Bitcoin Gains and Tax Payment In India This Year

[poo anoj]

Bitcoin is perhaps the most famous and valued cryptocurrency in the world right now. It got into the limelight last year when it was trending highest and everyone wanted to buy one. The prices were soaring high and went up to almost to $20,000 (Rs 13,40,000) for a bitcoin. Suddenly there was a rage in the market to buy cryptocurrency. All the investors were looking up to buy one piece of the rice pie, however, the price came down too sooner and are currently trending at the rate of $6,000.
https://www.owltmarket.com/bitcoin-gains-tax-payment-in-india-this-year/

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[GhostAltCoin]

Such news will give happiness to the bitcoin users in India. Most of the people are worried about the banning but now they will be relieved as tax on bitcoin will make the bitcoin legal.

[CHENIEN]

 Not only india country has gaining taxes on bitcoin business, and even bitcoin is not legally operated in other countries but still it has a form of economic development like contributing taxes to government. We all know that bitcoin is not legally paying taxes majority in all countries but it has performing high contribution of taxes, like for example bitcoin converted into real paper money, it involves high rate of paying taxes or any charge payments of transactions, so even bitcoin is directly paying taxes to government, but it involves taxes on every transactions charges.

[MorningTradeNeo]

The tax system as not been put into use yet, but may be involved for in future. It is only applicable for people who exceed a high earning limit, and if users are satisfied to pay and still use BTC, that should be our core concern.

[CubeETHER]

As many of the governments are adopting BTC for contributing in their country's economy, tax on income of BTC gain is nothing surprise. Govt. support can make the market more desirable for the investors. But one thing I want to mention that, as the tax on income from BTC gain will be imposed then there shall be a chance of setting off loss from BTC market against other business or personal income of the tax payer.

[Actum]

The tax system is not implemented yet but still being worked on. The tax implied is on people who will be making more that 2 crore rupees which seems very normal as of now. If all these mean that bitcoin is getting accepted then that's what we should look for.

[meanwords]

Prices today are a opportunity given to us right now. Also, the news that the Government of India taxing Bitcoin is a great sign that investors would be able to trade cryptocurrency legally in their respective place. Most of the time, the reason why an investor is afraid to invest into Bitcoin or any cryptocurrency is because of its legality. They are afraid that someday, it might be illegal in their country which would sprung some problems. Since it is now legal to them, it would be a go signal for an investment plan in Bitcoin.

[angelakrasnova]

in September there will be a meeting of people who will solve the legalization of the crypto market and bitcoin in India! they have already begun to say that this meeting will be entirely devoted to the abolition of strict restrictions in India! After the cancellation, we will see new price records of bitcoins! All of us will be happy, the most important thing in India is to pay taxes in time!

[BlackandRed654]

I think this is really good news that means India withdraw their restrictions also though they wants to impose tax so we can assume this is now legal in India also people can earn more and invest there safely.

[miniyou]

this year we can see Indian government can regulate bitcoin in India so we need to pay more tax to convert bitcoin in INR. and bitcoin price will be definitely gain because many countries are planing to regulate bitcoin with India so with this action investors will be increase and bitcoin supply will low so price can increase year now already price jumped 7700$.

[BrewMaster]

i think the Indian government messed things up for themselves mostly and the RBI is to blame for that. before RBI banning exchange accounts the government could monitor what everyone was doing because they were all going to a centralized exchange and their identity was revealed. but now they are all trading off the market and using localbitcoins,... so the government no longer has any idea who is doing what so they can not TAX them

[cryptoscion]

Yes bitcoin gains is much more after December 2017 because hike of price and bitcoin was ATH $20000 also buyers is helping to Indian economy by giving tax to Indian government. bitcoin is not legal in India but indirectly supporting Indian Economy condition so government need to regulate bitcoin in India and accept as a currency.

[suvo05]

I have many doubts on the news. The total news is not very much clear. Even the staatement " Unfortunately, the Reserve Bank of India imposed a ban on the cryptocurrency transactions in all formats" is partially true.

i think the Indian government messed things up for themselves mostly and the RBI is to blame for that. before RBI banning exchange accounts the government could monitor what everyone was doing because they were all going to a centralized exchange and their identity was revealed. but now they are all trading off the market and using localbitcoins,... so the government no longer has any idea who is doing what so they can not TAX them

A proposed tax system would have been a better idea for both the crypto traders and government. Government (RBI) has taken a confused step.

