wordpress blog stats
Connect with us

Hi, what are you looking for?

Income Tax Department Wants To Tax Bitcoin Miners In India

Income Tax department in India is looking at how they can impose tax on Bitcoin miners in India in the long run. However, they will not start this until RBI gives a clean chit to the coin which it had warned against recently. IRS officers had visited the office of Sathvik Vishwanath, CEO and founder of Coinmonk and Unocoin around the same time ED raided offices of Buysellbit.co.in and RBItco. He had all documents in order and had been paying taxes, so it turned into a technical discussion. The officials then issued a summons and asked him how they could tax Bitcoin miners in India. These officials even took some of the Bitcoin related documents from his companies. Curiously, Vishwanath says that these same investigators had contacted him asking for free passes to the Bitcoin conference that was organized in Bangalore last year. IRS  is thinking of imposing tax based on the currency's value at the time of mining. Vishwanath has asked them to authorize Bitcoin exchanges in India first, so that people can convert the currency they have mined into Rupees immediately. "I have also suggested that they accept taxes directly in the form of Bitcoin if a miner is finding it difficult to pay in rupees," he says. The IT officials he met also asked him to deduct TDS while trading Bitcoin in India and pass on that amount along with the trader's PAN details to the department. Vishwanath says that it didn't feel much like an investigation into his companies and was more…

Please subscribe/login to read the full story.
Written By

I'm passionate about technology and gaming. You can follow me <a>@chupchap</a>

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