Indian I-T department has sent notices to over 500,000 high net-worth individuals across the country over suspicion of tax evasion from gains on Bitcoin purchases/sales. I was able to obtain a copy of the summons that was sent to one such individual and this is what it reads.
The I-T department wants to know everything and doesn't leave a stone unturned when it comes to finding information about our cryptocurrency trades. They are just one step short of demanding our private keys and i'm wondering if we should just give those away too. Suddenly moving the crypto-tax haven of Belarus feels like a fantastic option!
Annexure to summons u/s 131 of the Income-Tax Act, 1961
- Details of the sources of Income.
- Details of the Income tax returns filed.
- Details of the movable and immovable properties.
- Details of movable and immovable properties in the name of family members.
- Whether you are dealing in Bitcoins/ other cryptocurrencies?
- What are other cryptocurrencies you are dealing in.
- Since when are you dealing in cryptocurrencies.
- What was your source of income for the initial investment.
- In which Bitcoin/cryptocurrency exchanges do you have accounts. In India as well as aboard. Submit the details.
- Submit details of all wallets you are using along with their unique ID/number.
- Are you using a physical hardware wallet for storing your Bitcoins and other cryptocurrencies? Give the balance as on date along with the public ID/wallet number on the blockchain account.
- Submit the details of all of the public keys/wallets owned by you and your family members on Blockchain.
- Submit the details of all the Unique client ID's/wallets owned by you and your family members on Bitcoin/cryptocurrency exchanges in India as well as abroad.
- Please furnish details of all your transactions in Bitcoins and other cryptocurrencies, from the date you started dealing with it. Please submit details year wise along with the statement of individual transactions.
- Please state the profits / capital gains made by you from transactions in cryptocurrencies year wise. Please furnish a statement showing the workings.
- Are you holding any bitcoins or other cryptocurrencies on date? Please furnish details of the same including the wallet's public key in which they are kept.
- Have you admitted the gain on sale of cryptocurrencies as income in your return of income filed? Have you paid advance tax for the gains made in the current year?
- Please state whether you are buying/selling Bitcoins and other cryptocurrencies from websites like Poloniex.com, Coinbase.com, Bittrex.com or any other websites registered out of India.
- What was the mode of payment for making Bitcoin/cryptocurrency purchase from websites registered out of India.
- Submit the details of total purchase and sales of Bitcoins and other cryptocurrency sales from websites registered out of India.
- Please state whether you are buying/selling Bitcoins and other cryptocurrencies from LocalBitcoins.com. If yes, what was the mode of payment made/received? Submit the details.
- Please state whether you are buying/selling Bitcoins and other cryptocurrencies in cash by making peer to peer transfer? If yes, submit the details of payments made/received. Also provide details of the buyer and seller along with his public ID on blockchain/wallet number.
- Please state whether you are buying/selling Bitcoins and other cryptocurrencies in cash from any platform? Submit the details of transfer along with the details of the platform.
- Whether you have invested in mining of Bitcoins or any other cryptocurrency? If yes, submit the following details.
a. Whether you yourself is involved in mining by investing in own physical setup?
b. Whether you have invested in cloud mining, hash mining?
c. Details of the total investment in mining, financial year wise.
d. Details of reward fees earned by mining of Bitcoins and other cryptocurrencies, Financial year wise.
e. Details of the mining companies you have invested into along with the details of reward fees earned financial year wise.
f. Furnish the detailed ledger of profits earned from mining of Bitcoins and other cryptocurrencies. - Details of investment/sales of Bitcoins and other cryptocurrencies in India and abroad during 8.11.2016 to 31.12.2016.
- Have you received any Bitcoins/cryptocurrency in lieu of any sales made/services rendered within India. Please furnishing the details of such transactions along with the details of the person making such payments and his wallet/blockchain public ID details.
- Have you received any Bitcoins/cryptocurrency in lieu of any sales made/services rendered/exports made outside India. Please furnish the details of such transactions along with the details of the person making such payments and his wallet/blockchain public ID details.
