Bitcoin holders being taxed in India

[xindoa]

think taxes will come for every country. can't have people trade an make money without the goverment to get a piece. at least in my country.
everything you do you have to pay the goverment. working and spending they take a piece twice

[dmamigo]

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.

Fiat exchanges are temporarily disabled, so I think after imposing taxes they might lift those restrictions and that may be a plus point, but at the moment people are engaging with P2P system, which is working great, so it would be both a positive and negative approach for the users/holders.
Also, I agree with your point that it will induct courage and believe among the newcomers and orthodox mentality people who don't believe this system as of now.

[StrongImagine301]

It is totally impossible to imposed tax on the holders of bitcoin because first India ban it as far I know then how could do this second it is impossible to point out who is holding bitcoin.

[ionabori]

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.

Here is how they will know this:

1) Taking the details of investors from Indian crypto investors.

2) Tracking heavy investments being done through bank transactions.

3) May be  monitoring use of internet for certain specific websites or exchanges.

[coinwizard_]

They will need the agreement of exchanges and banks to pass on the details of these traders. Indian crypto enthusiasts will simply make a switch to decentralised exchanges and convert to fiāt by other means. Cash trades in the grey economy or street marketplace

[Nunii]

Legally, it has been our responsibility to pay taxes from any source of income we divulge. Depending on jurisdiction and laws encompassing crypto and income derived from it, we should pay these taxes. However, the much irritating point is, we do not or cannot see that these taxes are really working for us. Anyhow, we got to pay what we owe to pay since we benefited from using it. That's how the law works, that's how the government source their income too. Sometimes, it just seems to much, the rate/amount for which we ought to pay, implicitly making discouraging us from divulging ourselves from this industry.

[Fineyokoma]

Of course governments of states are interested in getting more to the budget. Cryptocurrencies are the new field where they can produce more fees and taxes

[TRONTON]

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.

Fiat exchanges are temporarily disabled, so I think after imposing taxes they might lift those restrictions and that may be a plus point, but at the moment people are engaging with P2P system, which is working great, so it would be both a positive and negative approach for the users/holders.
Also, I agree with your point that it will induct courage and believe among the newcomers and orthodox mentality people who don't believe this system as of now.

if this news is indeed true, hopefully it can be replicated by other countries to immediately legalize bitcoin, if that happens, of course, bitcoin will increase its existence and price, because it doesn't clash with legality.

[Dudeperfect]

We will see a clear picture after the verdict of the Honorable Supreme Court in the next month. As of now, it is recommended to pay the tax as per the normal tax rate (considering the source of income). The maximum tax rate is 30% and that too for the assessees having income more than 10 lacs (there are some initial tax slab rates but there is no tax about 30 %).

[NavigateSamurai055]

This information is totally wrong because it is impossible to imposed tax on bitcoin holders because it is digital money which is beyond the control of the government.

[Criptomen]

If it's really so then very soon a similar tax will be paid all over the world, trading platforms require documents and photos for a reason. Very soon, we all will be forced to pay a tax.

[Nabilo]

We will see a clear picture after the verdict of the Honorable Supreme Court in the next month. As of now, it is recommended to pay the tax as per the normal tax rate (considering the source of income). The maximum tax rate is 30% and that too for the assessees having income more than 10 lacs (there are some initial tax slab rates but there is no tax about 30 %).

No this is wrong information. no-one can taxed you for holding bitcoin in this world because it is also a type of money or digital money and no-one can taxed you on money.

[Dudeperfect]

We will see a clear picture after the verdict of the Honorable Supreme Court in the next month. As of now, it is recommended to pay the tax as per the normal tax rate (considering the source of income). The maximum tax rate is 30% and that too for the assessees having income more than 10 lacs (there are some initial tax slab rates but there is no tax about 30 %).

No this is wrong information. no-one can taxed you for holding bitcoin in this world because it is also a type of money or digital money and no-one can taxed you on money.

Well, I'm not talking about the money kept in crypto but the amount which is cashed out into the fiat currency. Even if Bitcoin is not yet recognised, we are supposed to pay tax on the amount which is converted into INR in any form. It is true that the payment kept in Bitcoin is not taxed directly.

[blossomnow]

I think after the tax they can lift those restrictions and maybe the plus points, which are working well. Also, I agree with your point of view that it will create courage and trust in those. newcomers and orthodox psychologists who do not believe in this system from now on.

[cryptomaster4]

But how?how the government find the btc holders.

[Patatas]

But how?how the government find the btc holders.

They won't and they can't. The shittiest government in the world isn't capable of finding the bitcoin holders or track them. What I hate the most is the fact they're okay with corruption, rapes, corporate thefts but suddenly bitcoins are a huge concern for them. You know, you can just not pay tax for your entire life and if found out, you can bribe the government -- That is how all the rich save taxes in India.

[Heidi Farrell]

Yes any income is taxable if you declare it. In fact that socialist rogue Jaitely has already started sending tax notices to bitcoin traders.
This is going to be some real fight with the state. I would rather recommend that anyone trading in bitcoins does so completely anonymously. Maintain an account outside of India and then if needed repatriate the same into India as a foreign investor. Then they will suck your cock and also lay out a red carpet.

[Camilla Gill]

Both yes and no.
1.Bitcoin earned in mining as exempt as of now. There is no law to tax them.
2.Bitcoin purchased for real money for investment purpose is taxed under head capital gain. Long term if held more than 3 yrs otherwise as short term capital gain.
3.Bitcoin if regularly traded will be taxable under head profit and gains from business and profession deeming a specualtion business.
4.Bitcoin received in the normal course of business is taxable under head profits and gains from business and profession.

[jayveerastrullo]

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

this people might already gained a big amount from bitcoin. It is not that rude for them to get something out of them because that will help a lot with government projects. I know it sometimes hurts because there's already fees when you withdraw and then they add taxes to it but i think they are doing it for something good.

[Mr.grin]

But how?how the government find the btc holders.

They won't and they can't. The shittiest government in the world isn't capable of finding the bitcoin holders or track them. What I hate the most is the fact they're okay with corruption, rapes, corporate thefts but suddenly bitcoins are a huge concern for them. You know, you can just not pay tax for your entire life and if found out, you can bribe the government -- That is how all the rich save taxes in India.

well, do they really give tax to crypto users? Well, last time I heard that India also tried to ban bitcoin. well, if they make bitcoin users pay taxes, of course this is also an acknowledgment that India legalized crypto in their country.