Topic: I-T department conducting surveys at Bitcoin exchanges - page 2. (Read 364 times)
Income tax department has conducted a survey in 9 exchanges in India, Major reason which I can see behind this action is to collect the accurate data related to BTC trading and to recognize its user base. There is nothing to fear or panic from it as Govt of India is trying to evaluate BTC economy through these survey so that they can form a regulatory law in INDIA.
What are your thoughts about the recent surveys conducted by the I-T department at Bitcoin exchanges across the country. Do you see it as an attempt by the authorities to exercise unnecessary control and undermine the free spirit of Bitcoin.
The surveys were conducted to know the current status of funds underlying with exchanges in the form of btc deposits and fiat. It was just a pre-course for upcoming btc taxation policy and shouldn't be consider as unnecessary control.
Government has cleared its intention that Bitcoin will be consider as Intangible Asset (not money). So as in case, Bitcoin is subject to two types of taxation:
1. Capital Gains: People who made gains due to btc rise have to pay taxes on their gains.
2. Business Taxes: Companies doing business with Bitcoin as their main asset have to pay taxes.
So there is nothing to be fear. It has turned necessary to have a check and taxation on Bitcoin. We have heard a Money Laundering case from an owner of big Indian Exchange few years ago. There maybe more cases!
i think it will fall under capital gain , as described by cleartax
Capital Gain isn't the only possibility of taxation of Bitcoin in India. The Cleartax article you referring to includes more cases of taxation such as,
- Bitcoin profits from mining: This is considered as self-generated asset but since there is no provision under existing law (Schedule 55) of self-generated asset about Bitcoin so no tax will be levied on it.
- Bitcoin earning for Services and Goods: Bitcoin profits or earnings from selling goods and services will be considered as Income and Income Tax instead Capital Gain tax will be levied on it.
So Captial Gains isn't the only case.
What are your thoughts about the recent surveys conducted by the I-T department at Bitcoin exchanges across the country. Do you see it as an attempt by the authorities to exercise unnecessary control and undermine the free spirit of Bitcoin.
The surveys were conducted to know the current status of funds underlying with exchanges in the form of btc deposits and fiat. It was just a pre-course for upcoming btc taxation policy and shouldn't be consider as unnecessary control.
Government has cleared its intention that Bitcoin will be consider as Intangible Asset (not money). So as in case, Bitcoin is subject to two types of taxation:
1. Capital Gains: People who made gains due to btc rise have to pay taxes on their gains.
2. Business Taxes: Companies doing business with Bitcoin as their main asset have to pay taxes.
So there is nothing to be fear. It has turned necessary to have a check and taxation on Bitcoin. We have heard a Money Laundering case from an owner of big Indian Exchange few years ago. There maybe more cases!
i think it will fall under capital gain , as described by cleartax
What are your thoughts about the recent surveys conducted by the I-T department at Bitcoin exchanges across the country. Do you see it as an attempt by the authorities to exercise unnecessary control and undermine the free spirit of Bitcoin.
The surveys were conducted to know the current status of funds underlying with exchanges in the form of btc deposits and fiat. It was just a pre-course for upcoming btc taxation policy and shouldn't be consider as unnecessary control.
Government has cleared its intention that Bitcoin will be consider as Intangible Asset (not money). So as in case, Bitcoin is subject to two types of taxation:
1. Capital Gains: People who made gains due to btc rise have to pay taxes on their gains.
2. Business Taxes: Companies doing business with Bitcoin as their main asset have to pay taxes.
So there is nothing to be fear. It has turned necessary to have a check and taxation on Bitcoin. We have heard a Money Laundering case from an owner of big Indian Exchange few years ago. There maybe more cases!
What are your thoughts about the recent surveys conducted by the I-T department at Bitcoin exchanges across the country. Do you see it as an attempt by the authorities to exercise unnecessary control and undermine the free spirit of Bitcoin.
I would say its good move , the companies has proper registration and validation will not have to worry , as IT dept. looking for Black money holders who parking huge amount of money in BTC to hide it , they scrutinize exchange that's good , catch the culprits who evading tax and clean the rest . Its their Job to find out the tax evaders so they did raid , in my opinion there nothing to worry about if you are clean and filing return for your investments .
What are your thoughts about the recent surveys conducted by the I-T department at Bitcoin exchanges across the country. Do you see it as an attempt by the authorities to exercise unnecessary control and undermine the free spirit of Bitcoin.
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