You are viewing a single comment's thread from:
RE: View This Copy of I-T Summons to HNIs—How Indian I-T Department Harasses Bitcoin Users In India!
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.
- For self declaration of all the crypto-assets and linking them to a government ID they would reduce the slab to 10% outright. This would drive the adoption of cryptocurrencies and it will also encourage people to be open about their crypto assets.
- The hiding of any crypto-assets should lead to huge fines. Since it is very difficult for normal user to keep track of all their digital assets, there should be a rule saying that the fine will be proportional to the ratio of hidden assets to the total assets unearthed. This will safeguard the crypto-users. For example I was not even aware of the Tron air drop.
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.
Great point.
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!