Bitcoin Forum

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

Is it?

If yes where is the link for that news,no one will hear these kind of rumors if there is not enough proof.And don't create fake news again,India did nothing on crypto currency only a speech from Finance minister made a huge impact already.

So stupid. bitcoin is a money. what kind of tax can they take from trading a money. Same story in my country. government says that they are going to add some new regulations and bring taxes regarding cryptocurrency trading.

I also want to know the connection of news, otherwise this is another false FUD.
The Indian government has also recently  has a lot of FUD.

I haven't found the source of this news. Can you give me a link to this news?

If not, please stop spreading the fake news, which will have a bad effect on bitcoin.

It's disgusting to see this stupid fake news every day.

Yesterday, CBDT (Central Board of Direct Taxes) Chairman said that those who have earned from Bitcoin would be taxed and their source of income would also be checked. In case, investors fail to disclose income generated through Bitcoin, they would face legal action. They are sending notices, nothing new. The panel set by the government to look into cryptocurrencies would be submitting their report by March.

https://timesofindia.indiatimes.com/business/india-business/those-who-have-earned-from-bitcoin-will-be-taxed-cbdt-chairman/articleshow/62803239.cms

Really in India do that? If so, I agree with what the Indian government is doing, because taxes can improve their economy.

but the India government must include and filter out taxpayer-worthy bitcoin users.

Maybe the owner of 2 BTC is minimal. I appreciate the government of India, hopefully other countries can follow India

Am from india too and discussed with my chartered accountant.
He told this is applicable to only those people who have earned massive gains from bitcoin and only to the limit of banking transactions

So nothing to worry about.This is applicable since long
Goverment wants taxes and it is completely ok


MOREOVER THE LAW IN INDIA IS VERY WEAK AND ONLY 0.5% OF THE CASES ARE PICKED FOR SCRUTINY.
HENCE IT IS STILL NOT A WORRY SITUATION AND MORE OF AN FUD

I think it is just fine put some tax to generated income from bitcoin, because it can help to improve the economy of that country. And if profit from bitcoin can be taxed, this means that bitcoin will be formally legalized to a country. I think there is nothing to worry about that news. Le's take it positively.

If a taxpayer uses cryptocurrency as a capital asset (as investment property such as bonds, shares, he should consider taxable losses or profits) taxable profits due to transactions where the value received in dollars is higher than the adjusted virtual currency base.As an alternative, losses due to transactions where the value received in USD is lower than that of the adjusted virtual currency.

are you sure? where is the link man? because in India the goverment is support bitcoin, and they dont charge but if thats true, i think the charge will less because the economy of India its not stabil so its ok if get charge

Ya it is true that now the government of india have started to issue notice to more then 1 million users through income tax to pay tax for the transactions used in crypto currency. So it means that who ever have shown profit or loss in income tax  for crypto currency are safe. Only who have avoided to pay tax are liable to pay tax with fine.

Not sure how much ₹ 0.1 M is but its the only way bitcoin will coexist with fiat and also give the regulators a feeling of control.

Good to see they have found a way to collect revenues from cryptos hope this exploitation won't go on forever.

Thats something great I guess. I mean if they are issuing the tax notices then our money is actually completely white and when we pay the taxes then we are actually proving to government that we are earning white money. Its like government themselves giving us the white list rank and we can earn as much money as we want only the fact is we will need to pay the taxes for it. So I think thats not bad news but good one for the Indian bitcoin holders. The days are getting better in the India and with the budget 2018 Im sure they are going to improve more and more. Thats really cool one.

I have found this site where it is explained how taxes on bitcoins work in India:

https://www.quora.com/Is-Bitcoin-income-taxable-in-India

Of course I do not know how reliable that source is.
And the page was updated the last time in December, so it can very well be that there were some changes in the tax system recently.

Do I have news links? I want to know if this is true because India has been opposed to bitcoin until now, and they will not recognize bitcoin, if they tax bitcoin, then it means they have admitted bitcoin legality.

how goverment tax to bitcoin? does goverment know how much bitcoin if he/she have? how if their investment/portofolio down like this. does it will tax too?

i think I'm sure the tax in bitcoin will not work properly.

Now Link has been added.

Insane stuff, people officialy are annouced that thay have no right of freedom  >:( >:( >:(

But from that link I can't find any news about that the investor who had 0.1M or more fund of crypto currency will be taxed.I just understand that 1 lakh notices were sent for the people who sisn't pay the appropriate taxes.So now it is clear that bitcoin is not a legal in India so people can use freely the bitcoins or other crypto currencies in India.

Lol why we have to pay tax for money, the main target is the exchanger, because the exchanger have take big fees from trader when change money to bitcoin and fron witdrawal. and if you think who get the big profit is the exchanger. so government have make hard regulation for exchanger.

Well, if the government would also used the money for the good of their economy then there is nothing to worry about. When we are talking about government it is really disgusting to know that they will just used the money for their own. What I mean is that commonly they are just corrupting the money of the people.

