Tax Authority In India wants a Chunk of your Bitcoin Profits

India’s Central Bank warns the citizens on investing in bitcoin; the central tax agency is obsessed with taxing transactions and investments.

One of the members of India’s Income Tax Department has confirmed yesterday’s  surveys of multiple bitcoin exchanges across the country, more focusing on investments into cryptocurrencies. According to a report, the tax department has visited the premises of 9 bitcoin exchanges to find alleged tax invasion. Opposite to those claims,  Reuters cites a tax department official as stating that the authority is examining bitcoin exchanges to see the way investors are trading bitcoin on the exchanges with the intent to raise taxes.

The income tax department’s spokeswoman said; ” We are looking at collecting information about modus-operandi of bitcoin exchanges, investors, their source of investment and possibility of collecting tax”.

As the reported yesterday, the tax official declined to put a comment on the central bank’s concerns, by saying the tax department was searching only into the tax implications.

This year Bitcoin’s meteoric gains have seen Indian exchanges not able to cope with new adopters and need for the cryptocurrency despite rising premiums to buy bitcoin through exchanges.

The ever-growing appetite among daily investors for bitcoin comes despite the central bank’s recently caution on investments in cryptocurrencies and, notably, bitcoin.

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