Bitcoin holders being taxed in India

[TheGodFather]

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 means to say, their government is managing the Bitcoins inside India. They are counting it as a money already. In the near futurre, India will now open their payment methods thru cryptocurrency since government is supporting it. Additionally, more and more bitcoin investors will start to invest on bitcoin because the price of bitcoin is tangible.

[rosemary4u]

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.

Governments always wants to have control over everything that is happening in their respective countries. I think government always want to have their way by extorting money from citizens in the form of taxes. Bitcoin has always been popular in India and now government wants to find a way to gain taxes.

[Daniel91]

Interesting news, thanks for sharing.
In my country, central bank recently issued public statement that bitcoin is not currency or financial asset.
Still, if I exchange my btc funds to fiat money and withdraw to my bank account, I have to report this income to my local tax office and pay taxes on the income from abroad.
It's contradiction really.
They don't recognize bitcoin but still they demand that I pay my taxes

[Om.monata]

India does not seem to want to lose to anyone who has a cryptocurrency including Bitcoin. this will be heavy for bitcoin holders because maybe the tax imposed is adjusted to the amount of the bitcoin holder. so I think this puts a heavy emphasis on holders in India.

[riyarana1123]

It's a true news but now INDIAN government again got against to bitcoin.And people who was use the ATM to change their bitcoin into Rupee get charged by tax.

[Sirait]

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 really surprised me, because if the ownership of Bitcoin is taxed then Bitcoin is indirectly legalized. I think this is very bad because the government of India only wants the advantage of Bitcoin but does not make Bitcoin legal 

[oceantiger]

How can this be because bitcoin i know is decentralized ? How will they know how much tax that will be paid. This is completely out of the bitcoin principle of decentralization. The Indian government from the last we heard from there was that they have ban cryptocurrency so how come they want to tax their citizens who are holding bitcoin. This is not fair as the government is like reaping where they did not sow. The crypto holders in India will definitely find away to collect their hard earned money.

[blueteam09]

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

The government may issue taxes related to Bitcoin, but this is unlikely to be done because there are a lot of Bitcoin owners but all the information is anonymous so the Indian authorities cannot determine the holders to have taxation.

[mahibul49]

its good decision bcz bitcoin is an asset and you should give your asset tax.
but i dont know if this news true or not bcz i didnt hear india taxed bitcoin holders.
another thing bitcoin is anonymous curency so if bitcoin holder dont disclose his info about how much he holding in btc wallet then govt will not be able to tax him.

[kapalmabur]

its good decision bcz bitcoin is an asset and you should give your asset tax.
but i dont know if this news true or not bcz i didnt hear india taxed bitcoin holders.
another thing bitcoin is anonymous curency so if bitcoin holder dont disclose his info about how much he holding in btc wallet then govt will not be able to tax him.

For this reason, if we feel the news is still vague or unclear, then we should not easily draw conclusions from this news, because what I heard in India is that the government prohibits crypto, so how can they take tax from Bitcoin.

[FedorIzmailov]

I do not think that this is correct because in this way we on the contrary scare away and do not attract new investors

[KrishaBitcoin]

With this development then we could considered that Bitcoin will be declare legal in India. As we all knows that their Supreme Court and their government are going to finalize yet the legality of crypto currencies within this year that if they will collecting tax already then its looks like they are practicing in advance that once they declare Bitcoin is legal then their systems are already set to collect Bitcoin tax then.

[rikybrosh]

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

It's good to improve taxation income in india but if the rate is too high then the government will kill the indian interest toward bitcoin. Which means the government will not get income from bitcoin. Actually indian people can avoid to pay tax because they can become anonimous bitcoin holders to avoid crazy regulations that made by government that can reduce their income unfairly.

[xfaqs01]

I do not think that this is correct because in this way we on the contrary scare away and do not attract new investors

im ok with taxation, i think the government has the right to tax cryptocurrencies and regulate it because thats should be the case, if that is the only way for mass adoption then so be it, its ok, you just gotta figure out the loopholes of it and declare only what is due to be taxed

[lepbagong]

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.

Bitcoin can be taxed, if it is regulated and makes it official so that loyal bitcoin exchanges with the country's money will always be taxed and regulated by a legitimate institution, making investment even more passionate.

[zhelis74]

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.

Bitcoin can be taxed, if it is regulated and makes it official so that loyal bitcoin exchanges with the country's money will always be taxed and regulated by a legitimate institution, making investment even more passionate.

I don't think so how it was being tax for every transaction is decentralized despite of being transparent but if that is the scenario then the government should be liable for every new ICO for the security of every investors, they will filter the legitacy of incoming ICO because what is the purpose of taxation if they can't help in return.

[SimonJones]

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

I wonder what are the things that are not being taxed in India. Government collect tax on everything  and then spend those on doing his unnecessary works.

[Serious Miner]

I am not aware of this news is it authentic information or not I am not going to justify it. But if it is I would like to appreciate their decision. Paying taxes contributes a lot to develop each country economy. India has a huge amount of crypto traders if they come out for paying taxes it will be a great revolution for collecting taxes from crypto traders.

[Mikaela1]

I never see or hear in any news but sound like crazy. if it's all about money government always go for it.

[CoinFoxs]

Bitcoin as a medium of payment, has neither been authorized nor been regulated by any central authority in India. "Apparently the government has not yet brought taxability of bitcoins into the statute books. At the same time, levy of tax on bitcoins cannot be ruled out because the Indian income tax laws has always sought to tax income received irrespective of the form in which it is received".


For more details read :
https://cleartax.in/s/bitcoins-taxes-india
https://gadgets.ndtv.com/internet/features/how-to-pay-income-tax-on-bitcoin-cryptocurrencies-in-india-1845037
https://www.ft.com/content/7e41a850-0c92-11e8-8eb7-42f857ea9f09