Its not a bitcoin tax, it is an income tax.
Government does not know how many bitcoins one particular person holds or was holding, all they know is the amount of fiat that was transferred in to a bank account(yes banks do report on us), on that basis regular income tax is being calculated or at least it should be, by person directly responsible(you), in order to avoid financial punishment.
Its nothing new, rather obvious that when you take some profits, larger than income free limit, you have to provide your taxation institution with proper prof-papers(tax return) and adequate amount of ca$h :)

Well, yeah we cannot evade tax and that is the sad reality between governments and it's people. We have to pay tax as we are living in a country we thought has did something good for us. Here in my country regulation of local exchanges has already been implemented and I know that tax is also included everytime we did a transaction most especially when cashing out or converting cryptocurrency into fiat money. For me, I have no problem with tax it doesn't matter if the government has to implement tax because it will also help improve our country's economy. Let us just hope that they will never abuse it.

People always had to pay taxes on profits made with Bitcoins. There are ways to run away from this but I recommend paying the taxes for peace of mind.

In the sense of "always pay taxes for profits from Bitcoin" ??? In which countries do you still have such a tax? In my opinion, in some countries legal norms are only being developed. Maybe I missed something?)

What country are you from? In our country philippines, government is not requiring us to pax taxes for having bitcoins because until now bitcoin has no value to them. We are still lucky I guess.

Last months we see as governments try to regulate criptocurrency trading and mining.So it was expacted and other countries also do the same.

Unfortunately, there is nothing surprising, governments would not miss an opportunity to make money

They only went to get their own cut in the business of bitcoin they are never satisfy  when it comes to money they always have a way to be part of it.After all the taxes will be paid to them they will not use it to develop their country,greed set of people.

it's a income tax, if you don't cash out, you needn't to pay this. If you exchange bitcoin to altcoin, there is no tax

You want governments to allow your nerd money then you need to pay them their cut.

What did you think would happen. Your old money gradually vanishes your new nerd money takes over and the government takes zero??

please kids be sensible

of course we all want to keep every cent of our btc loot but only the most unrealistic thought btc would go mainstream and the govs would be happy to see this all take place tax free.

as long as the tax is reasonable then be happy you are getting taxed and not an outright ban. Us early adopters still getting a jump start here over the rest

The income tax authorities are telling that you have to pay your taxes if you are trading in crypto currencies and even if you are not able to provide the source you will be scrutinized,i am not sure what that means,i am sure India will be coming up with regulations rather than banning it,the article you have provided is written by someone who does not know very much about crypto currency or bitcoin.

I think if Bitcoin holders are being taxed, it is fine. Because as I know, those which are things generating income should be taxed to be a source of fund and utilized for government's project. With these it may help for the welfare of its community.

So basically India's tax department is posting out reminders that trading profits are subject to tax and that profit on crypto-trading in not an exemption.
Hardly a news.

Indian govt want to make a list of crypto traders and see the potential of people involved and regulate the crypto industry with guidelines under govt new law by this year end

Hi,

This cannot be really true.

What I mean here, is not that the piece of news is fake, I didn't check actually. BUT what I am sure of is that such regulation cannot be implemented. Just because the taxation system, in any country, goes through a system of statement. So if the Indian government really wants to tax bitcoin earnings... Well sorry, but it cannot be done, unless bitcoinners state they have earned money through crypto.

And I don't believe bitcoin users are ready for that! ;)

Taxman Crushes the “Giancarlos Party” for Indian Bitcoin Investors

https://coingape.com/taxman-crushes-the-giancarlos-party-for-indian-bitcoin-investors/

I think your views are like: "we, Americans must surrender our weapons and Russian will soon to follow and surrender weapons as well" (these quotes is not coming from me.) the thing is, there is no guarantee the market or the economy of the given country will recover of stabilized after regulating bitcoin, and if so, do still consider Bitcoin as decentralized as it must be?

I wonder how the India government takes the taxes from their citizen? and how they know that which people has the bitcoin on their android phone or their computer? I think the India government needs something to find out about the bitcoin holder and I don't think that this is easy to know who is the bitcoin holder because I am sure that they could have many wallets and they not only save their bitcoin in their android phone but they also save their bitcoin in the other wallet too.

This is so annoying.the very reason to trade crypto currency is because this technology works with no middlemen involved and zero corruption is achieved.but now with this taxes getting involved, it’s hard for people who invest large capital.0.1%  >:(  >:( that’s a big difference.but it’s fine if they don’t add any more regulations affecting trading money.

I think this is a bad news for us but also a good news for bitcoin acceptance in the world because it means India will start go legalize bitcoin income and the usage of it however every transaction need to be charged with income tax. But i do think this is just another regulation off the book because i dont think they can really make sure how much money a user make from bitcoin since there is no record ledger. All they know is how much income from bitcoin that you convert into Rupee that being transferred into your bank account. Unless you sell all your cryptocurrency investment and convert it, you will be fine and wont be charged with income tax  ;D ;D

So the government in india doesnt banned the crypto ?
if they going to tax crypto, i think the crypto user will not lasting long.
i thought india banned crypto.