Look at these points and it does feel like a harassment but this doesn't come as a surprise to me at all. India is not the easiest place to do business. There's a lot of red-tape and bureaucracy.
Be sure to read my guide on filing your returns if you have any gains from Bitcoins/cryptocurrencies.
If you consider taxation of cryptos as theft, India has arrived at the scene!
The change in our government hasn't made a major difference to curbing black money. India has a very closed, restrictive banking system with hard rules and strict implementation, especially concerning areas such as money laundering. Sending money abroad is a complex and complicated matter usually. However, demonetisation did nothing to reduce or prevent black money from being laundered out of the country.
The government on one hand cautions it's citizens from using Bitcoin, on the other all our exchanges have a free hand at operating the way they want to.
Basically, the Indian government now views cryptos has a great new source of income to line up it's pockets. Taxing users heavily and demanding to know every single detail and transactions made in Indian or foreign cryptocurrency exchanges seems to be it's only solution, instead of legalising Bitcoin and alt-coins.
Hopefully they will build a framework in the year to come and make it easier for all crypto investors from India to participate in this space instead of creating ambiguity in taxation, confusion and forcing users to pay up without creating a friendly atmosphere to trade.
It's still too early to say as to what is going to happen in this space but the cryptocurrency space is just booming in India and rest assured, it isn't going to fade anytime soon!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Steemit Mentioned In: How to File Tax Returns in India for Your Bitcoin Profits—My Latest Feature In TheQuint!
- 4 Tips For Steemit Account Recovery & Wallet Security!
- Steemit.Chat Contest #10 + Contest #9 Winners Announcement!
Crypto is basically exposing their priorities. How can they claim taxes to a currency that they haven't issued without being hypocrites? Not only that, they try to make it nearly illegal while also trying to make as much profit from it as they can.
Thanks for showing this to people, we all need to come up with a solution together.
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I recently got a notice from Citibank India for violating FEMA regulations. I have not yet filled the form they requested me to submit. Will be doing it once I get some more feedback from the community on my post.
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How can you tax money that you don't recognise as money?
In any case if every high net individual that got this paper (500000) got together and shoved this paper up the indian tax man's ass then there would be a good proctology coin to invest in👍
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Hahaha I hope that will be a thing!
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@stadex lmao! :D If only they'd do that.
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Thank you @rhdmedia
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The current Indian government is confused. Unable to do anything against the corrupt who have hoarded lots of black money, they are in turn going after middle class people who are earning through smart investment.
If it is unsafe to invest, let personal discretion.
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Centralised mindsets want to make profit from Decentralised currency in the form of tax by exploiting people .
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There isn’t a lot of centralized mindset s in centralized currency though, to be fair, look at the distribution of btc. But yes, you speak truth.
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Is it only me that things that the best "defense"/"action" is to not answer on any question?
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The government stance is very ambiguous on Cryptocurrencies. They are trying to make money out of Cryptocurrency profits but at the same time they want to curb cryptocurrencies as they fear they will promote tax evasion and criminal activities.
So if the government is smart enough they should declare the following.
I think this is a favorable middle ground for the time being. 2018 will be a critical year for cryptocurrency adoption in India. This will be the first financial year where many people will file their taxes and that legitimize the status of cryptocurrencies in India.
Personally I would be happy to pay 10% tax on all my crypto profits and link all my digital assets to government identities or banks.
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Great point.
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I don’t think 10% would be a very unfair number to ask (even though I don’t like them and don’t want to give anything) if it were just on trades between crypto and fiat. It seems in some countries they say they want to tax every transaction which is insane and unrealistic and just reduces their popularity further. I’m not Indian so I don’t have to deal with this yet, but I wish you guys the best and hope we can come up with a solution! Don’t be discouraged, we are pioneers of something that will change everything!
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But to not answer is not fair. And I am not seeing the future of crypto currencies.
