Bitcoin holders being taxed in India

[datodota002]

Lol why we have to pay tax for money, the main target is the exchanger, because the exchanger have take big fees from trader when change money to bitcoin and fron witdrawal. and if you think who get the big profit is the exchanger. so government have make hard regulation for exchanger.

[Dodoymabs]

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.

Well, if the government would also used the money for the good of their economy then there is nothing to worry about. When we are talking about government it is really disgusting to know that they will just used the money for their own. What I mean is that commonly they are just corrupting the money of the people.

[poptok1]

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.

Its not a bitcoin tax, it is an income tax.
Government does not know how many bitcoins one particular person holds or was holding, all they know is the amount of fiat that was transferred in to a bank account(yes banks do report on us), on that basis regular income tax is being calculated or at least it should be, by person directly responsible(you), in order to avoid financial punishment.
Its nothing new, rather obvious that when you take some profits, larger than income free limit, you have to provide your taxation institution with proper prof-papers(tax return) and adequate amount of ca$h

[0t3p0t]

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

Well, yeah we cannot evade tax and that is the sad reality between governments and it's people. We have to pay tax as we are living in a country we thought has did something good for us. Here in my country regulation of local exchanges has already been implemented and I know that tax is also included everytime we did a transaction most especially when cashing out or converting cryptocurrency into fiat money. For me, I have no problem with tax it doesn't matter if the government has to implement tax because it will also help improve our country's economy. Let us just hope that they will never abuse it.

[laimaro]

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

People always had to pay taxes on profits made with Bitcoins. There are ways to run away from this but I recommend paying the taxes for peace of mind.

[CaptainKid]

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

People always had to pay taxes on profits made with Bitcoins. There are ways to run away from this but I recommend paying the taxes for peace of mind.

In the sense of "always pay taxes for profits from Bitcoin" In which countries do you still have such a tax? In my opinion, in some countries legal norms are only being developed. Maybe I missed something?)

[ishinn99]

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

People always had to pay taxes on profits made with Bitcoins. There are ways to run away from this but I recommend paying the taxes for peace of mind.

What country are you from? In our country philippines, government is not requiring us to pax taxes for having bitcoins because until now bitcoin has no value to them. We are still lucky I guess.

[heureca]

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

Last months we see as governments try to regulate criptocurrency trading and mining.So it was expacted and other countries also do the same.

[Laurayaki]

Unfortunately, there is nothing surprising, governments would not miss an opportunity to make money

[ogini]

They only went to get their own cut in the business of bitcoin they are never satisfy  when it comes to money they always have a way to be part of it.After all the taxes will be paid to them they will not use it to develop their country,greed set of people.

[bitorama]

it's a income tax, if you don't cash out, you needn't to pay this. If you exchange bitcoin to altcoin, there is no tax

[cryptohunter]

You want governments to allow your nerd money then you need to pay them their cut.

What did you think would happen. Your old money gradually vanishes your new nerd money takes over and the government takes zero??

please kids be sensible

of course we all want to keep every cent of our btc loot but only the most unrealistic thought btc would go mainstream and the govs would be happy to see this all take place tax free.

as long as the tax is reasonable then be happy you are getting taxed and not an outright ban. Us early adopters still getting a jump start here over the rest

[Clement Kaliyar]

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.

The income tax authorities are telling that you have to pay your taxes if you are trading in crypto currencies and even if you are not able to provide the source you will be scrutinized,i am not sure what that means,i am sure India will be coming up with regulations rather than banning it,the article you have provided is written by someone who does not know very much about crypto currency or bitcoin.

[di.ako.toh]

I think if Bitcoin holders are being taxed, it is fine. Because as I know, those which are things generating income should be taxed to be a source of fund and utilized for government's project. With these it may help for the welfare of its community.

[pawel7777]

So basically India's tax department is posting out reminders that trading profits are subject to tax and that profit on crypto-trading in not an exemption.
Hardly a news.

[bitcoinposts]

Indian govt want to make a list of crypto traders and see the potential of people involved and regulate the crypto industry with guidelines under govt new law by this year end

[mOgliE]

Hi,

This cannot be really true.

What I mean here, is not that the piece of news is fake, I didn't check actually. BUT what I am sure of is that such regulation cannot be implemented. Just because the taxation system, in any country, goes through a system of statement. So if the Indian government really wants to tax bitcoin earnings... Well sorry, but it cannot be done, unless bitcoinners state they have earned money through crypto.

And I don't believe bitcoin users are ready for that!

[markhudson2002]

Taxman Crushes the “Giancarlos Party” for Indian Bitcoin Investors

https://coingape.com/taxman-crushes-the-giancarlos-party-for-indian-bitcoin-investors/

[Godric-Gryffindor]

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.

I think your views are like: "we, Americans must surrender our weapons and Russian will soon to follow and surrender weapons as well" (these quotes is not coming from me.) the thing is, there is no guarantee the market or the economy of the given country will recover of stabilized after regulating bitcoin, and if so, do still consider Bitcoin as decentralized as it must be?

[traderethereum]

I wonder how the India government takes the taxes from their citizen? and how they know that which people has the bitcoin on their android phone or their computer? I think the India government needs something to find out about the bitcoin holder and I don't think that this is easy to know who is the bitcoin holder because I am sure that they could have many wallets and they not only save their bitcoin in their android phone but they also save their bitcoin in the other wallet too.