Bitcoin holders being taxed in India

[samuraijin]

If all the tax funds used for good are not a problem and for people who need or for the development of the country's economy, I strongly agree with the policies taken by the Indian government.

[1714187040]

1714187040

[Xising]

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

Well, if this is really the case, I have replies to many similar threads and topics that this is inevitable. I say that because taxation is one of the mechanisms of the government to gain revenue, and if  they see one market prospering or bringing in big bucks, then they would say make something happen to be part of that party and gain from it. Therefore, since the cryptocurrency market has been presenting itself in the recent years as a viable source of income, especially since it can rake in big gains, then taxing it would be the most intelligible means for the government gain from it without actually investing in it themselves and sharing the risks that it carries. That way, they can profit from it without having to experience its necessary dangers.

[Gheka]

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

In the near future, every government should do a cryptocurrency tax. Because it is profit.

I don't like the government doing tax issues around bitcoin and crypto because they do not bring us any benefits or safety, typically as many fraudulent projects and cause a lot of damage to investors, the government still has no reasonable resolution, many investors still receive no compensation and now if the government wants them to pay taxes, this will really be a big controversial issue. The near future or the distant future, tax with bitcon or crypto will still not be accepted by the holder, the news in India is probably fake because the government is still unable to manage the bitcoin system, they can not know the holders

[margueritabarrutti]

Maybe the government are regulating it now? 

[kalel18]

when there's a reason and it's worth it why not.
it's good to hear that the government will allow the Bitcoin to be available in different transfers no problem with the tax because the replacement is the opening of Bitcoin throughout the country. Its a big news for that if its happen to all country.

[Dondisimo]

My country also says that if the cryptocurrency is accepted, it will be taxed. But this is fundamentally wrong and contradicts the idea of bitcoin as an independent decentralized currency. The government cannot influence him.

[Valer4ik]

In the region of 3000 there are huge buckets of hamsters and small investors, so the "whales" drove the course upwards so that they would not pour in all these buckets and then drag this whole crowd upwards. In addition, the entire infrastructure for entry of large-scale investors is ready and this pump should be a push for investors to enter the market. It is not by chance that the “Krupnyak” has brought in not a few means to build this infrastructure. I have no other arguments in favor of a trend reversal, and I myself am inclined to believe that this rebound is temporary.

[imstillthebest]

If all the tax funds used for good are not a problem and for people who need or for the development of the country's economy, I strongly agree with the policies taken by the Indian government.

But what if their leader is corrupt ? I dont think that the money will go on the developments but rather that can go straight to their pockets  .  our country do have a good president but it didnt tax cryptos especially bitcoin  .

Same as on most countries , they also didnt taxed cryptos  even the stricker ones like china and russia but i dont understand why india has this kind of law ?    Oh i know , maybe because their country was poor enough and they used this as an excuse .

[@prashant]

As rbi has banned crypto to Fiat transactions so there is nothing to tax about it and it is advice if you are not doing it as well.and even if still Indian are using Fiat for crypto then do it in p2p way other than that keep your holding in crypto only ,sooner or later virtual currency will be accepted by rbi.

[St4yInTh3D4rk]

As rbi has banned crypto to Fiat transactions so there is nothing to tax about it and it is advice if you are not doing it as well.and even if still Indian are using Fiat for crypto then do it in p2p way other than that keep your holding in crypto only ,sooner or later virtual currency will be accepted by rbi.

Still RBI didn't change their decision on crypto currencies but nothing new from the Indian government as well but they allocated some group of people to analyze cryptos and how it should be in India until that India don't consider crypto as legal tender but everyone free to use it if they want.RBI don't approve the fiat transactions so exchanges are not working.

[Nhor1011]

Is is true? If yes,well it is good for the economic development of India but i think Government can only put taxes on those people or trader with greater amount of bitcoin like those who owned 2btc above.

[akram143]

Is is true? If yes,well it is good for the economic development of India but i think Government can only put taxes on those people or trader with greater amount of bitcoin like those who owned 2btc above.

Yes I am not sure about this topic if it be officially done by the country we need to definitely accept that situation that happened but anything will be made up with some kind of implement also so we need to wait and watch what happened next.

[andi_wahid]

is this news correct? if it is true this will have an impact on the interest of the crypto world so this is a step backward in India. but I hope this is fake news.

[Siren]

Atleast you should be thankful because atleast the government of India still allows you to have bitcoin and used it,not like in other countries that has been totally banned bitcoin,and also one thing you should be thankful is that even the Rural Bank of India(RBI) has a big issue to crypto yet you are banned by your government

[kogozer714]

How did it happen??? and how the government knows that person uses bitcoin if that really happens, don't make bad news about bitcoin and have a bad impact on bitcoin. I hope this won't happen.

[wildey]

Atleast you should be thankful because atleast the government of India still allows you to have bitcoin and used it,not like in other countries that has been totally banned bitcoin,and also one thing you should be thankful is that even the Rural Bank of India(RBI) has a big issue to crypto yet you are banned by your government

well, maybe taxable is still better than being banned. I heard that India has been banned by bitcoin, but, if this is done, I think it's a pretty good thing, because then they still allow crypto use, even though it's not a real transaction tool.