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Cryptocurrencies are the future. It's just that we are shown a distorted view of reality by mainstream media.
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I agree but it is a difficult question. Eg if they get bank statements showing transactions to coinbase and you didn't declare this then GAME OVER.
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What if you say that you forgot/lost your private keys? How will they tax it then?
How will they tax the "thief" that has stolen your private keys and lives in other jurisdiction?
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thief are at large, my friend's coin.ph wallet almost hacked since he doesn't turn two factor authentication ON, he is still lucky the thief not that expert or might just an apprentice one.
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@liondani all great points man. But with corrupt govts anything they say is the rule. I dont know the answer to your questions yet but I hope to find out more as we go into 2018.
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Great info on bitcoin. Thank you for the knowledge and for this post!
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You're very welcome! :) Thank you for stopping by.
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This is good to know!..
The flip side of this, which i was writing about last week, is that Governments are now looking to make SO much tax from this that it is One reason why crypto will not be stopped!..
that list is insane.. i would never be able to provide a list of all my trades!
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Next it will be the IRS. You didn't think they would forget about you, did you?
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you did a Great research on it .resteemed
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Damn this is too much info...really ???
These are very many details,source of capital for initial investment,any exchange you are using,crypto you are holding....damn...!!
So what's the reaction of the people who were sent this to....??? I need to know their response
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Thats even worse:
Governments are always abusive!
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As per my sources they have had to respond as they also received calls from the tax department asking them to comply. I'm not sure of the extent of the responses given but they have complied.
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This why we should inform the next one... people end up being harassed without knowing the guys doing the harassment probably do not know much too. In any case, if they do, then is to be considered theft too. No Government will win anything if trying to enforce GPL code to comply with law enforcement. They think they will... but they are just turning their heads straight into mud.
I have no many people I know from India, but I have done my bit to share this.
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this is good decision otherwise all black money is converted into cryptos and distribute all over the world.....nice post @firepower ...
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Banks are money laundering for criminals already. Crypto won't make it different.
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@itsokaytoeatmayo you are right!
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Do you think Government is able to trace all blackmoney? Sabhi apne matlab ke liye kaam karte hain.
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Governments are by far the biggest users of black money. All of it they stole from you.
Check out Catherine Austin Fitts – We Need Our $40 Trillion In Stolen Cash Back
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This is the type of things that makes the people hate their government. It is difficult enough to learn and go thru the hurdles in crypto investing that even the government wants a cut.
The time for them to compily this list of request could have been use for better things like how to cut government expenses so they do not take their citizens so much.
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True that!
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Thank you for useful info!
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You are right mate, India is not a easy place to do business or send money to foreign. I am really worried now if I will also getting a summon. Indian government has to learn a lot about cryptos and make the more easily tradable like other countries are doing.
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I agree but will they learn to work for the people, ever?
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That's insane!!! 😨😨😨😨 It's the same as you would say your credit card password to the bank worker. What will stop them from stoling your money from your wallet?? They must be crazy there...
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Ikr! They are crazy and corrupt!
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I'm sure you guys will find a way how to fix this problem. This is your and not their money! You worked hard to get them! So don't let them take it from you!!
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@firepower what about tax? How will my country develop if people like this runaway without feeling a piece of responsibility towards their own country. Bitcoin is good but you just cant ignore the tax on which half of the country is living. Rich people wont't understand this.
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Rich people pay taxes, they pay more than poor people do. Infact most of the time poor people get away without paying taxes on their income because they either dont meet the basic income slabs or get away with deductions. Rich might try to evade their income taxes or lower their liability but likely that they are still paying a lot more than the common man is. Besides it is estimated that more than 95% people don't pay taxes, and if this is true you can only imagine the % of regular people in this. However, this is probably an estimate related to income taxes as we pay a TON of indirect taxes in India.
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This thing need to be solved pretty soon
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Only 1.7% of commom people pay taxes in India. No wonder they are rich.
