India’s Tax Department Looking Into Bitcoin Profiteers’ WealthDecember 28, 2017 3:29 pm
The overall wealth of people making substantial gains in bitcoin trading through exchanges is getting a closer look by India’s income tax (IT) department, Cryptocoinsnews reported Thursday.
India’s official tax authority will focus on certain individuals’ overall wealth when investigating their bitcoin profits, the report said.
On Dec. 13, Cryptocoinsnews reported, the IT department visited nine major bitcoin exchanges across the country to conduct ‘survey operations’ whereby traders and investors were identified and their transactions, related bank accounts and more information were obtained.
“The officials had requested data to try and analyse taxability of Bitcoin,” revealed Coinsecure, a bitcoin exchange based in India’s capital New Delhi. “Everything was extremely routine and all exchanges in India have gone through the same process cooperating and coordinating with the authorities.”
Now, the tax authority is focusing on a select group of individuals who have profited the most from bitcoin’s soaring gains this year, the report said, using the data collected from its ‘surveys’ to check into individuals’ assets beyond bitcoin.
“So, apart from bitcoin or other currencies, all the mobile and immobile properties of an individual who has made significant gains in cryptocurrencies will be under scrutiny,” revealed Sathvik Vishwanath, CEO of Bangalore-based exchange Unocoin, speaking to Quartz.
The publication also cited an anonymous official from a separate cryptocurrency exchange who said the IT department mentioned the possibility of checking into other assets bought off of the profits made from bitcoin’s gains.
– WN.com, Jack Durschlag