Topic: Bitcoin holders being taxed in India - page 5. (Read 2417 times)
I never see or hear in any news but sound like crazy. if it's all about money government always go for it.
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.
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
Source:
http://www.timesnownews.com/business-economy/economy/article/india-income-tax-department-cryptocurrency-bitcoin-investors-worry-over-1-lakh-it-notices/196379
I wonder what are the things that are not being taxed in India. Government collect tax on everything and then spend those on doing his unnecessary works.
For me, i don't think that this link and news are trustworthy. taxing bitcoin holder doesn't make sense. I will wait for the official news.
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.
So stupid. bitcoin is a money. what kind of tax can they take from trading a money. Same story in my country. government says that they are going to add some new regulations and bring taxes regarding cryptocurrency trading.
Bitcoin can be taxed, if it is regulated and makes it official so that loyal bitcoin exchanges with the country's money will always be taxed and regulated by a legitimate institution, making investment even more passionate.
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.
So stupid. bitcoin is a money. what kind of tax can they take from trading a money. Same story in my country. government says that they are going to add some new regulations and bring taxes regarding cryptocurrency trading.
Bitcoin can be taxed, if it is regulated and makes it official so that loyal bitcoin exchanges with the country's money will always be taxed and regulated by a legitimate institution, making investment even more passionate.
I do not think that this is correct because in this way we on the contrary scare away and do not attract new investors
im ok with taxation, i think the government has the right to tax cryptocurrencies and regulate it because thats should be the case, if that is the only way for mass adoption then so be it, its ok, you just gotta figure out the loopholes of it and declare only what is due to be taxed 
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
It's good to improve taxation income in india but if the rate is too high then the government will kill the indian interest toward bitcoin. Which means the government will not get income from bitcoin. Actually indian people can avoid to pay tax because they can become anonimous bitcoin holders to avoid crazy regulations that made by government that can reduce their income unfairly. Source:
http://www.timesnownews.com/business-economy/economy/article/india-income-tax-department-cryptocurrency-bitcoin-investors-worry-over-1-lakh-it-notices/196379
With this development then we could considered that Bitcoin will be declare legal in India. As we all knows that their Supreme Court and their government are going to finalize yet the legality of crypto currencies within this year that if they will collecting tax already then its looks like they are practicing in advance that once they declare Bitcoin is legal then their systems are already set to collect Bitcoin tax then.
I do not think that this is correct because in this way we on the contrary scare away and do not attract new investors
its good decision bcz bitcoin is an asset and you should give your asset tax.
but i dont know if this news true or not bcz i didnt hear india taxed bitcoin holders.
another thing bitcoin is anonymous curency so if bitcoin holder dont disclose his info about how much he holding in btc wallet then govt will not be able to tax him.
For this reason, if we feel the news is still vague or unclear, then we should not easily draw conclusions from this news, because what I heard in India is that the government prohibits crypto, so how can they take tax from Bitcoin. but i dont know if this news true or not bcz i didnt hear india taxed bitcoin holders.
another thing bitcoin is anonymous curency so if bitcoin holder dont disclose his info about how much he holding in btc wallet then govt will not be able to tax him.
its good decision bcz bitcoin is an asset and you should give your asset tax.
but i dont know if this news true or not bcz i didnt hear india taxed bitcoin holders.
another thing bitcoin is anonymous curency so if bitcoin holder dont disclose his info about how much he holding in btc wallet then govt will not be able to tax him.
but i dont know if this news true or not bcz i didnt hear india taxed bitcoin holders.
another thing bitcoin is anonymous curency so if bitcoin holder dont disclose his info about how much he holding in btc wallet then govt will not be able to tax him.
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
The government may issue taxes related to Bitcoin, but this is unlikely to be done because there are a lot of Bitcoin owners but all the information is anonymous so the Indian authorities cannot determine the holders to have taxation. Source:
http://www.timesnownews.com/business-economy/economy/article/india-income-tax-department-cryptocurrency-bitcoin-investors-worry-over-1-lakh-it-notices/196379
How can this be because bitcoin i know is decentralized ? How will they know how much tax that will be paid. This is completely out of the bitcoin principle of decentralization. The Indian government from the last we heard from there was that they have ban cryptocurrency so how come they want to tax their citizens who are holding bitcoin. This is not fair as the government is like reaping where they did not sow. The crypto holders in India will definitely find away to collect their hard earned money.
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 really surprised me, because if the ownership of Bitcoin is taxed then Bitcoin is indirectly legalized. I think this is very bad because the government of India only wants the advantage of Bitcoin but does not make Bitcoin legal Source:
http://www.timesnownews.com/business-economy/economy/article/india-income-tax-department-cryptocurrency-bitcoin-investors-worry-over-1-lakh-it-notices/196379
It's a true news but now INDIAN government again got against to bitcoin.And people who was use the ATM to change their bitcoin into Rupee get charged by tax.
India does not seem to want to lose to anyone who has a cryptocurrency including Bitcoin. this will be heavy for bitcoin holders because maybe the tax imposed is adjusted to the amount of the bitcoin holder. so I think this puts a heavy emphasis on holders in India.
Interesting news, thanks for sharing.
In my country, central bank recently issued public statement that bitcoin is not currency or financial asset.
Still, if I exchange my btc funds to fiat money and withdraw to my bank account, I have to report this income to my local tax office and pay taxes on the income from abroad.
It's contradiction really.
They don't recognize bitcoin but still they demand that I pay my taxes
In my country, central bank recently issued public statement that bitcoin is not currency or financial asset.
Still, if I exchange my btc funds to fiat money and withdraw to my bank account, I have to report this income to my local tax office and pay taxes on the income from abroad.
It's contradiction really.
They don't recognize bitcoin but still they demand that I pay my taxes
Indian Bitcoin users are facing a lot of difficulty now. More than 100,000 have received notices from the income tax department, and most of the exchanges and other ventures have closed down.
Governments always wants to have control over everything that is happening in their respective countries. I think government always want to have their way by extorting money from citizens in the form of taxes. Bitcoin has always been popular in India and now government wants to find a way to gain taxes. 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
Source:
http://www.timesnownews.com/business-economy/economy/article/india-income-tax-department-cryptocurrency-bitcoin-investors-worry-over-1-lakh-it-notices/196379
That means to say, their government is managing the Bitcoins inside India. They are counting it as a money already. In the near futurre, India will now open their payment methods thru cryptocurrency since government is supporting it. Additionally, more and more bitcoin investors will start to invest on bitcoin because the price of bitcoin is tangible.
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