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@vishalsingh4997 thats not the true. BITCOIN currency meant to be created to destroy the curruption of goverment and central authorities. And one thing you forget if you are asking for tax and calling bitcoin illegal then we no need to give the tax. Tax always been dedected/charged on legal things. ☺ am i right? @firepower ?
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Brother , everyone has their own view and that was my personal view on Government and peoples. But not on the Bitcoin!
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Maybe the government should stop overspending? People should keep the money they earn.
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Man. That is insane, but no surprise as governments are always keen to get a slice of any pie. One of the reasons of crypto was to avoid unnecessary red tape making it easier, and faster to transact. I feel like with the massive government tax spotlight going on, part of the original purpose of crypto will die.
Regulation is necessary in some areas, but I think with crypto, particularly at such an early stage of its like, regulation and government intervention will only stifle innovation.
Thanks for sharing mate, that summon is an interesting read.
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Hi @firepower
small correction you would like to make - IT dept sent notices to over 500,000
Thousandhigh net-worth individuals....IT dept has done a smart thing, it has already obtained information of people holding Cryptos from their 'raids' on Indian Exchanges.
Now the tax dept is giving a chance to Indian Citizens to report Crypto earnings by sending notices to the list of ALL HNWIs irrespective if the individual is holding Cryptos or not.
Those who dont report in the FY end 2018 could land in a soup.
So fellow Indians, go ahead and report :)
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Thanks for pointing out the error. I've fixed it. I wrote really late in the night. :)
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Thanks for sharing @firepower!
If I may drop my few pennies into the bowl:
I think 'government' (meaning really any modern so called democratic government) does not quite realize
The revolt against criminalized government cannot succeed by handing over the weapons against it to the criminals in charge.
Of course every penny has two sides. One of the 'other sides' is that there may well be true criminals in the crypto world as well, but as the ancient proverb goes, "the enemy of my enemy is my friend" - something true rebels for the benefit of society at large will have to live with for the time being.
We are in a time where the well intended needs to be bravely executed, it seems!
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this will surge the existence of more and more decentralised exchanges,
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A good read. Thanks for putting in the time.
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Thanks.. Time is important our life
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Pure harassment, I am an Indian but I never had to give so much detail to any government officials or the govt itself. It certainly troubles our citizens in adopting cryptocurrency. But looking at the growth, its probably impossible not to regulate cryptocoins and allow a friendly way of trading here.
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If they are collecting taxes on Bitcoin, then it means it is a legal tender in the country?
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@firepower - Considering the pace at which the crypto market cap is rising, I believe the FIAT currency bankers and governments who believe in 'control' will naturally start applying their current measures to crypto space too. It is a natural step - especially since it is perceived that Bitcoin and other crypto currencies are being used to hide black money and for anti-social activities. The way IT department is trying to go about it is a bit Draconian though. I am appalled at the level of details asked for.
Thanks for this insightful post. Upvoted
Regards,
@vm2904
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Indian laws are largely draconian and so is the mindset of most of the people in our govt.
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"It is a natural step - especially since it is perceived that Bitcoin and other crypto currencies are being used to hide black money and for anti-social activities." just remove this part lol its extra, I live in California, what fiat currency was i using for my "black market" transactions? Cold hard cash. it's not a good reason to regulate cryptos or a counterlogic reason to support a pro coin argument. Yes I know people that launder quite a bit of money through cryptos, does it even come remotely close to the amount of blood money out there? nah haha dirty money clean money I don't see the difference. just to support your comment man nothing negative here.
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what the hell with Indian tax department.one day will come when department asking for private keys .. lol
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That'll be a matter of concern. But HNI's are the ones to be worried about not us with just few hundreds dollars of account balance
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wow!! like what the hell is going on!! this is over the top, like really. This looks very serious. Please keep us up to date on how this develops, and wishing you the best my friend.
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It is coming to the US
All crypto trades are taxable events in US 2018
Merry Christmas
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lmao @ gif!