[r32godzilla]

i think the Indian government messed things up for themselves mostly and the RBI is to blame for that. before RBI banning exchange accounts the government could monitor what everyone was doing because they were all going to a centralized exchange and their identity was revealed. but now they are all trading off the market and using localbitcoins,... so the government no longer has any idea who is doing what so they can not TAX them

Yes you are right.The government has almost collapsed the entire system.Instead of regulating and imposing moderate tax,government has showed a way for bitcoin holders to do trading anonymously using local bitcoins.com and telegram chats.

[Deepa18dec]

Indian Govt itself is confused. RBI took the step of banning crypto on the orders of fnance ministry but later they told that they are thinking of setting up a committee for crypto regulations.

Besides imposing taxes doesn't ensure that crypto won't be banned in India. Remember that they are banning the trading, they are not declaring crypto illegal. Govt knows that even if they ban the trading, people will find a way to trade it. So even then govt will be ready to take the desired portion of our crypto earnings as taxes.

Unless Govt issues an official order, nothing can be said about the crypto future in India.

[princebridge7]

Very good news and I will support it for the country of India against Cryptocurrency.

Because before India had suspended the cryptocurrency, such as the notification from the WazirX and Zebpay Exchange emails.

[MinerHQ]

Such news will give happiness to the bitcoin users in India. Most of the people are worried about the banning but now they will be relieved as tax on bitcoin will make the bitcoin legal.

Unfortunately, the Reserve Bank of India imposed a ban on the cryptocurrency transactions in all formats. But, the government is still planning to impose the tax on the profits earned.

It looks like you didn't read the full story. Reserve bank banned all kinds for crypto transactions with banks means you can't use your bank account buy or sell any crypto coins from exchanges. This is nothing but they have banned cryptos for time being and they are asking to pay taxes for the gains people made from last year trades.

[pooya87]

Such news will give happiness to the bitcoin users in India. Most of the people are worried about the banning but now they will be relieved as tax on bitcoin will make the bitcoin legal.

Unfortunately, the Reserve Bank of India imposed a ban on the cryptocurrency transactions in all formats. But, the government is still planning to impose the tax on the profits earned.

It looks like you didn't read the full story. Reserve bank banned all kinds for crypto transactions with banks means you can't use your bank account buy or sell any crypto coins from exchanges. This is nothing but they have banned cryptos for time being and they are asking to pay taxes for the gains people made from last year trades.

the key point here which is sometimes making confusion is that that it is a "bank" not the "government". i think we shouldn't use the word "ban" in this case since the bank just stopped offering a certain service. it is like saying the bank banned giving loans, or opening savings accounts!

in other words bitcoin has always been legal in India, since a bank can not make anything illegal!

[christysmile]

i think the Indian government messed things up for themselves mostly and the RBI is to blame for that. before RBI banning exchange accounts the government could monitor what everyone was doing because they were all going to a centralized exchange and their identity was revealed. but now they are all trading off the market and using localbitcoins,... so the government no longer has any idea who is doing what so they can not TAX them

Yeah, typical acting before researching. Governments around the world tend to do this.

They moved too fast and put a firm foot down, and then they looked around and realized that they could actually profit from the thing they just banned. Oops! Now they have to fool around and find a way to make it legal so they can collect tax. It could have been smoother if they would have just carefully implemented tax laws instead of scaring everyone off to P2P markets. I bet most people didn't even know such markets existed until now.

[MinerHQ]

Such news will give happiness to the bitcoin users in India. Most of the people are worried about the banning but now they will be relieved as tax on bitcoin will make the bitcoin legal.

Unfortunately, the Reserve Bank of India imposed a ban on the cryptocurrency transactions in all formats. But, the government is still planning to impose the tax on the profits earned.

It looks like you didn't read the full story. Reserve bank banned all kinds for crypto transactions with banks means you can't use your bank account buy or sell any crypto coins from exchanges. This is nothing but they have banned cryptos for time being and they are asking to pay taxes for the gains people made from last year trades.

the key point here which is sometimes making confusion is that that it is a "bank" not the "government". i think we shouldn't use the word "ban" in this case since the bank just stopped offering a certain service. it is like saying the bank banned giving loans, or opening savings accounts!

in other words bitcoin has always been legal in India, since a bank can not make anything illegal!

It looks like you misunderstood the Indian story. It is reserve bank of India has issued notices to all banks to cut the business with crypto exchanges, not banks stopped doing business with these exchanges. In this case, the government has forced banks to stop doing business with exchanges. The Indian government didn't use word ban crypto but people have lost a more convenient way of trading through bank accounts and they left with only buying from people and which will surely reduce daily volume a lot.