BitKira (OP)
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December 14, 2017, 08:32:36 AM |
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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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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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Blackshadow007
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December 14, 2017, 09:17:42 AM |
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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 .
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webtricks
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December 15, 2017, 01:58:56 PM |
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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!
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Blackshadow007
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December 15, 2017, 06:20:54 PM |
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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
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webtricks
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December 18, 2017, 08:23:09 AM Last edit: December 18, 2017, 08:37:31 AM by webtricks |
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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.
Other than above two cases, Business taxation will be third case as discussed in my previous post. So Captial Gains isn't the only case.
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SixOfFive
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December 18, 2017, 10:04:34 PM |
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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.
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Blackshadow007
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December 19, 2017, 10:42:10 AM |
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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 .
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sgk
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!! HODL !!
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December 19, 2017, 05:23:45 PM |
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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.
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dogandogru
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December 19, 2017, 11:45:26 PM |
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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.
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kohlicool54
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December 20, 2017, 09:22:37 AM |
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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.
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sgk
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!! HODL !!
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December 20, 2017, 12:06:26 PM |
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If you're paying taxes on your crypto earnings, you should be fine.
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kabit9
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December 20, 2017, 12:23:52 PM |
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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.
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ensign_lee
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December 20, 2017, 01:12:29 PM |
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So how many people have received tax notice from the IT dept and do we have anyone reporting here the details of it?
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Blackshadow007
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December 21, 2017, 10:14:39 AM |
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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
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Blackshadow007
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December 21, 2017, 10:18:27 AM |
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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 .
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bitdragon84
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December 21, 2017, 10:54:59 AM |
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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?
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Benson Samuel
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Landscaping Bitcoin for India!
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December 22, 2017, 01:19:06 AM |
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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.
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bitdragon84
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December 22, 2017, 02:51:15 AM |
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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?
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reliable
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December 22, 2017, 05:44:27 AM |
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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.
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