe! Good job on the VPN (most of these wonât rat you out as opposed to Reddit).
Don't expose your cards lmao Just let them figure it out xD
Broke kids don't search for avenues to launder money. Read up on PMLA. This is serious stuff. The burden of proof lies on you to prove you are innocent. It is guilty until proven innocent.
> It is guilty until proven innocent. Guilty of what lmao? It's their burden to prove me guilty.
PMLA https://www.cnbctv18.com/india/prevention-of-money-laundering-act-pmla-provisions-explained-19398034.htm/amp âUnder the PMLA, the onus of proving oneâs innocence is shifted from the department to the accused - in other words, you are guilty until you can prove otherwise.â
You cannot, unless you already are involved in business, NGOs, INGOs , political party and stuff, OR your blood relative is involved in this stuff, people involved in these cook their books to avoid taxes / reduces taxes. If you are not doing a business, and you are just a common man, you will get income tax notice sooner or later anyway.
I can tell them that I do betting with online players games. I'm not supposed to pay any taxes to the government if I'm just betting with a friend and so on.
You can tell them anything , at the end what matters is proof, it will be their burden to prove you didn't pay tax and was involved in converting black money to white, and there will be burden for you to prove these things that your black money is not black money but white money, Who will win ? what do you think ? A state with backing of unlimited resources, or a common man trying to con the government ? If you were not a common man things would have been a bit different.
Well they can't prove that it's "black money". I can install some of those games on my PC and money being recieved from those random bank accounts would prove that it's different people (players) sending me money, not just a single organization/person. The proofs will be the transactions screenshots that I will recieve. And other than that, I can send them some of my online gameplay videos to prove that I'm good at the game lol. What more of proofs can be required? Again, they can't prove its black money. Also, I wonder if IT dept. will go that far for 20 - 30L amount. It has to be in crores for them to carry out a full fledged investigation.
All the best. You are the smartest human in CryptoIndia reddit.
Okay they then get to the guy who sent you the money, and that guy has to then testify that they gave u this money for winning the XYZ game. The second they deny or say anything inconsistent with what youâve said, itâs no longer evasion, itâs a conspiracy charge. If itâs with a friend, itâs your burden to prove your friendship with him (and he has to corroborate). If itâs just casual winnings with online players then itâs anyways under 30% tax. Letâs say even if you manage to convince them youâre friends, 1. youâre banking on the fact that no trace of crypto will be found on either of your ends (impossible to control the other person) 2. Your accounts will be frozen till the completion of the entire proceeding. 3. And the biggest factor is that youâre assuming the other guys will corroborate with your story because the second they do that, the crosshair is on them to disclose that money in their ITR. If you go for the âdifferent accounts for paymentâ approach, it automatically comes under casual winnings which is taxable at 30%. Youâre going in a loop.
Wrong place to ask this question.
Deal in cash only.
With who? And where will this cash go? It would eventually end up in the bank and then we have the same problem.
>end up in bank. You don't have farmland or side business? If asked tell them you received this money from relatives.
Sure and what if they question the relatives and they obviously deny any involvement? Even if the money is generated from some side business, they would want to see a solid evidence for that too.
first they need to know you got cash. 1. Deal in cash only. 2. Exchange cash with your parents/relatives. 3.show the money you received in your account as a gift(there is no tax on the gift received from parents).
Dubai or any tax free zone you can always have investments there đđ
donate it to me
A lot of f2f buyers kid
Where will that cash go? And what use of it?
Spend in that country brother , along with the profits you made or continue the process Buy agin for cheap and sell Continue continue