Bitcoin holders being taxed in India

[Gamblet]

Now many governments want to create a system of taxation cryptocurrency. I think this is a signal to the fact that governments recognize  cryptocurrency and will not prohibit it. The main thing is that taxes are not too high.

[absurde]

in my opinion some other countries will follow india for tax regulations, everyone knows that crytocurrency will the major financial player in near future, that's why countries are taking protection.

[Haroldsilve]

Legally, we are responsible for paying taxes on any income sources we disclose. However, the most annoying point is, we do not or can not see that these taxes really work for us. That's how the law works, that's how their government's income. Of course the governments of the states are interested in getting more out of the budget. We will see a clear picture after the verdict of the High Court of Honor next month. The maximum tax rate is 30% and too for those earning income higher than 10 levels.

[logitechwow]

And how are they going to control all transactions if people use mixers?

[Lasvista]

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.

This is the fact that we need to accept that bitcoin and other crypto currency will be forced by the government because of the profit they can get here. And we can do that and accept it and obey the law.

[charlotte04]

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

That could be false but if it is true then that would be so wrong because there are no assurance on trading. You may lose a lot and still you are going to be taxed?

[The_Tick]

Governments only approve of things that can make them money. First marijuana is demonized as the devil's lettuce, now it's becoming a beneficial wonder-cure.

The same thing is going to happen to cryptocurrency, and it's not necessarily a bad thing. The transparency works both ways and blockchain will cull government corruption.

[AzrailBogov]

In any case, all this takes time and regulation. Are you just thinking about how the government will be able to identify all the people who own Bitcoin? People will certainly avoid this tax, and I think they will succeed.

[kamilah147]

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.

most countries now have tax on bitcoin. because they have been afraid of losses that are not obtained. because until now we have an advantage but the country does not collect it. so that is what they think is a loss.

[Dilerium90]

Sorry, maybe I don’t understand something, but only Indian exchanges can take taxes, right? And the guys who live there can safely trade on any other exchanges, that do not charge such tax for bidding.

[xbossJ]

You don't want $Bitcoin, You Don't like $Bitcoin, You attempt to ban $Bitcoin yet you like "Bitcoin Tax" This is criminal, Our useless governments would try all they can to discourage people investing in $Bitcoin and Cryptocurrencies while going behind to spend "Bitcoin MOney" how criminal! Taxing $Bitcoin users/holders only increases the credibility of $Bitcoin, it shows what a "Big MOuth" government is and how helpless government is  not being able to stop $Bitcoin. I think $Bitcoin would shock them by the time it weathers the current storm. I doubt if they would ever be able to do anything when that happens.

[bitcoinVPSD]

This seems correct because I hear many investors from India are talking about this. This is a huge fee. It will actually cause many difficulties for investors in India. The Indian government is leveraging electronic money to make a profit. But I think that with this fee will be better than we hear the Indian government ban.

[bryant.coleman]

Extremely misleading thread. The tax authority is sending notices to users who have sold their Bitcoins and profited from it. The "holders" are not getting affected. we don't need this sort of alarmist posts here.

[lyks15]

I think putting a tax in a bitcoin holder in India is have a advantage and disadvantage in every bitcoin holder in India. One of advantage in that scenario is when government put a tax in bitcoin this will be the time that they will be put also the leaglization of bitcoin and when that time happen they can use bitcoin in a differemt way or in many type of purchase and investment. But the biggest disadvantage is government will start in getting share in what we are doing like investing and trading. And I am afraid that government will use their power to get more tax with our bitcoin income.

[kamBlanV]

yes, the big taxes made by the Indian government have a purpose to minimize the use of bitcoin.
Public enthusiasm there for bitcoin is very huge, many investor miners and traders.

they are worried that their assets will be confiscated by the Indian government. so, until today I did not find good news about the good development of bitcoin in India.

[bloodyvio]

And how are they going to control all transactions if people use mixers?

maybe they are taxed through a local exchange that provides fiat pair
so i think the best way to sell bitcoin is to peer to peer and avoid exchange between seller and buyer
and one thing to avoid taxes from the government is to never say anything about your investment in bitcoin / cryptocurrency
acting like an outdated person

[hermankoles]

crypto prohibition in many countries because the crypto value is fluctuating so it is difficult to be used as an exchange or currency tool, high risk for investment because without the authority of a particular body or country.
but with the development of crypto and many people in the world using it, the government is aware that it is real and useful until they want to regulate taxes on the circulation of crypto.
for me it's too late but if this regulation exists it will give recognition to crypro and I'm sure the value will be more stable

[marcbitcoins]

I thought that the Supreme court of India will going to declare their decision regarding Bitcoin legality by this month so i wonder why they are already collecting tax to all Crypto users long time a go and now i'm confused because per regulation the government cannot impose any Bitcoin tax except if Bitcoin is legal in your country.

[Jocuserious]

I need to really qualified this news because I haven't see yet link.but it news can be clear India countries person.but just I tell you Bitcoin is the good currency and it contorl cannot any country government.so I'm sure India government cannot impressed Bitcoin tax.

[bryant.coleman]

Indian Bitcoin users are facing a lot of difficulty now. More than 100,000 have received notices from the income tax department, and most of the exchanges and other ventures have closed down.