Indian has not banned crypto yet. Bitcoin should have some measures and must take up the challenge to meet the correct goal. Hence, on February 2018 there is news everywhere in India that taxable charges on bitcoin along with rules and regulations are going to come into action. This will help investors, recipients, and non-investors to understand the fact behind bitcoin investment and how safe is it.

Investors in India have discovered that their actions to sell Bitcoin can be taxed, according to the warnings of the Reserve Bank of India on the trade in crypto-currencies.Earlier this month, the country's central bank published its second warning to the public, in which he told about digital currencies, in particular, Bitcoin. In a public notice, RBI warned users about "potential economic, financial, operational, legal protection of customers from security risks" regarding the use of virtual currencies.

So sad. Does the government in india have not paid enough so they taxed their peoples bitcoin ?
the government already taxed our fiat incomes, now they want to taxed our bitcoin? lol

this news is not very good! officials are beginning to slowly come up with a regulation of the crypto market! on the one hand, it is very good that officials are going to compromise, but on the other this is additional restrictions! I think that now in every country will start coming up with various limitations and limits! so we are getting ready!

Finally the day arrived,India has step forward to make it legitimate. Although the tax rate is very harsh. But soon it will be good. We have to wait forsome time.

it does not matter if a country implements taxes including India, I think if taxes are used for things that benefit the state does not matter because after all the tax is the duty of every citizen.

I think it's hard for bitcoin holders to pay taxes in India. First, bitcoin is anonymous and decentralized. The Indian government can't control bitcoin, and they can't tell how many bitcoins they hold in India, so it's hard to do that.

I think that there is nothing wrong with such news. If the government of India introduces a tax on profits from operations with bitcoin, and only in cases of receiving significant profits, this is generally good for both users of bitcoins and for the state. In any case, bitcoin will already be legally used in this country, because it was from India that various disturbing news came about this, including the possible prohibition of crypto currency there.

Why should someone who is mining bitcoin at home with an antminer and is paying electricity cost to the state be taxed from what he is generating from his device ? Also if he is trading, he should pay taxes only when he sell crypto to receive Indian currency in the bank.

For me this can be considered the most cruel form of oppressing people freedom. I agree to taxation but the way USA does, they only tax the person who is selling bitcoin and are not taxing bitcoin holders or buyers, only the sellers.

paying taxes on profits are a good thing
1. Acceptance of Crypto
2. Revenue generated helps the economy

I think that i never see or listen this type of news but if it is true its is beneficail to both the user of bitcoin or the govt. So there is no any drawback of tax on bitcoin

no tax issue is imposed, provided that cryptocurrency is not prohibited in India
Even China-class countries, they prohibit cryptocurrency which is actually the biggest user of cryptocurrency in China

If it is true, this can only show the attitude of India towards bitcoin or digital currency, try restricts the trading of digital currencies through taxation, just as our country tries to implement property tax restrictions to buy houses. :)

Well if that's the policy of the Country what can we do but to abide if you want to continue investing in Bitcoin, in a help you will help the Countries progress.

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.

I thought they are banning cryptocurrency trading in India, so why they are now taxing traders, if they are going to tax their traders then they might as well just regulate them and not ban them, the government can make a profit from this and the traders can freely trade, it's a win win situation for both sides.

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.

think taxes will come for every country. can't have people trade an make money without the goverment to get a piece. at least in my country.
everything you do you have to pay the goverment. working and spending they take a piece twice

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.

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.

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.

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

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.

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

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.

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 %).

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.

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.

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.

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.

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.

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.

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.

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.

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.

Now many governments want to create a system of taxation cryptocurrency. I think this is a signal to the fact that governments recognize  cryptocurrency and will not prohibit it. The main thing is that taxes are not too high.

in my opinion some other countries will follow india for tax regulations, everyone knows that crytocurrency will the major financial player in near future, that's why countries are taking protection.

Legally, we are responsible for paying taxes on any income sources we disclose. However, the most annoying point is, we do not or can not see that these taxes really work for us. That's how the law works, that's how their government's income. Of course the governments of the states are interested in getting more out of the budget. We will see a clear picture after the verdict of the High Court of Honor next month. The maximum tax rate is 30% and too for those earning income higher than 10 levels.

And how are they going to control all transactions if people use mixers?

This is the fact that we need to accept that bitcoin and other crypto currency will be forced by the government because of the profit they can get here. And we can do that and accept it and obey the law.

That could be false but if it is true then that would be so wrong because there are no assurance on trading. You may lose a lot and still you are going to be taxed?

Governments only approve of things that can make them money. First marijuana is demonized as the devil's lettuce, now it's becoming a beneficial wonder-cure.

The same thing is going to happen to cryptocurrency, and it's not necessarily a bad thing. The transparency works both ways and blockchain will cull government corruption.

