Topic: I-T department conducting surveys at Bitcoin exchanges (Read 364 times)
This is being done to catch big fishes. Small investors who are going to file all their income tax returns on time need not worry about this at all.
There is no need to worry for people who are paying taxes on the earnings through BTC. If you are doing big transactions and try to avoid paying taxes, then it can be a huge problem.
इस थ्रेड में एक सवाल बड़ा ही शानदार था : तब क्या हो अगर किसी ने क्रिप्टो करेंसी में किसी दो फाइनेंसियल इयर में होल्ड किया हुआ हो, उसके रिटर्न्स की गड़ना कैसे होगी?
I'm assuming the profits (and hence tax) will be calculated only when you convert your crypto holdings to fiat. You don't need to report any profits or tax as far as you keep holding crypto (just like capital assets). This is what my understanding is.
In today's newspaper I read that Income Tax department is going to send notices to 4-5 lakh high level traders who have traded Bitcoins at popular exchanges.
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
So how many people have received tax notice from the IT dept and do we have anyone reporting here the details of it?
I happened to see one of the notices, sent to a trader. Not sure who, but I heard that this was on some traders group on whatsapp.
Noticed 28 or so questions on it, mainly regarding assets, crypto, public keys where other crypto is held, explanation of how purchased, etc.
Lots of requests on Coinsecure for audit reports and details of transactions from users themselves, so I do think this is quite widespread.
I found this on twitter:
https://twitter.com/deepunomics/status/950659536146268161
बड़ा ही लम्बा चौड़ा सवालों का पिटारा है. अगर एक एक BTC या ऐसे किसी क्रिप्टो-करेंसी इन्वेस्टर से ऐसे सवाल किया जाए तो शायद डिपार्टमेंट में कम से कम १०० नए Vacant पोस्ट का विज्ञापन जल्द ही अखबार में होगा. लेकिन, इस थ्रेड में एक सवाल बड़ा ही शानदार था : तब क्या हो अगर किसी ने क्रिप्टो करेंसी में किसी दो फाइनेंसियल इयर में होल्ड किया हुआ हो, उसके रिटर्न्स की गड़ना कैसे होगी?
In today's newspaper I read that Income Tax department is going to send notices to 4-5 lakh high level traders who have traded Bitcoins at popular exchanges.
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
So how many people have received tax notice from the IT dept and do we have anyone reporting here the details of it?
I happened to see one of the notices, sent to a trader. Not sure who, but I heard that this was on some traders group on whatsapp.
Noticed 28 or so questions on it, mainly regarding assets, crypto, public keys where other crypto is held, explanation of how purchased, etc.
Lots of requests on Coinsecure for audit reports and details of transactions from users themselves, so I do think this is quite widespread.
I found this on twitter:
https://twitter.com/deepunomics/status/950659536146268161
As far as I have heard is that govt is considering HNI who ever in 2017 have bought btc worth over 1lac till now. So I think majorly they will want the tax to be paid on the profits earned since people who had invested before 3-4 months and by now if they hold would have made good profits. So tax notice would be sent to them.
Investing is not a taxable event. Selling for rupees is a taxable event. What if someone purchased in current tax year (after April 2017) and did not sell? How does he have tax liability and why would he receive notice for tax evasion?
May I ask the source of this information?
As far as I have heard is that govt is considering HNI who ever in 2017 have bought btc worth over 1lac till now. So I think majorly they will want the tax to be paid on the profits earned since people who had invested before 3-4 months and by now if they hold would have made good profits. So tax notice would be sent to them.
In today's newspaper I read that Income Tax department is going to send notices to 4-5 lakh high level traders who have traded Bitcoins at popular exchanges.
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
So how many people have received tax notice from the IT dept and do we have anyone reporting here the details of it?
I happened to see one of the notices, sent to a trader. Not sure who, but I heard that this was on some traders group on whatsapp.
Noticed 28 or so questions on it, mainly regarding assets, crypto, public keys where other crypto is held, explanation of how purchased, etc.
Lots of requests on Coinsecure for audit reports and details of transactions from users themselves, so I do think this is quite widespread.