Govts need to be abolished! I'm turning into an anarchist in 2018 I guess. lol
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nice hahaha
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lol @firepower just pay the tax and do whatever you want , no problem!
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No way! Taxes fund evil.
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Bro security,helping senior citizen ,army and infrastructure are all done from tax and they aren't evil. Trust me!
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Nice, hahaha..yes need to get ready for it, not for 2017 is it ?
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"tax evasion"
Ya... good luck avoiding the Mafia's Knee-breakers with guns.
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good work, man. thank you.
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I think the goverment need a little tax for citizen. All of information about investment or others should know by goverment so make the people cannot do money laundry. I agree with department but just take not to much tax. Thank you
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One big reason I hated my college years was the big assignments that I needed to complete, and the reason why I have started to hate the I-T department of India is that this list looks like a huge huge assignments. It seems they have very less idea that how difficult it is to produce everything they ask for. This is total harassment.
If I was asked such details, I would reply "FUCK YOU." ... I mean I would wish to.
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I guess they have more than covered everything:)
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Our government has gone nuts
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Were they sane, ever?
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This info very helpfull me and all stemian
Thanks mr @firepower
May i resteem this post mr @firepower?
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Please go ahead and share it with your friends. Thank you.
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Okay, urwellcome friends
Done share .
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Can you help me mr @firepower
You upvote my contest post in my profile @mirza-kun and if you good heart you resteem that
Thanks😘
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I can feel that you have been harassed.
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Govt doesn't have a framework yet but they have started scrutinizing accounts. It is unfair to ask for keys and wallet details. Auditors should also catch up with all these stuffs, and as usual people who hoard money will find a loophole to get through this and people who pay regular taxes will pay more.
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great informative post.India is a democratic country as far as I know.so hopefully bitcoin will be the next currency of India like Japan.
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Thanks and I hope that our Government and policies become time-strict as yours Government. Namaste!
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Totally harassing, Agee with you.
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I have an extremely hard time believing what I'm reading. This is straight up outrageous. They light as well ask your private keys and your entire computer and all the devices you've used to monitor your holdings. If this is the way India is going to handle cryptocurrencies, moving to Belarus might actually become a viable option (atleast for inhabitants and crypto enthousiasts of India).
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True that! This is terrible man. The corruption here is draining it's citizens of their money and the govt wants every single cent we have! :(
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India is used as a prelude/experiment to what will happen. India banned gold and large denominations. Now they want to tax cryptos and over reach. What Indians do and how is the indian government reacts are being watched by USA and other western nations.
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nice work hopefully we make same you for one post
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This is such a relevant information, this is something that needs to be shared.
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Indeed an insightful post buddy. Thanks for sharing. Its indeed crazy how these IT officials act . Its Dictatorship at its best i guess in a democratic country :-) . Resteeming this post for awareness creation. Loved reading it. Regards Nainaz.
#thealliance
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Thanks for stopping by!
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Beautiful
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thanks for info !
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This kind of regulation will eventually take place in every country... One way or another. If we want crypto to go mainstream we have to accept that.
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no we don't
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If the government is taxing the gains made by cryptocurrency then doesn't it mean they are acknowledging it as a currency or something that holds value? People should be allowed to buy anything they want with atleast white or money on which they have paid the taxes on.
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You are right but then again, welcome to India.
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If you like it just follow @elbow for more
Thanks
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NICE POST
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great information
but the government is really milk us like cows and do not want to leave us anything hhh
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Could you post more about American crypto currency? I am a tech newbie and would like to learn more about bitcoin and other similar currencies. Could you tell me or direct me to another page where I could learn? Thanks!
-whizkid
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Stuff like this will not only be in certain locations, governments around the world are trying to figure out how to benefit from the cryptocurrencies. We saw what happened with the IRS and coinbase in America and will start to see other countries impose new rules and regulations on Cryptos as they come to realize that these are here to stay and our current currencies are on the way out.
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What other countries are doing this?
