Topic: Do you have a KYC verified account on Indian exchanges - read this! - page 2. (Read 491 times)
December 09, 2020, 11:01:08 PM
I'm ok with paying tax, hoping they would make calculating crypto tax bit easier though.
December 07, 2020, 04:48:08 AM
Yeah! This is the most appropriate thing authorities can and should do.
Exchanges are meant to buy and sell cryptocurrencies for fiat (Indian Rupees here). Whenever a company is dealing in Indian rupees, it has to comply with the conditions of using the currency.
In India, financial organisations are required to ask from PAN card for all of their clients. PAN Card is a single identification number which is used to track all financial transactions of an individual and more importantly stop any kind of tax invasion.
Whenever, a new liquidity is injected in the economy by individuals/companies, it is subject to taxation. So if I bought btc for Rs. 10,00,000 and sold for Rs. 15,00,000, I am injecting Rs. 5L in the economy which is subject to taxation. There is nothing wrong if authorities ask data from Exchanges and hunt down the defaulters themselves if people aren't paying taxes.
If someone wanna avoid taxes, the first thing you should do is stop using exchange at all. Buy btc from p2p exchange or other OTC medium, use non-custodial wallets. Use bitcoins in complete anonymity or pay tax, as simple as that!
Exchanges are meant to buy and sell cryptocurrencies for fiat (Indian Rupees here). Whenever a company is dealing in Indian rupees, it has to comply with the conditions of using the currency.
In India, financial organisations are required to ask from PAN card for all of their clients. PAN Card is a single identification number which is used to track all financial transactions of an individual and more importantly stop any kind of tax invasion.
Whenever, a new liquidity is injected in the economy by individuals/companies, it is subject to taxation. So if I bought btc for Rs. 10,00,000 and sold for Rs. 15,00,000, I am injecting Rs. 5L in the economy which is subject to taxation. There is nothing wrong if authorities ask data from Exchanges and hunt down the defaulters themselves if people aren't paying taxes.
If someone wanna avoid taxes, the first thing you should do is stop using exchange at all. Buy btc from p2p exchange or other OTC medium, use non-custodial wallets. Use bitcoins in complete anonymity or pay tax, as simple as that!
December 07, 2020, 01:42:51 AM
I somewhat knew that these would be coming to us in future but didn't expect that fast! Read this,
Main news reference: https://economictimes.indiatimes.com/markets/stocks/news/indian-taxman-comes-sniffing-as-bitcoin-hits-an-all-time-high/articleshow/79533401.cms
2nd News reference: https://www.coindesk.com/india-plans-to-tax-income-from-bitcoin-investments-report
So government can legally ask the Indian crypto exchanges to share their user's data to understand who is making what kind of money and can demand as much as 30% tax from them. While it's not official yet, but it's not impossible! Do you have a KYC verified account with any Indian crypto exchanges and have withdrawn money in last few months? Prepare to hear from the tax authority!
Quote
India-based investors may soon have to pay taxes on returns earned from bitcoin investments.
The country’s income tax authority is tracking investors making money amid the ongoing bitcoin price rally and is all set to demand taxes, two sources familiar with the matter said, according to The Economic Times (ET), a business-focused daily newspaper.
The country’s income tax authority is tracking investors making money amid the ongoing bitcoin price rally and is all set to demand taxes, two sources familiar with the matter said, according to The Economic Times (ET), a business-focused daily newspaper.
Main news reference: https://economictimes.indiatimes.com/markets/stocks/news/indian-taxman-comes-sniffing-as-bitcoin-hits-an-all-time-high/articleshow/79533401.cms
2nd News reference: https://www.coindesk.com/india-plans-to-tax-income-from-bitcoin-investments-report
So government can legally ask the Indian crypto exchanges to share their user's data to understand who is making what kind of money and can demand as much as 30% tax from them. While it's not official yet, but it's not impossible! Do you have a KYC verified account with any Indian crypto exchanges and have withdrawn money in last few months? Prepare to hear from the tax authority!
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