[2017-12-29]While Bitcoin Trades Above $19K In India — Tax Officials Are Snoopin

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While Bitcoin Trades Above $19K In India — Tax Officials Are Snooping for Gains

Bitcoin is booming in India, and the top trading platforms in the country Zebpay, Coinsecure, Unocoin, and Bitxoxo have seen unprecedented trade volumes and exchange sign-ups. However, in the midst of the bitcoin fever taking place in the region, the country’s Income Tax Department of India (ITDI) has been investigating exchanges and are researching the “taxability of bitcoin” assets.

Unocoin Co-Founder: ‘Significant Gains in Cryptocurrencies Will Be Under Scrutiny’
While Bitcoin Trades Above $19K In India — Tax Officials Are Snooping for GainsThe recent bitcoin hype in India has attracted many investors but also the country’s regulators and tax officials. According to reports this week ITDI officials are still investigating exchanges that deal with bitcoin, and the officials believe the recent spike is a perfect time to research the cryptocurrency economy. News.Bitcoin.com recently reported on the initial “crypto-crackdown” which scrutinized digital asset startups and wealthy bitcoin proponents. Now tax officials are scanning data to see if individuals profited from the jump in bitcoin’s price but failed to report the gains. The co-founder of Unocoin, Sathvik Vishwanath, told the columnist Nupur Anand Indian citizens who took in large gains would be under the tax man’s radar stating;

Apart from bitcoin or other currencies, all the mobile and immobile properties of an individual who has made significant gains in cryptocurrencies will be under scrutiny.

Read more: https://news.bitcoin.com/while-bitcoin-trades-above-19k-in-india-tax-officials-are-snooping-for-gains/

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[1714867163]

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[krishnapramod]

About a week ago the Indian income Tax officials issued notices to around 500K HNIs to provide statements of all their bank accounts to know the source to tax unreported income arising out of Bitcoin trading. Big traders who evaded tax would be going under the scanner, but at the same time there have been reports of SEBI cracking down ICOs which IMO would be good. A lot of Indian investors are losing money through MLM model ICOs/ponzi investment schemes. Although RBI has issued a couple of warnings regarding cryptocurrencies in 2013 and this year, I think next year, the Indian government would be coming up with a better clarification/ regulatory framework on the legal status of cryptocurrencies.

[onrise]

Today itself the Finance Minister of India has issues the statement of people to be vary of this cypto currency. As per them it is ponzi scheme and it can crash any time and government will not be able to help anybody if it happens. It was more for the investors to stay away from it because at present their is no regulation surrounding it which can protect the people's money.