Bitcoin holders being taxed in India - page 4.

stayeduptolate

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Quote from: aditya6997 on February 07, 2018, 02:27:30 AM

Now in India, profit from bitcoin trading will be heavily taxed. Notice for ₹ 0.1 M tax to be paid has been issued to bitcoin holders in India.

Source:
http://www.timesnownews.com/business-economy/economy/article/india-income-tax-department-cryptocurrency-bitcoin-investors-worry-over-1-lakh-it-notices/196379

Now that's a problematic situation as people are already paying taxes on what they earn and now they should pay their taxes on bitcoin investments too. The government has made investing in bitcoin very difficult for people by banning the banks to deal with crypto related companies and now after the heavy taxation on bitcoin holdings i don't think that people will be willing to invest in Bitcoin from India, so we can also experience a downfall in bitcoin price as here goes another country against bitcoin.

BuyBuyBitcoin

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Just buy bitcoin anonymously from India like other countries that have draconian laws.

btc78

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Quote from: aditya6997 on February 07, 2018, 02:27:30 AM

Now in India, profit from bitcoin trading will be heavily taxed. Notice for ₹ 0.1 M tax to be paid has been issued to bitcoin holders in India.

Source:
http://www.timesnownews.com/business-economy/economy/article/india-income-tax-department-cryptocurrency-bitcoin-investors-worry-over-1-lakh-it-notices/196379

This is a good news if happens,since india is a large users of cryptocurrency and they must be taxed,the only problem is how will the government do this,since cryptocurrency is semi anonymous and putting taxes regarding this is semi impossible.so what would happen tomorrow and in future is for us to tell

OSYA

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Quote from: aditya6997 on February 07, 2018, 02:27:30 AM

Now in India, profit from bitcoin trading will be heavily taxed. Notice for ₹ 0.1 M tax to be paid has been issued to bitcoin holders in India.

Source:
http://www.timesnownews.com/business-economy/economy/article/india-income-tax-department-cryptocurrency-bitcoin-investors-worry-over-1-lakh-it-notices/196379

One more government that just want to squeeze money out of its citizens. I wonder how they will find out who has crypto? It is impossible to track. I would like to know how the government will do it technically.

BORNEO82

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I also got this information from several media who said that for Indians who hoped to get a lot of money in the cryptocurrency trade it had passed. Thousands of traders who make anonymous transactions with virtual money receive tax bills. The reason for such harsh government actions is financial statements that show that transactions worth more than USD 3.5 billion have been made in the past 17 months.

Remarkably, the trade in cryptocurrency in India is not officially prohibited. The government only warns that investing in such assets is a rather risky affair. For now, the authorities have decided to count the number of citizens dealing with cryptocurence. The Indian tax department asks investors who work with bitcoin and other cryptocurencies to pay income tax and provide detailed information about their investments and financial resources.

altercreed

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That's how it's going to be when government will regulate cryptocurrencies. Regulating cryptos give government a bridge to intervene between investors and the blockchain which means an expected tax of crypto earnings will be implemented.

musharaf

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It is not good regulation that some one should pay tax on bitcoin because it is decentralized form and if governments are not doing any thing for it how they should impose taxes it is common that if banks and other financial Institutions paying taxes governments have soft policies for them and some time government takes loans on interest but it is not in the case of bitcoin I am unhappy with tax on crypto.

steampunkz

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Quote from: aditya6997 on February 07, 2018, 02:27:30 AM

Now in India, profit from bitcoin trading will be heavily taxed. Notice for ₹ 0.1 M tax to be paid has been issued to bitcoin holders in India.

Source:
http://www.timesnownews.com/business-economy/economy/article/india-income-tax-department-cryptocurrency-bitcoin-investors-worry-over-1-lakh-it-notices/196379

What is the meaning of this one? I thought India bans people from cryptocurrency using the last few months? Is this another fake news? Did already have new laws on crypto on Indian Government.

ICOTechSupport

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I still don't get this kind of news and the point is how the government will understand that this person is holding bitcoin and how they will imposed tax on it.