Thanks for the update. As per you, what seems to be the profile of the person getting the notice?
Who is HNI?
Who is "large volume" or "active" trader?
If a person buys BTC in 2017 and does not sell in currency is he liable to get a notice?
In today's newspaper I read that Income Tax department is going to send notices to 4-5 lakh high level traders who have traded Bitcoins at popular exchanges.
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
So how many people have received tax notice from the IT dept and do we have anyone reporting here the details of it?
I happened to see one of the notices, sent to a trader. Not sure who, but I heard that this was on some traders group on whatsapp.
Noticed 28 or so questions on it, mainly regarding assets, crypto, public keys where other crypto is held, explanation of how purchased, etc.
Lots of requests on Coinsecure for audit reports and details of transactions from users themselves, so I do think this is quite widespread.
In today's newspaper I read that Income Tax department is going to send notices to 4-5 lakh high level traders who have traded Bitcoins at popular exchanges.
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
So how many people have received tax notice from the IT dept and do we have anyone reporting here the details of it?
Its Govt. notice should take some time to reach
People have received notices as per the Hindu. Who is HNI in this context? Who is "active" trader?
In today's newspaper I read that Income Tax department is going to send notices to 4-5 lakh high level traders who have traded Bitcoins at popular exchanges.
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
Now this scary news and seems like all Indian exchanges having this panic right now and price decreasing rapidly compared to International exchange price getting dropped in Indian exchanges .
I don't think the price decline is because of this news. Prices on Indian exchanges have always wandered around Bitstamp price, with USD to INR ratio being 70.
Currently Coinsecure INR 13,00,000 = Bitstamp USD 18,400 which is same as usual.
Dont think Indian price always wandered around Bitstamp cause International Bitcoin price never reached 20k $ + [21k $ @ 68 INR per USD] but Indian price were 2 - 3 days ego .
In today's newspaper I read that Income Tax department is going to send notices to 4-5 lakh high level traders who have traded Bitcoins at popular exchanges.
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
So how many people have received tax notice from the IT dept and do we have anyone reporting here the details of it?
Its Govt. notice should take some time to reach
In today's newspaper I read that Income Tax department is going to send notices to 4-5 lakh high level traders who have traded Bitcoins at popular exchanges.
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
So how many people have received tax notice from the IT dept and do we have anyone reporting here the details of it?
If you're paying taxes on your crypto earnings, you should be fine.
and if your source of income invested in crypto is explainable, you should be fine.
If you're paying taxes on your crypto earnings, you should be fine.
It must be an routine process. Bangalore based startups are also reported investigated . I don't think it will/ can affect the real big players. As usual only small, mid-level traders who use Indian exchanges may be monitored.
I don't think there is nothing to worry as it is a regular IT department activity to understand the BTC investment in India. Moreover, people who use BTC to convert their black money into BTC are in big trouble as IT department issues notice to many BTC investors in banglore.
In today's newspaper I read that Income Tax department is going to send notices to 4-5 lakh high level traders who have traded Bitcoins at popular exchanges.
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
Now this scary news and seems like all Indian exchanges having this panic right now and price decreasing rapidly compared to International exchange price getting dropped in Indian exchanges .
I don't think the price decline is because of this news. Prices on Indian exchanges have always wandered around Bitstamp price, with USD to INR ratio being 70.
Currently Coinsecure INR 13,00,000 = Bitstamp USD 18,400 which is same as usual.
In today's newspaper I read that Income Tax department is going to send notices to 4-5 lakh high level traders who have traded Bitcoins at popular exchanges.
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
Now this scary news and seems like all Indian exchanges having this panic right now and price decreasing rapidly compared to International exchange price getting dropped in Indian exchanges .
In today's newspaper I read that Income Tax department is going to send notices to 4-5 lakh high level traders who have traded Bitcoins at popular exchanges.
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
http://www.businesstoday.in/current/economy-politics/bitcoin-income-tax-notices-4-lakh-hnis-tax-evasion-cryptocurrency-digital-money-tax-fraud/story/266264.html
This comes after IT officials conducted surveys at 9 popular Bitcoin exchanges in India last week.
Let us know if anyone here receives the notice
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