electronicash
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December 06, 2020, 09:37:59 PM |
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30% is too big. the reason why investors are going to crypto is because of hope that they get rich with it but now this 30% is like a punishment for investing in crypto. couldn't they just banned this instead ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) but i think 30% is just a proposal, there could be changes to it. is OP is encouraging tax evasion? ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) DEX will help as long as you are not going to cash out going to your local bank.
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aesma
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December 07, 2020, 01:19:43 AM |
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If you bought 1 BTC at the lowest price this year and sold at the highest price, you made 5 times your initial investment, with 0 work. Why shouldn't it be taxed ?
In my country (France) until a couple years ago capital gains were taxed as income, that was an advantage for poor people (but poor people rarely have capital gains) as their income tax is low, 0% or 11%, but for middle class people it was 30% and then 41%, 45% or more for rich people. That applied to crypto but also stocks.
Now this has been changed and it's 30% across the board. Some losers, some winners.
Of course in France we get a lot of stuff from our taxes, in India that's another story.
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idrisalomagold
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December 07, 2020, 01:40:06 AM |
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I think the government is always on the move of discouraging crypto-related transaction in the first place as they have no control over the network and its underlying. However, beyond the network, they have access to such as compliant exchanges. But 30% tax on gains from bitcoin investment will depend on either gross or on capital gains and that amount is a huge hit to all bitcoin holders, IMO.
Consequently, its adverse effect is seen on the people using crypto in their daily activities, especially to those day-traders within compliant exchanges.
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yazher
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December 07, 2020, 01:44:58 AM |
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If the source is true then Indian investors have to find an alternative or just switch to DEX as Indian government might impose tax of 30% on gaina from Bitcoin investment. I don't think this will work and even if there is a tax bracket it should be much lesser because Bitcoin and crypto are not like any other business as people might end up losing their capital in crypto investment. I think government shouldn't be rushing to tax on crypto without understanding the concept of crypto as taxing on gains would be like a planned extortion.
A few months ago, they are targetting local farmers and now the investors are not safe as well. what do they mean by that huge of tax? isn't that over-taxation for a holder of BTC? If it's not bad to swear in this forum I would have done so, I mean, how could the government think of such nonsense? I guess living in our country is the best place for a holder of BTC because the government doesn't really care about it and there is no taxation at all at least for now.
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Vishnu.Reang
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December 07, 2020, 03:11:46 AM |
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More than two dozen posts and none of them on the subject. I am a resident of India, and most of the cryptocurrency users are actually paying 30% tax on their gains from cryptocurrency right now. So this is not going to make much difference. A few of the users have classified their gains as "long term capital gains", which would enable them to pay a lower tax rate (20% in case the investment is more than three years old). But this is a very risky move, as the government of India hasn't clarified whether the investment in cryptocurrency qualifies for the LTCG tax. If any complications arise later, these users will get a notice from the IT department.
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danglongbtc
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December 07, 2020, 04:08:09 AM |
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That is India and you don't know people. They won't pay that much taxes ever as they transact in cash. There are many local bitcoin p2p networks where government can't even know about any size of BTC buy/sell trade. When withdrawals won't touch banks, there is no taxable income. In order to overcome this, Indian government has recently announced 100% penalty on 200K p2p cash transactions on same day. I mean if if two parties are dealing with more than 200K cash, how will govt. track the transactions? So, take this thing on paper only!
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Strongkored
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Vave.com - Crypto Casino
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December 07, 2020, 04:17:54 AM |
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This tax is quite high and will definitely make crypto investors feel aggrieved by this regulation, this could be done by the Indian government because seeing the potential tax they will receive is very high from the crypto world, with this situation it might be slow down crypto adaptation because people will be reluctant to pay high taxes.
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bryant.coleman
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December 07, 2020, 04:44:24 AM |
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30% is too big. the reason why investors are going to crypto is because of hope that they get rich with it but now this 30% is like a punishment for investing in crypto. couldn't they just banned this instead ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) but i think 30% is just a proposal, there could be changes to it. is OP is encouraging tax evasion? ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) DEX will help as long as you are not going to cash out going to your local bank. No. 30% is not that big. Most of the other countries do have tax slabs which are far higher. For example, the topmost tax slab in the United States is 39.6%. Most of the European countries have tax rates which are much higher than this. So I would say that if the Indian government regulates Bitcoin and makes the gains taxable at this rate, then it is fair towards the cryptocurrency users.
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kentrolla
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December 07, 2020, 05:13:58 AM |
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OMG that's a big number 30% in profit for tax is too much and unfair I really don't understand how the government is calculating the taxations, also I don't think they are favouring this technology else they might have planned according to it. However I am not aware of the source if this is true then definitely people will move to the alternate source to save their profits.
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Vishnu.Reang
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December 07, 2020, 05:17:45 AM |
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OMG that's a big number 30% in profit for tax is too much and unfair I really don't understand how the government is calculating the taxations, also I don't think they are favouring this technology else they might have planned according to it. However I am not aware of the source if this is true then definitely people will move to the alternate source to save their profits.
Have you read my previous post? If not, read it to get yourselves educated about the situation. First of all, 30% is not abnormal and in many of the countries the rates are much higher than this. And secondly, 30% is the maximum possible tax. If you are in the lower tax slabs, then you pay a much lower tax rate. In India, the maximum rate kicks in only when your annual salary (after deductions) is above ₹1,000,000. And less than 1% of the Indian population earns that much.