In any case, all this takes time and regulation. Are you just thinking about how the government will be able to identify all the people who own Bitcoin? People will certainly avoid this tax, and I think they will succeed.

most countries now have tax on bitcoin. because they have been afraid of losses that are not obtained. because until now we have an advantage but the country does not collect it. so that is what they think is a loss.

Sorry, maybe I don’t understand something, but only Indian exchanges can take taxes, right? And the guys who live there can safely trade on any other exchanges, that do not charge such tax for bidding.

You don't want $Bitcoin, You Don't like $Bitcoin, You attempt to ban $Bitcoin yet you like "Bitcoin Tax" This is criminal, Our useless governments would try all they can to discourage people investing in $Bitcoin and Cryptocurrencies while going behind to spend "Bitcoin MOney" how criminal! Taxing $Bitcoin users/holders only increases the credibility of $Bitcoin, it shows what a "Big MOuth" government is and how helpless government is  not being able to stop $Bitcoin. I think $Bitcoin would shock them by the time it weathers the current storm. I doubt if they would ever be able to do anything when that happens.

This seems correct because I hear many investors from India are talking about this. This is a huge fee. It will actually cause many difficulties for investors in India. The Indian government is leveraging electronic money to make a profit. But I think that with this fee will be better than we hear the Indian government ban.

Extremely misleading thread. The tax authority is sending notices to users who have sold their Bitcoins and profited from it. The "holders" are not getting affected. we don't need this sort of alarmist posts here.

I think putting a tax in a bitcoin holder in India is have a advantage and disadvantage in every bitcoin holder in India. One of advantage in that scenario is when government put a tax in bitcoin this will be the time that they will be put also the leaglization of bitcoin and when that time happen they can use bitcoin in a differemt way or in many type of purchase and investment. But the biggest disadvantage is government will start in getting share in what we are doing like investing and trading. And I am afraid that government will use their power to get more tax with our bitcoin income.

yes, the big taxes made by the Indian government have a purpose to minimize the use of bitcoin.
Public enthusiasm there for bitcoin is very huge, many investor miners and traders.

they are worried that their assets will be confiscated by the Indian government. so, until today I did not find good news about the good development of bitcoin in India.

maybe they are taxed through a local exchange that provides fiat pair
so i think the best way to sell bitcoin is to peer to peer and avoid exchange between seller and buyer
and one thing to avoid taxes from the government is to never say anything about your investment in bitcoin / cryptocurrency
acting like an outdated person

crypto prohibition in many countries because the crypto value is fluctuating so it is difficult to be used as an exchange or currency tool, high risk for investment because without the authority of a particular body or country.
but with the development of crypto and many people in the world using it, the government is aware that it is real and useful until they want to regulate taxes on the circulation of crypto.
for me it's too late but if this regulation exists it will give recognition to crypro and I'm sure the value will be more stable

I thought that the Supreme court of India will going to declare their decision regarding Bitcoin legality by this month so i wonder why they are already collecting tax to all Crypto users long time a go and now i'm confused because per regulation the government cannot impose any Bitcoin tax except if Bitcoin is legal in your country.

I need to really qualified this news because I haven't see yet link.but it news can be clear India countries person.but just I tell you Bitcoin is the good currency and it contorl cannot any country government.so I'm sure India government cannot impressed Bitcoin tax.

Indian Bitcoin users are facing a lot of difficulty now. More than 100,000 have received notices from the income tax department, and most of the exchanges and other ventures have closed down.

That means to say, their government is managing the Bitcoins inside India. They are counting it as a money already. In the near futurre, India will now open their payment methods thru cryptocurrency since government is supporting it. Additionally, more and more bitcoin investors will start to invest on bitcoin because the price of bitcoin is tangible.

Governments always wants to have control over everything that is happening in their respective countries. I think government always want to have their way by extorting money from citizens in the form of taxes. Bitcoin has always been popular in India and now government wants to find a way to gain taxes.

Interesting news, thanks for sharing.
In my country, central bank recently issued public statement that bitcoin is not currency or financial asset.
Still, if I exchange my btc funds to fiat money and withdraw to my bank account, I have to report this income to my local tax office and pay taxes on the income from abroad.
It's contradiction really.
They don't recognize bitcoin but still they demand that I pay my taxes :)

India does not seem to want to lose to anyone who has a cryptocurrency including Bitcoin. this will be heavy for bitcoin holders because maybe the tax imposed is adjusted to the amount of the bitcoin holder. so I think this puts a heavy emphasis on holders in India.

It's a true news but now INDIAN government again got against to bitcoin.And people who was use the ATM to change their bitcoin into Rupee get charged by tax.

this really surprised me, because if the ownership of Bitcoin is taxed then Bitcoin is indirectly legalized. I think this is very bad because the government of India only wants the advantage of Bitcoin but does not make Bitcoin legal  >:(

How can this be because bitcoin i know is decentralized ? How will they know how much tax that will be paid. This is completely out of the bitcoin principle of decentralization. The Indian government from the last we heard from there was that they have ban cryptocurrency so how come they want to tax their citizens who are holding bitcoin. This is not fair as the government is like reaping where they did not sow. The crypto holders in India will definitely find away to collect their hard earned money.