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Crypto is fundamentally uncovering their needs. How might they guarantee assessments to a cash that they haven't issued without being wolves in sheep's clothing? Not just that, they attempt to make it almost illicit while additionally endeavoring to make as much benefit from it as they can.
A debt of gratitude is in order for demonstrating this to individuals, we as a whole need to think of an answer together.
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A very good information provided.We should have the knowledge of cryptocurrency.Only very few people have the knowledge.Everybody should go through your post.Happy new year in advance.Keep in touch .Thanks.
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i think this is a best move because most of people does not show their actual income and also they try to avoid paying taxes.
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"The change in our government hasn't made a major difference to curbing black money." The motive was not really for change looking at the way the demonetisation was carried out.
There were too my questionable events surrounding the demonetisation -
leaks of the new notes, the central banker stepping down, childish execution that led to the loss of lives by peasants and crores of rupees held legally by foreigners. No one hears the capitalists even whining about it, did they? Any reasonably intellectual and educated person can use Game Theory to find out for themselves. Mathematics never lies.
Crooks! Says too much about where the country is going as much I love to see it succeed.
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Demonetisation was a failure. It didn't didn't reduce any corruption or black money. The cash economy continues to thrive.
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And, what demonetisation? Haha...My family was extorted into paying 20 lakhs in settlement fot a property we legally owned in order to start development. The authorities were corrupted and we feared for the safety of our relatives in India.
It happened a month after the demonetisation announcement, so we didn't have much liquidity at the moment to settle it. Guess what? The perpetrator (MLA) offerred to take old 500 and 1000 notes that we could borrow from those who were trying to get rid of them.
Demonetisation was just a ploy to launder money within the country to stock the failing banks, politicians and plundering capitalists. And, there are so many ppl who blindly pride themselves as being part of an extraordinary change - lost sheep.
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I fully agree. I have friends who are business owners and the stories I hear from their day to day lives running a legit business dealing with authorities is saddening. Sorry this happened to you. But we live in a country governed by thugs. What recourse do we have? :(
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That's very nice article. I really like this post. So much information in this post. Thanks for sharing.
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Hi! I am a razz. I just upvoted you! I found similar content that readers might be interested in:
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Nice Post
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Great info , thank follow <3
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This is scarry in some sense and gives ideas to government officials to follow in other countries...I reckon that most of the countries will put up this kind of cryptocurrency monkey business...
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Evasión de impuestos. Ciertamente cada país tiene sus reglas para este tipo delito, unos más complejos que otros , muchas personas ni tendrán una información clara de dicha evasión. La falta de una comunicación efectiva en las poblaciones hacen un atraso en la evolución diaria del ser humano.
Tax evasion. Certainly each country has its rules for this type of crime, some more complex than others, many people will not have clear information about this evasion. The lack of an effective communication in the populations makes a delay in the daily evolution of the human being.
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Governments are way over their heads with cryptocurrencies, as they are used to controlling the livelihood of it's citizens living and getting fat from the tax they impose on the hard earned income of the population. Now they want the whole crypto pie.
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@firepower I guess Indian government have definitely lost out their senses previously they used to tag bitcoin as fake and corrupt coin and now this lets see how much they will try to create panic among people similar to that of jp morgan ceo
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True that!
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good informational post .
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Nice share.. Thank you..
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Government always looking for ways to take money from the public
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wow that's ridiculous
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Indeed it is harrasement.
Not sure the govt is upto, i hv heard people talking abt india's would b crypto currency " lakshmi". Even those who r not involved are talking of lakshmi.
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It's true.
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Thank you for this useful information
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this will create avalanche effect , more resistance will be seen from people , and more cryptos will apear to bypass the system.
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As clear as crystal that non of governments of the world want to see bitcoin decentralization. Crypto made people independent and did not let them to squeeze every left blood drop of their masses.
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This is really bad for Indians. Why would I have to give all the details and after that 36% tax on bitcoin transaction.
