News
India has sent tax notices to tens of thousands of people dealing in cryptocurrency after a nationwide survey showed more than $3.5 billion worth of transactions have been conducted over a 17-month period.
Tax department has asked people dealing in bitcoin and other virtual currencies to pay tax on capital gains. They have also asked for details about their total holdings and the source of funds in the tax notice.
Officials at Zebpay, India's leading bitcoin exchange, said the industry was adding near 200,000 users every month ,more than 150 bitcoins were changing hands every week. The company has 100,000 registered users and is now launching a platform to sell ethereum and other digital currencies.
Zebpay officials also said they don't think anyone in the government should label our business as a 'Ponzi scheme', we are not doing anything illegal.
I think it's better government must consider granting legality to bitcoin so that they can collect tax easily and tax payers also dont have any problem in paying tax .
Photo and news Source - moneycontrol.com
i don't feel paying taxes should be a problem, one should always support mother country...
@dine77 thanks for update mate...
Yes you are right.
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