The government may issue taxes related to Bitcoin, but this is unlikely to be done because there are a lot of Bitcoin owners but all the information is anonymous so the Indian authorities cannot determine the holders to have taxation.

its good decision bcz bitcoin is an asset and you should give your asset tax.
but i dont know if this news true or not bcz i didnt hear india taxed bitcoin holders.
another thing bitcoin is anonymous curency so if bitcoin holder dont disclose his info about how much he holding in btc wallet then govt will not be able to tax him.

For this reason, if we feel the news is still vague or unclear, then we should not easily draw conclusions from this news, because what I heard in India is that the government prohibits crypto, so how can they take tax from Bitcoin.

I do not think that this is correct because in this way we on the contrary scare away and do not attract new investors

With this development then we could considered that Bitcoin will be declare legal in India. As we all knows that their Supreme Court and their government are going to finalize yet the legality of crypto currencies within this year that if they will collecting tax already then its looks like they are practicing in advance that once they declare Bitcoin is legal then their systems are already set to collect Bitcoin tax then.

It's good to improve taxation income in india but if the rate is too high then the government will kill the indian interest toward bitcoin. Which means the government will not get income from bitcoin. Actually indian people can avoid to pay tax because they can become anonimous bitcoin holders to avoid crazy regulations that made by government that can reduce their income unfairly.

im ok with taxation, i think the government has the right to tax cryptocurrencies and regulate it because thats should be the case, if that is the only way for mass adoption then so be it, its ok, you just gotta figure out the loopholes of it and declare only what is due to be taxed :)

Bitcoin can be taxed, if it is regulated and makes it official so that loyal bitcoin exchanges with the country's money will always be taxed and regulated by a legitimate institution, making investment even more passionate.

I don't think so how it was being tax for every transaction is decentralized despite of being transparent but if that is the scenario then the government should be liable for every new ICO for the security of every investors, they will filter the legitacy of incoming ICO because what is the purpose of taxation if they can't help in return.

I wonder what are the things that are not being taxed in India. Government collect tax on everything  and then spend those on doing his unnecessary works.

I am not aware of this news is it authentic information or not I am not going to justify it. But if it is I would like to appreciate their decision. Paying taxes contributes a lot to develop each country economy. India has a huge amount of crypto traders if they come out for paying taxes it will be a great revolution for collecting taxes from crypto traders.

I never see or hear in any news but sound like crazy. if it's all about money government always go for it.

Bitcoin as a medium of payment, has neither been authorized nor been regulated by any central authority in India. "Apparently the government has not yet brought taxability of bitcoins into the statute books. At the same time, levy of tax on bitcoins cannot be ruled out because the Indian income tax laws has always sought to tax income received irrespective of the form in which it is received".


For more details read :
https://cleartax.in/s/bitcoins-taxes-india
https://gadgets.ndtv.com/internet/features/how-to-pay-income-tax-on-bitcoin-cryptocurrencies-in-india-1845037
https://www.ft.com/content/7e41a850-0c92-11e8-8eb7-42f857ea9f09

There is problem with cryptocurrency and India i guess.. Yesterday i read some news which says India goverments will ban crypto money trade soon. If thats happens it would  be very very bad for our market..

The bad 3 news here:

India may completely ban cryptocurrencies after all: https://qz.com/india/1445404/india-may-completely-ban-bitcoin-other-cryptocurrencies/

India is Considering a Ban on the ‘Use’ of Cryptocurrencies: https://qz.com/india/1445404/india-may-completely-ban-bitcoin-other-cryptocurrencies/

Here’s what could happen if India bans cryptocurrencies: https://qz.com/india/1446880/what-could-happen-if-india-bans-bitcoin-and-cryptocurrencies/

I hope that would never happen.. :-[

This is the same if in India there is a tax collection on Bitcoin,
Just like the Bank, and others I think this is very rational and it makes no sense if India does it.
Except: Bitcoin in India really implements a system like the Bank. all people must invest in Bitcoin without the exception of small and top people.

if this is indeed implemented, in my opinion it is also a good idea for governments that have set taxes on bitcoin users. The first means that bitcoin has been accepted by the government and the second through this tax imposed India will experience good economic improvements.

Bitcoin is also a kind of money, so why not tax on paper money? This is ridiculous

It is not clear how the government's tax on bitcoin will be calculated, despite the fact that bitcoin has a huge volatility in the market. If the binding goes to the current exchange rate of the dollar to bitcoin, then the situation becomes clear. But if the tax is taken in the crypto currency, then what rate and where this currency will be cashed and by whom. There are a lot of questions, so we just observe the situation and draw conclusions.

for some reason it seems to me that soon they will impose a cryptocurrency tax everywhere. we are moving towards it

The problem isn't to be taxed, the problem is how is the tax money really spend on?
To feed people during the presidential dinners and to pay the private Airbus

India implements this because India wants to keep earning from investors and the Indian government may already know if investors in large-scale India. so applying taxes is the best thing.