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dizzy1996
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MoonDeFi
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December 07, 2020, 07:02:16 AM |
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I agree that 30% is too high a fee for investing in bitcoin, but in general this is all understandable since the local authorities perceive cryptocurrency as an ordinary business, they have no idea that this area can improve many segments of the economy and this is regrettable and I do not like it that the authorities are shaking large taxes and do not allow the development of this area to the full
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fiulpro
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December 07, 2020, 07:09:49 AM |
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Hello A tax of 30% ? Well check the source again since when I tried to find something like this it was written how it was supposed to be imposed on people who earn more than 10 lakhs only. Therefore I do believe that even if you are earning more than 10 lakhs from bitcoins then it would be really wrong to actually try and take this kind of money from people. For eg, if his taxable income exceeds Rs 10 lakh, he would be liable to a tax @ 30% as against the flat rate of tax of 20% he would be liable to pay if charged to tax under long-term capital gains. - I think is this the source you were talking about ?? :::::: But at the same time this is not going to work , what they are trying to do is :- to channel these investors in the upcoming digital rupee, on which I believe they will impose less tax or maybe none at all. This is really bad since this time we can clearly see which side is trying to benefit from a currency which was supposed to empower people.
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manfredmann
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December 07, 2020, 07:45:30 AM |
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So we can go back to fiat currency because tax are only ranging from 6% - 25% but average tax taken from the government is usually at 10-15%.
30% is so big and no wonder it could kill the cryptocurrency if it will be like that besides how can they assess about earnings? What if it did not earn because it is a loss?
This means that the 30% tax is not good and the only afency tha could benefit in this are those who take the 30% tax.
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peter0425
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December 07, 2020, 08:02:54 AM |
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If the source is true then Indian investors have to find an alternative or just switch to DEX as Indian government might impose tax of 30% on gaina from Bitcoin investment. I don't think this will work and even if there is a tax bracket it should be much lesser because Bitcoin and crypto are not like any other business as people might end up losing their capital in crypto investment. I think government shouldn't be rushing to tax on crypto without understanding the concept of crypto as taxing on gains would be like a planned extortion.
They can't just Implement this without having a table with the investors and learn what would be the effect in case this Huge taxation will be Putting on their obligation because for sure Bitcoin investors and traders from India will divert to altcoins that may not be having 30% taxation. What the government of India seeing is when the Market is bullying but not considering once dumping when Traders experience losses .
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acquafredda
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December 07, 2020, 08:42:06 AM |
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If you bought 1 BTC at the lowest price this year and sold at the highest price, you made 5 times your initial investment, with 0 work. Why shouldn't it be taxed ?
In my country (France) until a couple years ago capital gains were taxed as income, that was an advantage for poor people (but poor people rarely have capital gains) as their income tax is low, 0% or 11%, but for middle class people it was 30% and then 41%, 45% or more for rich people. That applied to crypto but also stocks.
Now this has been changed and it's 30% across the board. Some losers, some winners.
Of course in France we get a lot of stuff from our taxes, in India that's another story.
We have a similar situation as I wrote earlier, now we only have a 4% difference in capital gain taxes. You are right, sometimes people tend to forget what taxes are for actually and one will realized what there is behind paying that much only when in need (this happened to me to after having a surgery operation coming from ER). There are loads of free riders (especially rich people who avoid to pay many of their taxes) and this reflects on the many differences if you find from North to South. Regarding bitcoin I would like to see a flat tax only on realized gains (with no crypto to crypto taxation, which are a complete mess) when we cash out euro.
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Bitcoin_bullish
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December 07, 2020, 11:14:07 AM |
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Taxation will come as regulation and acceptance of Bitcoin is increasing. In my opinion governments when imposing taxation should also have in mind the risk of these volatile assets as governments are not participants whn prices drop or trades go bad. It should be a taxation on trading or investing when these profits are realized and not when you are holding Bitcoin or any cryptocurrency. Prices are very volatile and taxing when prices is high is actually extortion if there is no withdrawal in fiat involved.
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Yamifoud
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December 07, 2020, 12:17:45 PM |
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I'm not sure how this been so applaudable. This is certainly not a fair decision if this going to be true, 30% tax is very huge and I can't imaginer if these investors could still make money from their investment coz it only be eaten up by fees and tax. They are just milking Bitcoin investors for this situation and this could have a negative response from the community. This is to think that these leaders never give importance to the investors but always think for their own.
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jseverson
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December 07, 2020, 01:00:11 PM |
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Taxation on capital gains is fairly common. Places without those taxes usually attracts billionaires so that their wealth will be taxed less significantly. Attempting to prove the extent of your capital gains would be an administrative nightmare, in terms of determining how much to tax so I don't expect most countries to start taxing cryptos yet. It's not that unfair to impose a high tax on capital gains though, IMO.
I would normally agree, but capital gains are usually only taxed at 15-20% in India. That explains this part of the news: Some experts are anticipating a 30% tax on cryptocurrency gains, and many are advising their clients to file bitcoin returns as capital gains, which are associated with stocks, according to the article. ...but then again would it really be that simple to circumvent that? Only time will tell, and we don't even know if it's going to happen to begin with, but taxing crypto more just for the sake of it leaves a bad taste in my mouth. At the end of the day though, I don't think India's tax agency is anywhere near as potent as the IRS, so smaller players may be able to get away with cheating on their tax returns lol.
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BuNga_cute
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December 07, 2020, 01:26:19 PM |
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In my opinion, it is extortion if the Indian government imposes a tax of 30% on the profit Bitcoin investment. Because the 30% tax is very burdensome to investors, the government should immediately reduce the tax imposed on investors. Otherwise investors from India will move their Bitcoin to avoid taxes. It will cost the Indian government a loss of tax revenue.
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lifeforcepools
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December 07, 2020, 01:49:27 PM |
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Taxation of 30% is robbery. The crypto tax should not exceed 12%.
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