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Topic: Bitcoin holders being taxed in India - page 7. (Read 2416 times)

legendary
Activity: 1218
Merit: 1000
September 22, 2018, 09:50:40 AM
#80
But how?how the government find the btc holders.
They won't and they can't. The shittiest government in the world isn't capable of finding the bitcoin holders or track them. What I hate the most is the fact they're okay with corruption, rapes, corporate thefts but suddenly bitcoins are a huge concern for them. You know, you can just not pay tax for your entire life and if found out, you can bribe the government -- That is how all the rich save taxes in India.
well, do they really give tax to crypto users? Well, last time I heard that India also tried to ban bitcoin. well, if they make bitcoin users pay taxes, of course this is also an acknowledgment that India legalized crypto in their country.
jr. member
Activity: 266
Merit: 1
September 22, 2018, 09:36:34 AM
#79
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 people might already gained a big amount from bitcoin. It is not that rude for them to get something out of them because that will help a lot with government projects. I know it sometimes hurts because there's already fees when you withdraw and then they add taxes to it but i think they are doing it for something good.
newbie
Activity: 22
Merit: 0
September 22, 2018, 09:19:16 AM
#78
Both yes and no.
1.Bitcoin earned in mining as exempt as of now. There is no law to tax them.
2.Bitcoin purchased for real money for investment purpose is taxed under head capital gain. Long term if held more than 3 yrs otherwise as short term capital gain.
3.Bitcoin if regularly traded will be taxable under head profit and gains from business and profession deeming a specualtion business.
4.Bitcoin received in the normal course of business is taxable under head profits and gains from business and profession.
newbie
Activity: 23
Merit: 0
September 22, 2018, 08:51:49 AM
#77
Yes any income is taxable if you declare it. In fact that socialist rogue Jaitely has already started sending tax notices to bitcoin traders.
This is going to be some real fight with the state. I would rather recommend that anyone trading in bitcoins does so completely anonymously. Maintain an account outside of India and then if needed repatriate the same into India as a foreign investor. Then they will suck your cock and also lay out a red carpet.
legendary
Activity: 1750
Merit: 1115
Providing AI/ChatGpt Services - PM!
September 22, 2018, 08:31:04 AM
#76
But how?how the government find the btc holders.
They won't and they can't. The shittiest government in the world isn't capable of finding the bitcoin holders or track them. What I hate the most is the fact they're okay with corruption, rapes, corporate thefts but suddenly bitcoins are a huge concern for them. You know, you can just not pay tax for your entire life and if found out, you can bribe the government -- That is how all the rich save taxes in India.
jr. member
Activity: 119
Merit: 1
Crypto Enthusiast | Graphic Designer
September 22, 2018, 08:24:41 AM
#75
But how?how the government find the btc holders.
newbie
Activity: 8
Merit: 0
September 22, 2018, 08:21:29 AM
#74
I think after the tax they can lift those restrictions and maybe the plus points, which are working well. Also, I agree with your point of view that it will create courage and trust in those. newcomers and orthodox psychologists who do not believe in this system from now on.
hero member
Activity: 1190
Merit: 534
September 09, 2018, 03:33:20 AM
#73
We will see a clear picture after the verdict of the Honorable Supreme Court in the next month. As of now, it is recommended to pay the tax as per the normal tax rate (considering the source of income). The maximum tax rate is 30% and that too for the assessees having income more than 10 lacs (there are some initial tax slab rates but there is no tax about 30 %).

No this is wrong information. no-one can taxed you for holding bitcoin in this world because it is also a type of money or digital money and no-one can taxed you on money.

Well, I'm not talking about the money kept in crypto but the amount which is cashed out into the fiat currency. Even if Bitcoin is not yet recognised, we are supposed to pay tax on the amount which is converted into INR in any form. It is true that the payment kept in Bitcoin is not taxed directly.
hero member
Activity: 627
Merit: 500
September 06, 2018, 12:15:29 PM
#72
We will see a clear picture after the verdict of the Honorable Supreme Court in the next month. As of now, it is recommended to pay the tax as per the normal tax rate (considering the source of income). The maximum tax rate is 30% and that too for the assessees having income more than 10 lacs (there are some initial tax slab rates but there is no tax about 30 %).