What is really up with India and cryptocurrency? Sometimes, you will hear that the government have banned cryptocurrency, at other times, they relax the ban, now tax. I think they should just allow crypto to flow freely.

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.

What is the meaning of this one? I thought India bans people from cryptocurrency using the last few months? Is this another fake news?  Did already have new laws on crypto on Indian Government.

It is not good regulation that some one should pay tax on bitcoin because it is decentralized form and if governments are not doing any thing for it how they should impose taxes it is common that if banks and other financial Institutions paying taxes governments have soft policies for them and some time government takes loans on interest but it is not in the case of bitcoin I am unhappy with tax on crypto.

I also got this information from several media who said that for Indians who hoped to get a lot of money in the cryptocurrency trade it had passed. Thousands of traders who make anonymous transactions with virtual money receive tax bills. The reason for such harsh government actions is financial statements that show that transactions worth more than USD 3.5 billion have been made in the past 17 months.

Remarkably, the trade in cryptocurrency in India is not officially prohibited. The government only warns that investing in such assets is a rather risky affair. For now, the authorities have decided to count the number of citizens dealing with cryptocurence. The Indian tax department asks investors who work with bitcoin and other cryptocurencies to pay income tax and provide detailed information about their investments and financial resources.

One more government that just want to squeeze money out of its citizens. I wonder how they will find out who has crypto? It is impossible to track. I would like to know how the government will do it technically.

This is a good news if happens,since india is a large users of cryptocurrency and they must be taxed,the only problem is how will the government do this,since cryptocurrency is semi anonymous and putting taxes regarding this is semi impossible.so what would happen tomorrow and in future is for us to tell

Just buy bitcoin anonymously from India (https://www.bestbitcoinbuyers.com/best-bitcoin-exchanges-by-country/buy-bitcoin-in-india-bitcoin-exchanges-without-aadhaar-or-pan-identification-in-india/) like other countries that have draconian laws.

Now that's a problematic situation as people are already paying taxes on what they earn and now they should pay their taxes on bitcoin investments too. The government has made investing in bitcoin very difficult for people by banning the banks to deal with crypto related companies and now after the heavy taxation on bitcoin holdings i don't think that people will be willing to invest in Bitcoin from India, so we can also experience a downfall in bitcoin price as here goes another country against bitcoin.

I heard many investors say that India has banned bitcoins. But this is really new information, as the Indian government decided to tax  bitcoin, meaning bitcoin users can still use bitcoin for transaction purposes and keep it in the future and they have to pay taxes. With a populous country like India, I think this is good for the electromagnetic market as it will have more new investors coming from India. It also helped India's economy grow. This is a very rational decision of the Indian government

i think its okay as long the people in India can use bitcoin freedomly and legally, it if better than the government block the bitcoin, and all people in India can't use bitcoin anymore

The government is planning to do it but they dont know how to track them. The governments need to study about blockchain then they will understand how it can used for betterment of society. The taxation will be according to the person's tax bracket.

If this is true, there will be less trader in that country and can affect the market.


Hope they will aim for the betterment and they will not aim to get a profit from traders, we all know the risk of trading not every traders get a big income.

You are wrong if bitcoin and other cryptocurrency trading is taxed in India, then it is very good news as now peoples can use bitcoin freely as it is taxable means it is legal and traders can start accepting bitcoin and other cryptocurrency as payment option. This will also boost the economy of India as their will be extra cryptocurrency tax collection to Indian government.

I think this is a hoax. I never seen this kind of news before anywhere and I think this will never be true,as from what I know and what we all know.  We all know what the nature of bitcoin is. It is a decentralized currency and one of the reason it was created is die it to be a very convenient way in a transaction method and one of its features is it is tax free. So it is very impossible for me for bitcoin to be taxed.

i agree, the govetnment can only tax the exchanges and establishment that uses bitcoin, but to tax the individual seems to be impossible, thats the farthest the government can do when it comes to taxation regardless of what country would it be.

India has severed tax issues already, this may just be a temporary fix for a complex leakage.

That's how it's going to be when government will regulate cryptocurrencies. Regulating cryptos give government a bridge to intervene between investors and the blockchain which means an expected tax of crypto earnings will be implemented.

Lets wait how much exchangers are really paying a fee in India XD
Be course india is one of the most corruptest country's i ever visited :D


regards

   If this is true that bitcoin holders Being taxed in India is good to help the economic situation of their country and people their will now have a lot of trust in bitcoin because their government regulate it. But the sad is the decentralized of bitcoin will be lessen.

