Tax Investigators in India are investigating on Bitcoin, while it is Traded above 19k
December 29, 2017 10:45 am
Bitcoin Regulation India
Bitcoin is growing in India and the top trading platforms in India such as Zebpay, Coinsecure, Unocoin, and Bitxoxo have seen fantastic trade volumes and exchange sign-ups. Anyhow, in the middle of the bitcoin fever takin place in the country, the Income Tax Department of India (ITDI) has been investigating exchanges and also researching the “taxability of bitcoin” assets.
Unocoin Co-Founder says:
“Significant Gains in Cryptocurrencies Will Be Under Scrutiny.”
The recent growth of bitcoin in India has attracted many investors and also the country’s regulators and tax officials as well. The co-founder of Unocoin, Sathvik Vishwanath, told the columnist Nupur Anand Indian citizens who took in large gains would be under the tax man’s radar.
“Apart from Bitcoin or other currencies, all the mobile and immobile properties of an individual who has made significant gains in cryptocurrencies will be under scrutiny.”
Bitcoin’s Demand in India is Increasing
Bitcoin in India has seen a growth in bigger than most regions around the world. Bitcoin’s price rates on all the Indian exchanges across the board are roughly holding the same premium. Localbitcoins volumes this week in India crossed the US $1.8Mn, and the price is above $19K on that platform as well.
“The officials had requested data to try and analyze taxability of Bitcoin, everything was extremely routine, and all exchanges in India have gone through the same process cooperating and coordinating with the authorities.”
“While this will be a rude awakening for tax evaders across the system, we at Coinsecure have viewed this quite positively as we come closer to taxation laws and a recognized status for bitcoin in India.”