[2017-12-15] India to Tax Bitcoin Profits?

[aalfadhala]

While the government of India are flatly warning potential investors off cryptocurrency markets, the India Income Tax Department has made a number of drop-ins to exchanges over the country in order to identify investors.

A spokesman for the Tax Department said they were “…looking into investments into cryptocurrencies’. The visits of nine large exchanges came following a press story that the department were investigating potential tax fraud and, under section 133A of the Indian Income Tax Act, they are entitled to collect transaction histories, bank account details and email addresses.

More: https://coinblip.com/blog/india-tax-bitcoin-profits-investment/

[muddafudda]

The IR Department of India collects user data from various Bitcoin brokerages
India's Income Tax Department has visited crypto-currency brokers across the country seeking to identify users. The operation is being carried out for suspicions of tax evasion carried out by clients of these brokerages. The agency visited nine digital currency brokers in several cities, including Delhi, Pune, Bengaluru, Hyderabad and Kochi. According to tax officials, surveys were conducted to collect the identities of investors in digital currency, their transactions, used bank accounts, emails and other data.