Bitcoin holders being taxed in India

[larrylegend33]

There is problem with cryptocurrency and India i guess.. Yesterday i read some news which says India goverments will ban crypto money trade soon. If thats happens it would  be very very bad for our market..

The bad 3 news here:

India may completely ban cryptocurrencies after all: https://qz.com/india/1445404/india-may-completely-ban-bitcoin-other-cryptocurrencies/

India is Considering a Ban on the ‘Use’ of Cryptocurrencies: https://qz.com/india/1445404/india-may-completely-ban-bitcoin-other-cryptocurrencies/

Here’s what could happen if India bans cryptocurrencies: https://qz.com/india/1446880/what-could-happen-if-india-bans-bitcoin-and-cryptocurrencies/

I hope that would never happen..

[Lumi3004]

This is the same if in India there is a tax collection on Bitcoin,
Just like the Bank, and others I think this is very rational and it makes no sense if India does it.
Except: Bitcoin in India really implements a system like the Bank. all people must invest in Bitcoin without the exception of small and top people.

[blocklancer8]

if this is indeed implemented, in my opinion it is also a good idea for governments that have set taxes on bitcoin users. The first means that bitcoin has been accepted by the government and the second through this tax imposed India will experience good economic improvements.

[MichaelOwen]

Bitcoin is also a kind of money, so why not tax on paper money? This is ridiculous

[Cryptoreflector_666]

if this is indeed implemented, in my opinion it is also a good idea for governments that have set taxes on bitcoin users. The first means that bitcoin has been accepted by the government and the second through this tax imposed India will experience good economic improvements.

It is not clear how the government's tax on bitcoin will be calculated, despite the fact that bitcoin has a huge volatility in the market. If the binding goes to the current exchange rate of the dollar to bitcoin, then the situation becomes clear. But if the tax is taken in the crypto currency, then what rate and where this currency will be cashed and by whom. There are a lot of questions, so we just observe the situation and draw conclusions.

[Marbelli]

for some reason it seems to me that soon they will impose a cryptocurrency tax everywhere. we are moving towards it

[Anarchist]

The problem isn't to be taxed, the problem is how is the tax money really spend on?
To feed people during the presidential dinners and to pay the private Airbus

[javainn]

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.

India implements this because India wants to keep earning from investors and the Indian government may already know if investors in large-scale India. so applying taxes is the best thing.

[Sama517]

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

What is really up with India and cryptocurrency? Sometimes, you will hear that the government have banned cryptocurrency, at other times, they relax the ban, now tax. I think they should just allow crypto to flow freely.

[ICOTechSupport]

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.

[steampunkz]

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

What is the meaning of this one? I thought India bans people from cryptocurrency using the last few months? Is this another fake news?  Did already have new laws on crypto on Indian Government.

[musharaf]

It is not good regulation that some one should pay tax on bitcoin because it is decentralized form and if governments are not doing any thing for it how they should impose taxes it is common that if banks and other financial Institutions paying taxes governments have soft policies for them and some time government takes loans on interest but it is not in the case of bitcoin I am unhappy with tax on crypto.

[BORNEO82]

I also got this information from several media who said that for Indians who hoped to get a lot of money in the cryptocurrency trade it had passed. Thousands of traders who make anonymous transactions with virtual money receive tax bills. The reason for such harsh government actions is financial statements that show that transactions worth more than USD 3.5 billion have been made in the past 17 months.

Remarkably, the trade in cryptocurrency in India is not officially prohibited. The government only warns that investing in such assets is a rather risky affair. For now, the authorities have decided to count the number of citizens dealing with cryptocurence. The Indian tax department asks investors who work with bitcoin and other cryptocurencies to pay income tax and provide detailed information about their investments and financial resources.

[OSYA]

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

One more government that just want to squeeze money out of its citizens. I wonder how they will find out who has crypto? It is impossible to track. I would like to know how the government will do it technically.

[btc78]

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 is a good news if happens,since india is a large users of cryptocurrency and they must be taxed,the only problem is how will the government do this,since cryptocurrency is semi anonymous and putting taxes regarding this is semi impossible.so what would happen tomorrow and in future is for us to tell

[BuyBuyBitcoin]

Just buy bitcoin anonymously from India like other countries that have draconian laws.

[stayeduptolate]

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

Now that's a problematic situation as people are already paying taxes on what they earn and now they should pay their taxes on bitcoin investments too. The government has made investing in bitcoin very difficult for people by banning the banks to deal with crypto related companies and now after the heavy taxation on bitcoin holdings i don't think that people will be willing to invest in Bitcoin from India, so we can also experience a downfall in bitcoin price as here goes another country against bitcoin.

[tikaka]

I heard many investors say that India has banned bitcoins. But this is really new information, as the Indian government decided to tax  bitcoin, meaning bitcoin users can still use bitcoin for transaction purposes and keep it in the future and they have to pay taxes. With a populous country like India, I think this is good for the electromagnetic market as it will have more new investors coming from India. It also helped India's economy grow. This is a very rational decision of the Indian government

[kucritt]

i think its okay as long the people in India can use bitcoin freedomly and legally, it if better than the government block the bitcoin, and all people in India can't use bitcoin anymore

[ubercool]

The government is planning to do it but they dont know how to track them. The governments need to study about blockchain then they will understand how it can used for betterment of society. The taxation will be according to the person's tax bracket.