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I am not surprised, i think it is only of time for the US and other government to try and tax their citizen on crypto and if that happens people will take their money off shore......
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oh man!!!! Are you serious?? so much details?? I am afraid their next move will be to ask you guys to give them a share in your wallets.
I really don't understand the policies of narender modi. Is he really trying to lift Indian Economy or just destroying it by coming up with ugly ideas twice a year.
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this is very interesting...
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Hello friend.
help me votes dong☺
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What!!!
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Time to buy more privacy coins.
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Justamente el propósito de estas nuevas tecnologías es poder hacerle la vida mas sencilla a la gente. Espero que en India el gobierno deje de avanzar contra la corriente. Bueno, esto está recién empezando y es cosa de tiempo para que nos adaptemos y veamos el verdadero potencial del blockchain para la humanidad.
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Very good content about Bettkin, especially India
Thank you for this effort and deserve the best of the Saudization
Greetings
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Thank you for this investigation. We have put us into the reality of the problems experienced by users of crypto currency in India that it is shameful to be insulted in this way at the time of the rich who exploit the wealth of the country, there is no one to hold them accountable, i was follow you :)
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@firepower
This is ridiculous, when will governments learn that they need to work with its people rather than against. Besides they are elected by the people and actually work for the people.
The power hungry individuals who enforce these laws are usually least concerned about the good of the nation and more about enriching themselves.
Stay Blessed, and good luck, We are yet to see what Tax fate befalls us in my country.
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Few govts actually work for the people who elect them. With the Indian govt it's basically 100 promises before election and 5 get full-filled over 5 years. Thank you for reading my post.
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@firepower
It is indeed a shame that we live in the current state of affairs, the masses have given governments enough time over many centuries to get it right, but it seems to only get worse, and the individuals who have the power are only interested in enriching themselves.
Crypto has given the ordinary man in the street the ability to earn some decent money, and also given those who have enough a platform to actually share (those for do care) what they have such as @steemit. Which is working perfectly ok, until the goverment and institutions get hold of it and ruin it for everybody.
I hope that this will not be the case. Goodluck over there, as you know we in South Africa have our own problems which we are still dealing with.
Seems the world has gone mad with power, crypto and bockchain certainly does pose some form of solution with regards to the distribution of wealth among ALL people.
stay blessed.
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I don't see a problem in this. Why should we run away from taxes, earn more and pay more. Simple! On the contrary if they taxes are given there is a very high chance of crypto-currencies getting regulated and it will flow away the current cloud unregulated vs ill-legal in India. The internet you bought from your ISP also had some sort of tax that you paid to the government. Currently this space is 95% speculation and 5% real use cases. Think of it as if you are going to get a regulated space and get a opportunity to earn based on your skills of publishing. A Doctor/Lawyer/Employee/Stock Trader/Laborer every one pays a tax in India. if you want your income to be tax free then start farming and feed the world.
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The world is really going cryto! I think people are too slow to notice the best in cryptocurrencies.
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thanks for post
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This is outrageous why can't the government and tax Stay out of cryptos. 2018 ain't gonna be funny guys we have to be careful
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This is exactly why we need bitcoin! With our current money systems we are powerless against our governments.
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sick with doggy dog
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Good job men
Have a nice day
Vote me
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congratulations,
i am a big fan of you,,
keep it up,,
@Thank you @firepower
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Although I share your enthusiasm regarding Indian authorities thinking seriously about crypto but even if they understand, they'll take forever to make a sensible framework for its dealing and till then harassment will continue
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I'm an optimist in-general but I try not to keep my hopes high with our government. They have a consistent track record of not delivering on their terms.
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@firepower have you ever paid income tax on cryptocurrency income? If you have paid, what details have you provided to them?
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Nice to read
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Thanks for information
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It will affect all types of cryptocurrency.
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this information on bitcoin is very needful
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Hit on upvote button if you think bitcoin will be raised
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huge amount of info on bitcoin.. In india Government should take step against this hirassment
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