Crypto News Flash #42 : Bitcoin Investors Will Likely To Come Under Radar of India's Income Tax Department Soon Enough!! by cryptonet

news · @cryptonet · Dec 14 '17

$35.20

Crypto News Flash #42 : Bitcoin Investors Will Likely To Come Under Radar of India's Income Tax Department Soon Enough!!

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<p><img src="https://cdn0.tnwcdn.com/wp-content/blogs.dir/1/files/2017/12/Bitcoin-India-796x398.jpg" width="796" height="398"/></p>
<p>Bitcoin has turned out to be an absolute beast for this whole year, gaining approx 17X returns in this year only. Currently trading at $17000 and touched all time high of $19000, Bitcoin is gaining popularity across all the nations.&nbsp;</p>
<p>While some are adopting Bitcoin/cryptocurrencies in general wholeheartedly, on the other hand some are completely against it and likely to ban it altogether.&nbsp;</p>
<p>Among some countries where Bitcoin is banned, are: China, Bangladesh, Singapore among others. While there are some which are still considering its legality and Indian comes out of the top among those nations.&nbsp;</p>
<p>For a long time, Indian government is monitoring the cryptocurrencies transactions and finally they took action.&nbsp;</p>
<p><strong>Indian Income Tax Department have visited 9 cryptocurrency exchanges in order to find out the general information about the Investors, volume of transactions taking place through them, total amount of transactions passed by them in order to tax all those transactions by Indian Investors.&nbsp;</strong></p>
<p>A spokesperson for the country’s Income Tax Department said this <a href="https://thenextweb.com/hardfork/2017/12/14/indias-taxmen-are-coming-for-your-bitcoins/">statement </a>recently:</p>
<blockquote><strong>The agency has launched surveys in a number of major cities to learn more about how citizens are trading Bitcoin on exchanges, as well as how investors are betting on the currency, and how it might collect taxes from them.</strong></blockquote>
<p>India's Central Bank, the Reserve Bank of India, twice warned the users to avoid investment in cryptocurrencies as they're not governed by any organisation/government and are high speculative and volatile.&nbsp;</p>
<p>According to this <a href="https://timesofindia.indiatimes.com/business/india-business/made-a-fortune-in-bitcoins-you-may-soon-be-taxed/articleshow/62064935.cms">source</a>, Indian Tax Department is likely to do this :</p>
<blockquote><strong>The survey, under section 133A of the Income Tax Act, was being conducted for "gathering evidence for establishing the identity of investors and traders, transaction undertaken by them, identity of counterparties, related bank accounts used, among others," the officials said.</strong></blockquote>
<p>Although, Indian Tax Department along with Securities Exchange of India (SEBI) are making some kind of policies to govern cryptocurrencies in India which might have come into effect soon enough. Until then, it would be very hard to know what actions would Indian government likely to take against Indian Crypto Investors and traders nor the percentage of tax collected by them.&nbsp;</p>
<p>Thanks for reading ....!!</p>
<p><a href="https://timesofindia.indiatimes.com/business/india-business/made-a-fortune-in-bitcoins-you-may-soon-be-taxed/articleshow/62064935.cms">Information Source</a></p>
<p><a href="https://cdn0.tnwcdn.com/wp-content/blogs.dir/1/files/2017/12/Bitcoin-India-796x398.jpg">Image Credit</a></p>
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👍 adsactly, newhope, vcelier, surfyogi, cryptonet, mann, kryptoraport, spotlight, sharlienkah, steemprentice, ergiegonzaga, arfa, yukimaru, protoken, supreme, xrysj05, milosz, priyanka, just2random, juniadi, cliffy32, katesmith, gaycharan789, ezhadolphin, ashik97

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@ashik97 · Dec 14 '17

$0.12

Really good job man carry on

👍 cryptonet, ashik97

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@jsonkidd · Dec 14 '17

$0.12

great post , i think more regulation will follow soon.

👍 cryptonet, ajkapss, jsonkidd

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@cliffy32 · Dec 14 '17 (edited)

$0.12

When the people start to make a little bit of profits all the sudden government comes in and wants to get their share.  Go decentralized bitshares, eos, smartcash and obviously Steem.
Im all for paying taxes when the money actually goes to the people and is not lost to bureaucracy,  the politicians pocket,  or his buddies project.

👍 cryptonet

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@viraldrome · Dec 14 '17

$0.11

India has a huge population so what happens there in regards to crypto is super important.

👍 cryptonet

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@bitcoinist · Dec 14 '17

Great post sir  thumbs up for this @cryptonet

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@mdarifk10 · Dec 14 '17

$0.10

thanks for this post, its very informative post. i was read this post

👍 cryptonet

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