ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Wednesday Jan 17th 2018
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Wealthy Bitcoin Buyers Targeted By Indian Tax Agency

By

Jeremy

Nation

WriterETHNews.com

Indian officials cited a surge in the popularity of cryptocurrencies as a prompt for the investigatory actions of the department.

On December 18, 2017, reports from India indicated that the country's Income Tax Department has poised itself to issue notices to certain cryptocurrency investors.

High net worth individuals (HNI) might be expecting a visit from the Bengaluru taxman, according to sources who said that after surveying 2 million registered entities, the department identified four to five hundred thousand that actively transact and invest in cryptocurrencies.

According to a senior official familiar with the tax authority's plan, "Those individuals and entities whose records were recovered by the department are now being probed under tax evasion charges. Notices are being issued and they will have to pay capital gains tax on the bitcoin investments and trade."

He went on to say that HNIs and their businesses are subsequently being audited and must submit financial data to be referenced for tax assessment purposes. The official maintained that cryptocurrencies lack regulation and are currently illegal in the country. As such, the Income Tax Department is basing its operation on existing provisions, namely section 133 A of the Income Tax Act, which allows "gathering evidence for establishing the identity of investors and traders, the transaction undertaken by them, identity of counter-parties, related bank accounts used, among others."

Another facet of the law allows tax officials to conduct surprise inspections of businesses that are under investigation, but not residential addresses.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. He is a full time staff writer for ETHNews and holds value in Ether.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest bitcoin, tax or other Ethereum world news.