Sama517

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Quote from: aditya6997 on February 07, 2018, 02:27:30 AM

Now in India, profit from bitcoin trading will be heavily taxed. Notice for ₹ 0.1 M tax to be paid has been issued to bitcoin holders in India.

Source:
http://www.timesnownews.com/business-economy/economy/article/india-income-tax-department-cryptocurrency-bitcoin-investors-worry-over-1-lakh-it-notices/196379

What is really up with India and cryptocurrency? Sometimes, you will hear that the government have banned cryptocurrency, at other times, they relax the ban, now tax. I think they should just allow crypto to flow freely.

javainn

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Quote from: Serious Miner on November 03, 2018, 02:14:10 AM

I am not aware of this news is it authentic information or not I am not going to justify it. But if it is I would like to appreciate their decision. Paying taxes contributes a lot to develop each country economy. India has a huge amount of crypto traders if they come out for paying taxes it will be a great revolution for collecting taxes from crypto traders.

India implements this because India wants to keep earning from investors and the Indian government may already know if investors in large-scale India. so applying taxes is the best thing.

Anarchist

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The problem isn't to be taxed, the problem is how is the tax money really spend on?
To feed people during the presidential dinners and to pay the private Airbus

Marbelli

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for some reason it seems to me that soon they will impose a cryptocurrency tax everywhere. we are moving towards it

Cryptoreflector_666

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Quote from: blocklancer8 on November 03, 2018, 03:41:05 AM

if this is indeed implemented, in my opinion it is also a good idea for governments that have set taxes on bitcoin users. The first means that bitcoin has been accepted by the government and the second through this tax imposed India will experience good economic improvements.

It is not clear how the government's tax on bitcoin will be calculated, despite the fact that bitcoin has a huge volatility in the market. If the binding goes to the current exchange rate of the dollar to bitcoin, then the situation becomes clear. But if the tax is taken in the crypto currency, then what rate and where this currency will be cashed and by whom. There are a lot of questions, so we just observe the situation and draw conclusions.

MichaelOwen

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Bitcoin is also a kind of money, so why not tax on paper money? This is ridiculous

blocklancer8

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if this is indeed implemented, in my opinion it is also a good idea for governments that have set taxes on bitcoin users. The first means that bitcoin has been accepted by the government and the second through this tax imposed India will experience good economic improvements.

Vinaa77

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it is true because there has already legalized bitcoin, so if there is a country that has legalized bitcoin then surely the government will also apply taxes

Lumi3004

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This is the same if in India there is a tax collection on Bitcoin,
Just like the Bank, and others I think this is very rational and it makes no sense if India does it.
Except: Bitcoin in India really implements a system like the Bank. all people must invest in Bitcoin without the exception of small and top people.

larrylegend33

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There is problem with cryptocurrency and India i guess.. Yesterday i read some news which says India goverments will ban crypto money trade soon. If thats happens it would be very very bad for our market..

The bad 3 news here:

India may completely ban cryptocurrencies after all: https://qz.com/india/1445404/india-may-completely-ban-bitcoin-other-cryptocurrencies/

India is Considering a Ban on the ‘Use’ of Cryptocurrencies: https://qz.com/india/1445404/india-may-completely-ban-bitcoin-other-cryptocurrencies/

Here’s what could happen if India bans cryptocurrencies: https://qz.com/india/1446880/what-could-happen-if-india-bans-bitcoin-and-cryptocurrencies/

I hope that would never happen.. Embarrassed

CoinFoxs

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Bitcoin as a medium of payment, has neither been authorized nor been regulated by any central authority in India. "Apparently the government has not yet brought taxability of bitcoins into the statute books. At the same time, levy of tax on bitcoins cannot be ruled out because the Indian income tax laws has always sought to tax income received irrespective of the form in which it is received".

For more details read :
https://cleartax.in/s/bitcoins-taxes-india
https://gadgets.ndtv.com/internet/features/how-to-pay-income-tax-on-bitcoin-cryptocurrencies-in-india-1845037
https://www.ft.com/content/7e41a850-0c92-11e8-8eb7-42f857ea9f09

Topic: Bitcoin holders being taxed in India - page 4. (Read 2417 times)