I-T department conducting surveys at Bitcoin exchanges

[bitdragon84]

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?

[1714827198]

1714827198

[1714827198]

1714827198

[1714827198]

1714827198

[1714827198]

1714827198

[1714827198]

1714827198

[1714827198]

1714827198

[eXpl0sive]

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 

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

[drgauravxmg]

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 

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?

[sgk]

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.

[krishnaverma]

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.

[gopaljiverma]

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.