Crypto Traders Would Soon Pay Tax in India

[GBCrypto1]

Indian cryptocurrency traders would soon have to pay taxes for their crypto investments according to the Central Board of Direct Tax (CBDT).
Around 100,000 notices have been sent by the Central Board of Direct Tax (CBDT) for not including their crypto records on their income tax returns. The news has been confirmed by the chairman of CBDT, Sushil Chandra, during an event on Tuesday.

To know more - https://coinfrenzy.io/crypto-tax-india/

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[peachaston4]

Yes, this was pretty expected given they banned banks from transacting in crypto.

[pinecone24]

Is there an official statement of how much tax? 30%? 20%?

[darkcrypto96]

"more than 3.5 billion USD worth of cryptocurrencies have been traded in India" - from the article. Lol, this much volume and this country straight out bans banks from crypto trading. Don't know how tax laws are gonna hold up.

[orangeferrari3]

Is there an official statement of how much tax? 30%? 20%?

You can check out ClearTax. They're a startup that helps you find how much crypto tax you have to pay. Pretty sweet.

[kiboloves]

From the beginning, the attitude of the India government to bitcoin was welcome. We know that India now occupies a very small share in the encryption market. If the tax system is set up in the early stages of development, it is beneficial for the encryption to develop in India. We may think that encryption is legal in India.

[pinecone24]

Is there an official statement of how much tax? 30%? 20%?

You can check out ClearTax. They're a startup that helps you find how much crypto tax you have to pay. Pretty sweet.

I thought they didn't. Thanks, I'll check them out. But yea, great news at least from a regulations' perspective.

[CHENIEN]

If indian governments force to collect taxes on cryptocurrency trading, there's nothing to worry all about that certain issue, but instead it is a good chances that indian government freely support on cryptocurrency business, and taxes are not actually a bad treat, although it is just a good way through the development of economic growth on indian country.

[liangweicha]

That would still be a good thing if India were to impose a tax on cryptocurrency markets.
Because it means that India recognises that cryptocurrency markets are legal.

[GBCrypto1]

That would still be a good thing if India were to impose a tax on cryptocurrency markets.
Because it means that India recognises that cryptocurrency markets are legal.

The government never said crypto markets are illegal. They just didn't allow banks to allow trading till tax forms were properly applied.

[batang_bitcoin]

The government never said crypto markets are illegal. They just didn't allow banks to allow trading till tax forms were properly applied.

I thought the banks decided for themselves for banning crypto transactions but this is a good news. If the tax forms are applied then the possibility that the banks will lift the ban right?
This is expected and much better news rather than reading and hearing people who are whining about the ban.

Yes, this was pretty expected given they banned banks from transacting in crypto.

I guess that's just the first move and this is all planned, who knows?

[mobilezz]

Indian cryptocurrency traders would soon have to pay taxes for their crypto investments according to the Central Board of Direct Tax (CBDT).
Around 100,000 notices have been sent by the Central Board of Direct Tax (CBDT) for not including their crypto records on their income tax returns. The news has been confirmed by the chairman of CBDT, Sushil Chandra, during an event on Tuesday.

To know more - https://coinfrenzy.io/crypto-tax-india/

I see India is not limited to a simple ban on exchanging crypto currency, they decided to introduce a tax, and then monitor all movements to avoid illegal transactions and scammers. Well, in that case, I support them, but otherwise it's just a new way of enrichment on traders.

[Red-Apple]

"more than 3.5 billion USD worth of cryptocurrencies have been traded in India" - from the article. Lol, this much volume and this country straight out bans banks from crypto trading. Don't know how tax laws are gonna hold up.

what is the time frame of that number? because $3.5 billion can be huge if it is talking about last week but very tiny if it is talking about last 6 months!
for example during the big rises of bitcoin mid 2017 i believe the trading volume from India was at least $3.5 billion in 2 months alone.

[guschinaa]

Will they collect taxes for past transactions ? It does not mention any separate tax and this means that you have pay it like normal tax bracket.

[Gab20]

I think that was what they had in mind before announcing the ban to cryptocurrency. They did not come out straight on their agenda. Well, i believe this is a good move for the government, which will help in developmental processes. For the traders,it will help to curtail some mishaps and there will be protection on them in form of government covering.