Trading in bitcoins under taxmen, Enforcement Directorate lens
http://economictimes.indiatimes.com/news/economy/policy/trading-in-bitcoins-under-taxmen-enforcement-directorate-lens/articleshow/60771755.cms
Investments in cryptocurrency have come under the radar of tax authorities and investigation agencies amid concerns that they could have become conduits for illicit flows and the movement of black money.
The Special Investigation Team (SIT) on black money appointed by the Supreme Court has expressed worries about cryptocurrency and suggested curbs on their trading in its draft report.
There are concerns on the way it operates... Some unaccounted money could be flowing into these,” said an official aware of the matter. The team is likely to submit its final report in a month, the person said.
Obviously bitcoin will come under the radar of taxation soon. Its obvious consdering that its price has boomed to an all new level and made many millionares. But it still a confusion whether to treat it as asset or a currency. http://economictimes.indiatimes.com/news/economy/policy/trading-in-bitcoins-under-taxmen-enforcement-directorate-lens/articleshow/60771755.cms
Investments in cryptocurrency have come under the radar of tax authorities and investigation agencies amid concerns that they could have become conduits for illicit flows and the movement of black money.
The Special Investigation Team (SIT) on black money appointed by the Supreme Court has expressed worries about cryptocurrency and suggested curbs on their trading in its draft report.
There are concerns on the way it operates... Some unaccounted money could be flowing into these,” said an official aware of the matter. The team is likely to submit its final report in a month, the person said.
