Bitcoin holders being taxed in India

[aditya6997]

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

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[zhekinsp]

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.

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.

[yslyv]

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.

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.

[Dluretic]

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.

[Maryverycool]

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.

[krishnapramod]

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

[Shreek]

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

[pratikpop]

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

[yamortsac]

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.

[zais]

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.

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.

[bubu4845]

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

[btcdevil]

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.

[SHAWN-MIDWAYS]

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.

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.

[ss890]

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

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.

[Carlsen]

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.

[IRISlingk]

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.

[lucifer2]

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.

[aditya6997]

Now Link has been added.

[Jivotnex]

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

[zhekinsp]

Now Link has been added.

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.