Tax question India and USA

[andhraf]

Hello,

Currently living in USA and no plans of going to india in long term future, opened a binance.com account and KYC'd with Indian documents. Planning to trade on binance.com using VPN. If I make any profits, nenu which contry ki tax pay cheyyali? India or USA?

Thanks in advance

[andhraf]

Any suggestions?

[vithanda_vadhi]

3 minutes ago, andhraf said:

Any suggestions?

Going by book, you need to pay taxes in India because income is generated in India.

Since you are living in USA, you need to pay taxes on global income. You can  take foreign tax credit, if you have already paid tax in India.

If your Indian income is with in tax exemption limits in India, you will simply add that earnings to your US income.

[andhraf]

59 minutes ago, vithanda_vadhi said:

Going by book, you need to pay taxes in India because income is generated in India.

Since you are living in USA, you need to pay taxes on global income. You can  take foreign tax credit, if you have already paid tax in India.

If your Indian income is with in tax exemption limits in India, you will simply add that earnings to your US income.

Even though income is not generated in India as Binance is an international exchange, Binance KYC kosam  indian docs use chesa, apart from that income deposited and income made (profits) are with in US. So, still nenu NRI by indian govt  definition (not been to india in 3 years), still require to pay taxes in INDIA?

[vithanda_vadhi]

9 minutes ago, andhraf said:

Even though income is not generated in India as Binance is an international exchange, Binance KYC kosam  indian docs use chesa, apart from that income deposited and income made (profits) are with in US. So, still nenu NRI by indian govt  definition (not been to india in 3 years), still require to pay taxes in INDIA?

Sorry. My bad. I thought Binance is trading platform in India. One thing for sure, you need to pay tax in USA. Ideally you don't have to pay in India if you are not resident but not sure how indian kyc impacts.

Disclaimer: am not a qualified financial advisor 

[Konebhar6]

2 hours ago, andhraf said:

Even though income is not generated in India as Binance is an international exchange, Binance KYC kosam  indian docs use chesa, apart from that income deposited and income made (profits) are with in US. So, still nenu NRI by indian govt  definition (not been to india in 3 years), still require to pay taxes in INDIA?

It depends on how Binance reports these earnings. Do they report to Indian Govt or US govt? Depends on if you are treated a US customer or Indian Customer.

Why create this confusion, just give the US documents or KYC to make it easy.