Is it mandatory for individuals in india to disclose crypto holdings?

Frengki_cisco

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Quote from: wtfisbitx on May 08, 2022, 07:54:17 AM

Is it mandatory for individuals in india to disclose crypto holdings or is this law only for companies?
https://news.bitcoin.com/indian-government-requires-companies-disclose-cryptocurrency-holdings/

What the friend said here is true, there is no need to disclose individual crypto ownership, the government only focuses on the data of each exchange, from the total population of India what percentage uses crypto, such as WazirX etc.

I myself have not received a message or warning sign for it.

avikz

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Quote from: wtfisbitx on May 08, 2022, 07:54:17 AM

Is it mandatory for individuals in india to disclose crypto holdings or is this law only for companies?
https://news.bitcoin.com/indian-government-requires-companies-disclose-cryptocurrency-holdings/

Nope! Not required for an individual. For companies, it was always necessary to provide their investment details to ROC and the same has been extended to cryptos as well. But we don't need to worry as of now.

But if Modi comes back in 2024 (which is highly likely) then expect a lot more invasive policies to put in place just like the one released couple of days back regarding bank transfers.

IIrik11

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🍀🍀🍀

the 1% tds is for that, to track all purchases, but it can be only be applied on purchases done through centralized exchanges.

when trading p2p, there's no way to track it, so far!! but i'm sure they're going to try to find a way to try and stop the p2p trading. and the crypto bill which is in the making will definitely have tougher laws regarding it.

until then, stack 'em while you can. Wink

teosanru

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Quote from: wtfisbitx on May 08, 2022, 07:54:17 AM

Is it mandatory for individuals in india to disclose crypto holdings or is this law only for companies?
https://news.bitcoin.com/indian-government-requires-companies-disclose-cryptocurrency-holdings/

So far it is only mandatory for companies to do so. For companies bringing this control is pretty easy you just add this point in the Annual Return that all the companies are required to furnish and tadaa , you will get details of all the crypto holdings of these companies, I won't be surprised if in future this comes in the Income Tax Return as well, and if it comes in that then obviously every person will have to submit their crypto holdings and government on annual basis will have details of all the crypto holdings that people are holding, but to be honest, for individuals atleast it's pretty easy to hide any such holdings from government, for Companies it's impossible because you eventually have to give detail of each and every penny spent.

wtfisbitx

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Is it mandatory for individuals in india to disclose crypto holdings or is this law only for companies?
https://news.bitcoin.com/indian-government-requires-companies-disclose-cryptocurrency-holdings/

Topic: Is it mandatory for individuals in india to disclose crypto holdings? (Read 244 times)