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…
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