Bitcoin holders being taxed in India

[Kamal0028]

This is so annoying.the very reason to trade crypto currency is because this technology works with no middlemen involved and zero corruption is achieved.but now with this taxes getting involved, it’s hard for people who invest large capital.0.1%    that’s a big difference.but it’s fine if they don’t add any more regulations affecting trading money.

[metenjean]

I think this is a bad news for us but also a good news for bitcoin acceptance in the world because it means India will start go legalize bitcoin income and the usage of it however every transaction need to be charged with income tax. But i do think this is just another regulation off the book because i dont think they can really make sure how much money a user make from bitcoin since there is no record ledger. All they know is how much income from bitcoin that you convert into Rupee that being transferred into your bank account. Unless you sell all your cryptocurrency investment and convert it, you will be fine and wont be charged with income tax 

[thaitea.deluxe]

So the government in india doesnt banned the crypto ?
if they going to tax crypto, i think the crypto user will not lasting long.
i thought india banned crypto.

[tekusa]

So the government in india doesnt banned the crypto ?
if they going to tax crypto, i think the crypto user will not lasting long.
i thought india banned crypto.

Indian has not banned crypto yet. Bitcoin should have some measures and must take up the challenge to meet the correct goal. Hence, on February 2018 there is news everywhere in India that taxable charges on bitcoin along with rules and regulations are going to come into action. This will help investors, recipients, and non-investors to understand the fact behind bitcoin investment and how safe is it.

[19nataliya12]

Investors in India have discovered that their actions to sell Bitcoin can be taxed, according to the warnings of the Reserve Bank of India on the trade in crypto-currencies.Earlier this month, the country's central bank published its second warning to the public, in which he told about digital currencies, in particular, Bitcoin. In a public notice, RBI warned users about "potential economic, financial, operational, legal protection of customers from security risks" regarding the use of virtual currencies.

[juiceannabel]

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

So sad. Does the government in india have not paid enough so they taxed their peoples bitcoin ?
the government already taxed our fiat incomes, now they want to taxed our bitcoin? lol

[GeorgiyBilyk]

this news is not very good! officials are beginning to slowly come up with a regulation of the crypto market! on the one hand, it is very good that officials are going to compromise, but on the other this is additional restrictions! I think that now in every country will start coming up with various limitations and limits! so we are getting ready!

[jerry29@]

Finally the day arrived,India has step forward to make it legitimate. Although the tax rate is very harsh. But soon it will be good. We have to wait forsome time.

[Iceblast]

it does not matter if a country implements taxes including India, I think if taxes are used for things that benefit the state does not matter because after all the tax is the duty of every citizen.

[Angletim]

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.

I think it's hard for bitcoin holders to pay taxes in India. First, bitcoin is anonymous and decentralized. The Indian government can't control bitcoin, and they can't tell how many bitcoins they hold in India, so it's hard to do that.

[Snaic]

I think that there is nothing wrong with such news. If the government of India introduces a tax on profits from operations with bitcoin, and only in cases of receiving significant profits, this is generally good for both users of bitcoins and for the state. In any case, bitcoin will already be legally used in this country, because it was from India that various disturbing news came about this, including the possible prohibition of crypto currency there.

[swogerino]

Why should someone who is mining bitcoin at home with an antminer and is paying electricity cost to the state be taxed from what he is generating from his device ? Also if he is trading, he should pay taxes only when he sell crypto to receive Indian currency in the bank.

For me this can be considered the most cruel form of oppressing people freedom. I agree to taxation but the way USA does, they only tax the person who is selling bitcoin and are not taxing bitcoin holders or buyers, only the sellers.

[ZacL]

paying taxes on profits are a good thing
1. Acceptance of Crypto
2. Revenue generated helps the economy

[robin1991]

I think that i never see or listen this type of news but if it is true its is beneficail to both the user of bitcoin or the govt. So there is no any drawback of tax on bitcoin

[roadwell890]

no tax issue is imposed, provided that cryptocurrency is not prohibited in India
Even China-class countries, they prohibit cryptocurrency which is actually the biggest user of cryptocurrency in China

[CoinsGazer]

If it is true, this can only show the attitude of India towards bitcoin or digital currency, try restricts the trading of digital currencies through taxation, just as our country tries to implement property tax restrictions to buy houses.

[nehemiah31]

Well if that's the policy of the Country what can we do but to abide if you want to continue investing in Bitcoin, in a help you will help the Countries progress.

[Keeping Up]

even though most cryptocurrency users doesn't want to see bitcoin being imposed with taxes i think it will still have a positive effect to the greater good of the community.
one of which is tax will give cryptocurrency a good impression to those who distrust it.
since being imposed with taxes means that governments recognizes the legality of it.

[judeafante]

I thought they are banning cryptocurrency trading in India, so why they are now taxing traders, if they are going to tax their traders then they might as well just regulate them and not ban them, the government can make a profit from this and the traders can freely trade, it's a win win situation for both sides.

[AllenTurner]

I still don't get this kind of news and the point is how the government will understand that this person is holding bitcoin and how they will imposed tax on it.