No this is wrong information. no-one can taxed you for holding bitcoin in this world because it is also a type of money or digital money and no-one can taxed you on money.
hero member
Activity: 627
Merit: 500
August 30, 2018, 11:36:26 AM
#71
No this is wrong information. no-one can taxed you for holding bitcoin in this world because it is also a type of money or digital money and no-one can taxed you on money.
hero member
Activity: 770
Merit: 501
September 01, 2018, 02:10:51 PM
#71
If it's really so then very soon a similar tax will be paid all over the world, trading platforms require documents and photos for a reason. Very soon, we all will be forced to pay a tax.
newbie
Activity: 70
Merit: 0
September 01, 2018, 06:06:58 AM
#70
This information is totally wrong because it is impossible to imposed tax on bitcoin holders because it is digital money which is beyond the control of the government.
hero member
Activity: 1190
Merit: 534
August 30, 2018, 11:40:05 AM
#69
We will see a clear picture after the verdict of the Honorable Supreme Court in the next month. As of now, it is recommended to pay the tax as per the normal tax rate (considering the source of income). The maximum tax rate is 30% and that too for the assessees having income more than 10 lacs (there are some initial tax slab rates but there is no tax about 30 %).
sr. member
Activity: 868
Merit: 252
August 30, 2018, 11:26:14 AM
#68
even though most cryptocurrency users doesn't want to see bitcoin being imposed with taxes i think it will still have a positive effect to the greater good of the community.
one of which is tax will give cryptocurrency a good impression to those who distrust it.
since being imposed with taxes means that governments recognizes the legality of it.


Fiat exchanges are temporarily disabled, so I think after imposing taxes they might lift those restrictions and that may be a plus point, but at the moment people are engaging with P2P system, which is working great, so it would be both a positive and negative approach for the users/holders.
Also, I agree with your point that it will induct courage and believe among the newcomers and orthodox mentality people who don't believe this system as of now.
if this news is indeed true, hopefully it can be replicated by other countries to immediately legalize bitcoin, if that happens, of course, bitcoin will increase its existence and price, because it doesn't clash with legality.
newbie
Activity: 42
Merit: 0
August 30, 2018, 11:20:20 AM
#67
Of course governments of states are interested in getting more to the budget. Cryptocurrencies are the new field where they can produce more fees and taxes
member
Activity: 322
Merit: 10
August 30, 2018, 11:18:51 AM
#66
Legally, it has been our responsibility to pay taxes from any source of income we divulge. Depending on jurisdiction and laws encompassing crypto and income derived from it, we should pay these taxes. However, the much irritating point is, we do not or cannot see that these taxes are really working for us. Anyhow, we got to pay what we owe to pay since we benefited from using it. That's how the law works, that's how the government source their income too. Sometimes, it just seems to much, the rate/amount for which we ought to pay, implicitly making discouraging us from divulging ourselves from this industry.
jr. member
Activity: 336
Merit: 5
Most Advanced Crypto Exchange on the Blockchain
August 30, 2018, 11:07:06 AM
#65
They will need the agreement of exchanges and banks to pass on the details of these traders. Indian crypto enthusiasts will simply make a switch to decentralised exchanges and convert to fiāt by other means. Cash trades in the grey economy or street marketplace
jr. member
Activity: 31
Merit: 1
August 30, 2018, 10:57:21 AM
#64
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.

Here is how they will know this:

1) Taking the details of investors from Indian crypto investors.

2) Tracking heavy investments being done through bank transactions.

3) May be  monitoring use of internet for certain specific websites or exchanges.

newbie
Activity: 69
Merit: 0
August 30, 2018, 10:47:11 AM
#63
It is totally impossible to imposed tax on the holders of bitcoin because first India ban it as far I know then how could do this second it is impossible to point out who is holding bitcoin.
sr. member
Activity: 1232
Merit: 250
August 30, 2018, 09:52:38 AM
#62
even though most cryptocurrency users doesn't want to see bitcoin being imposed with taxes i think it will still have a positive effect to the greater good of the community.
one of which is tax will give cryptocurrency a good impression to those who distrust it.
since being imposed with taxes means that governments recognizes the legality of it.


Fiat exchanges are temporarily disabled, so I think after imposing taxes they might lift those restrictions and that may be a plus point, but at the moment people are engaging with P2P system, which is working great, so it would be both a positive and negative approach for the users/holders.
Also, I agree with your point that it will induct courage and believe among the newcomers and orthodox mentality people who don't believe this system as of now.
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