Oh really but a surprise for this news because it been a long long time discussing herein forum about bitcoin taxes, each country want to implement collecting taxes from the cryptocurrency, thats why the government of each ciuntry are want to regulate bitcoin.

This action of idian government is scary for the bitcoin holder putting heavily taxe aren't fair for the holders that one of the reason people they don't want bitcoin become regulated because possible to abuse the authorities.

That may be hurting some indian investors especially the small time investors. But regulating it are also giving investors security as far as their money is concerned, in my opinion.

Very strange that India comes with it, as it's not really a developed country. However, how many people will pay that taxes? It's not easy to control that.

India has strict regulations, but at the same time, the government does not mind earning a tax and, therefore, it does not dare to completely ban Bitcoin.

i guess india is one of the biggest countries that used to use btc.. now they ban it.. lets hope btc price wont go lower

no doubt about this statement, because in the first place bitcoin was banned in india. They usually have strict regulations against bitcoin and cryptocurrency, and this is not good in the side of indian investors, traders, and bounty hunters. But i think every crypto enthusiast in india hopes that bitcoin would be fully legal in their country, so that they would be able to invest with a good profit.

i dont know how true this is because i have not seen any concrete information about india taxing bitcoin holders and traders. please provide us with a source and more information to confirm what this.

I think its good if we are paying taxes from our profits not from our trade. If we paying taxes from our profits, its like earning taxes and i think its fine. If government start collecting taxes from cryptocurrency, government should regulate cryptomarket on their country and i think its good for crypto community in the country

India have stop for using bitcoin not only for transaction but also for investing, last month India have banned many bitcoin exchange and many bitcoin investor at India have sell their asset and make bitcoin price drop.

The fact that you don’t have to declare crypto in the airport seemed to awoke them and they started making taxes…wonderful. But no surprise

at this time nayone hold bitcoin is dead soon.

As i read here few time before that the indian government has be stopped and banned crypto currency by this act alot of indian investors are disturb and now listening that government being tax from bitcoin holder its good step in such way more ways open from bitcoin.

Bad situation for our friend have joined bitcoin at India, their government have banned bitcoin at transaction and investing, many exchange was banned and make all of holder do not have many option to withdraw their bitcoin become cash money.

well, I guess it's quite difficult for crypto users there. I think, with the issuance of regulations, it will make India accept bitcoin. well, but I hope India will remove the regulation and make other regulations that support this development.

Is it something to be worried about?
I don't think that applying taxation to bitcoin holders might really help grow the economy of the country. Most of the citizens from India can easily bypass filling taxes and also it wont actually matter them a lot.

If we take it positively, it might be a good start as applying taxation to bitcoin holders indicate that today or tomorrow the government can start accepting bitcoins as a mean of payment. Lets be positive and think everything goes well.

Now, many regulators want to receive taxes on cryptocurrency. Perhaps taxes are what interested regulators in cryptocurrency. In the current situation, taxes can have a greater effect on hodlers.

This will affect only those who are going to withdraw large amounts of money. Those who want to avoid it will be able to do it. In any case, I do not think this news is bad,because it may mean that the country accepts bitcoin.

india is very uncertain in implementing any laws regarding cryptocurrencies soon court may give judgement for cryptocurrencies so Indian may follow as court guidelines

There is no tax on Bitcoin in India. It is a false and baseless news. Unless bitcoin gets regulated in India by the Government its becomes taunt for bitcoin holders.I am a bitcoin holders and I have not received any notice from the government nor have any of my friends.

India is one of the FUD capitals of bitcoin.

Just get it at one of the anonymous exchanges that sell bitcoin in India (https://www.bestbitcoinbuyers.com/best-bitcoin-exchanges-by-country/buy-bitcoin-in-india/) and watch the rupee decline in value with everyone else.


There isn't going to be taxes on bitcoin profits in India if the rupee declines another 10 years like it has the last 30 years.

oh really ? well thanks for witnessing here  . anyway you wont never get taxed when you only hold your btc because tax is only applicable if you are actively selling and buying  .  maybe they will get charge by a tax when they cash in or cash out their cryptos from a local banks or offline exchanges because those kind business are running under the government  .

High fee rates and plus tax start to make people discomforted and nobody say that this is going to change in near future. These also cause a decrease on demand for bitcoin.

If this news is true, then there is great progress for the country of India.
 because by applying taxes, the government recognizes the existence of bitcoin in the country. the government agrees and can provide business approval in the field of digital currency. We see news that this year will come and whether this can be realized, hopefully this can increase the value of Bitcoin.

Any income is taxable. Last year, during that major bull run high profile traders/investors were given notice, not everyone.

But by legalizing bitcoin there by applying taxes, I am even more confident that demand will increase because investors may view it more safely and their investments seem to be protected by the local government. Maybe that is the effect that will be caused, but every expediency must have pros and cons, we will just see the growth.

Taxes in bitcoin investment will good for holder because it will opening government regulation. Its closer to regulated market and i think with regulation, people can invest in bitcoin more easily. More people invest in bitcoin or cryptomarket, i think it will creating stronger market

they don't want to legalize it but they want a cut as tax - hypocrites!

