India taxing cryptotrading.

It is reported that the Indian government sent a tax notice of cryptocurrency traders and investors after a nationwide survey.

According to Reuters, the survey found that over 17 months, Indian nationals have held the trade turnover in octovale exceeding $3.5 billion the Government has collected data from nine cryptoamnesia in the country, and want to report it was notified "tens of thousands of people."

India plans to tax payments with capturadora investors with capital growth and the government now receives information about how many people owns the cryptocurrency and where are their assets.

Indian officials suspect that the traders trading in cryptocurrency, evade paying taxes. In an attempt to answer the Indian authorities began collecting data last month, trying to identify citizens who trade in cryptocurrency. At that time the Tax authority of India said that the service is looking for cases of money laundering.

Although officials in the past have denounced bitcoin and other cryptocurrencies, the official Indian position remains unclear. Attempts were made to clarify its status, and at least two petitions and the Supreme court of India noted that the people of the country requested to give instructions concerning the rules of regulation.

Despite these steps, India has not issued any new rules relating to the trading of cryptocurrencies. The official for the collection of state taxes, B. R. Balakrishnan said that the tax authority was not able to wait for the official statement of the government.

Balakrishnan said:

"We cannot turn a blind eye. It would be disastrous to wait until the final verdict will make the activities of illegal ... We found that investors did not reflect income. the resulting cryptocurrency trading, and in many cases, the investments were not taken into account."