[2014-01-03] Indian Tax Authorities Seek Clarification on Bitcoin

bryant.coleman

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Quote from: black_swan on January 06, 2014, 06:28:35 PM

I just saw a post a few minutes ago saying that a new exchange will open in India because they got the approval ?!? Not sure what's going with India
As LiteCoinGuy said, happy to see BTC taxed (and recognized)

Possible. In India, you can get anything if you are ready to pay a fixed amount of bribes to the ruling party. The Indian National Congress has set new world records in corruption. Their term is going to end in less than 5 months from now, and it is almost sure that they'll be wiped out in the 2014 elections. So currently there is a scramble to loot as much money as possible. If someone pays them $$$, then it will be possible for him to open a BTC exchange.

black_swan

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I just saw a post a few minutes ago saying that a new exchange will open in India because they got the approval ?!? Not sure what's going with India
As LiteCoinGuy said, happy to see BTC taxed (and recognized)

Qoheleth

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Spurn wild goose chases. Seek that which endures.

Quote from: bryant.coleman on January 03, 2014, 09:36:31 AM

It seems that the Indian authorities want to regulate the local Bitcoin exchange, in order to prevent money laundering. But it was quite confusing when one official said that even Bitcoin mining would be taxed. Angry

It is income, no? (Net-profitable) mining is taxed in the USA as well.

On the other hand, I wonder if they can enforce it. India has an enormous black-money problem already (such that it's often impossible to buy/sell real estate without using it) and the political will to do something about it - from what I hear - is not very strong. In that environment, I imagine that a large portion of BTC transactions would be in black, localbitcoins style, and thus not really regulable as things are today.

bryant.coleman

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It seems that the Indian authorities want to regulate the local Bitcoin exchange, in order to prevent money laundering. But it was quite confusing when one official said that even Bitcoin mining would be taxed. Angry

LiteCoinGuy

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In Satoshi I Trust

Indian Tax Authorities Seek Clarification on Bitcoin

http://www.coindesk.com/indian-tax-authorities-seek-clarification-bitcoin/

tax it Cheesy

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