Profit from bitcoin trading will be taxed - Only if you declare your earnings. Provided it’s under a certain amount you won’t even have to tell them about it. Any trading profits under $15,000 I guess could slip under the radar.

In the near future, every government should do a cryptocurrency tax. Because it is profit.

India is complete mayhem. It is regulated, and then banned. Then it is taxed, then they block bank accounts. Too bad for the Indian people who wish to invest, just go with privacy coins like Monero and then trade via a DEX

So if bitcoin is money then why people use this for trading and profit from this?lol

Taxation is required in any form of profiteering even if this is from what you so called ‘money’ thats a simple logic,if you dont wanna get taxed then stop trading bitcoin or even holding this for a certain reason,governments has their own looks on crypto and most of them considered this as assets and not currency

Are you sure? Don't make fake news, I think it's not funny.
Please don't be stupid, and don't fool others with fake news.

If all the tax funds used for good are not a problem and for people who need or for the development of the country's economy, I strongly agree with the policies taken by the Indian government.

Well, if this is really the case, I have replies to many similar threads and topics that this is inevitable. I say that because taxation is one of the mechanisms of the government to gain revenue, and if  they see one market prospering or bringing in big bucks, then they would say make something happen to be part of that party and gain from it. Therefore, since the cryptocurrency market has been presenting itself in the recent years as a viable source of income, especially since it can rake in big gains, then taxing it would be the most intelligible means for the government gain from it without actually investing in it themselves and sharing the risks that it carries. That way, they can profit from it without having to experience its necessary dangers.

I don't like the government doing tax issues around bitcoin and crypto because they do not bring us any benefits or safety, typically as many fraudulent projects and cause a lot of damage to investors, the government still has no reasonable resolution, many investors still receive no compensation and now if the government wants them to pay taxes, this will really be a big controversial issue. The near future or the distant future, tax with bitcon or crypto will still not be accepted by the holder, the news in India is probably fake because the government is still unable to manage the bitcoin system, they can not know the holders

Maybe the government are regulating it now?  :-\

when there's a reason and it's worth it why not.
it's good to hear that the government will allow the Bitcoin to be available in different transfers no problem with the tax because the replacement is the opening of Bitcoin throughout the country. Its a big news for that if its happen to all country.

My country also says that if the cryptocurrency is accepted, it will be taxed. But this is fundamentally wrong and contradicts the idea of bitcoin as an independent decentralized currency. The government cannot influence him.

In the region of 3000 there are huge buckets of hamsters and small investors, so the "whales" drove the course upwards so that they would not pour in all these buckets and then drag this whole crowd upwards. In addition, the entire infrastructure for entry of large-scale investors is ready and this pump should be a push for investors to enter the market. It is not by chance that the “Krupnyak” has brought in not a few means to build this infrastructure. I have no other arguments in favor of a trend reversal, and I myself am inclined to believe that this rebound is temporary.

But what if their leader is corrupt ? I dont think that the money will go on the developments but rather that can go straight to their pockets  .  our country do have a good president but it didnt tax cryptos especially bitcoin  .

Same as on most countries , they also didnt taxed cryptos  even the stricker ones like china and russia but i dont understand why india has this kind of law ?    Oh i know , maybe because their country was poor enough and they used this as an excuse .

As rbi has banned crypto to Fiat transactions so there is nothing to tax about it and it is advice if you are not doing it as well.and even if still Indian are using Fiat for crypto then do it in p2p way other than that keep your holding in crypto only ,sooner or later virtual currency will be accepted by rbi.

Still RBI didn't change their decision on crypto currencies but nothing new from the Indian government as well but they allocated some group of people to analyze cryptos and how it should be in India until that India don't consider crypto as legal tender but everyone free to use it if they want.RBI don't approve the fiat transactions so exchanges are not working.

Is is true? If yes,well it is good for the economic development of India but i think Government can only put taxes on those people or trader with greater amount of bitcoin like those who owned 2btc above.

Yes I am not sure about this topic if it be officially done by the country we need to definitely accept that situation that happened but anything will be made up with some kind of implement also so we need to wait and watch what happened next.

is this news correct? if it is true this will have an impact on the interest of the crypto world so this is a step backward in India. but I hope this is fake news.

Atleast you should be thankful because atleast the government of India still allows you to have bitcoin and used it,not like in other countries that has been totally banned bitcoin,and also one thing you should be thankful is that even the Rural Bank of India(RBI) has a big issue to crypto yet you are banned by your government

How did it happen??? and how the government knows that person uses bitcoin if that really happens, don't make bad news about bitcoin and have a bad impact on bitcoin. I hope this won't happen.

well, maybe taxable is still better than being banned. I heard that India has been banned by bitcoin, but, if this is done, I think it's a pretty good thing, because then they still allow crypto use, even though it's not a real transaction tool.