Tax management India has sent a notice to the investors of the cryptocurrency, revealing some of kriptosistema not reflected in their tax returns. The government investigated
cryptocurrency operations in 9 markets in the country and found that over the 17 months was conducted deals worth over 3.5 billion dollars.
According to Reuters, last Friday, the tax authority of India reported sending notifications «tens of thousands of people, performing the operations with cryptocurrency». Study of exchanges, conducted by the authorities, shows that among those who invested in bitcoin and other cryptocurrencies — «young high-tech investors, players in the real estate and jewelers.» The representative of the tax service said:
«We cannot turn a blind eye. You can’t wait for the responsibility of such investors will be protected by law».
In December, the tax Department has already sent notices to investors, saying
them that they have to pay tax on capital gains. A tax notice from the investors were also required to provide detailed information on the total supply of cryptocurrency and the source of funds. B. R. Balakrishnan (Balakrishnan B. R.), head of the investigation Department of income tax of Karnataka, said:
«We found that investors did not reflect the cryptocurrency transactions in their tax returns, and in many cases income from investments in the cryptocurrency were not taken into account».
According to Indian Express, the tax authority has also published information on the number of active cryptocurrency traders of India.
«The key factor to identify the total number of investors in the cryptocurrency market has become a KYC policy, which is shared by cryptocurrency exchanges. Despite the fact that in order to trade digital currencies was 2 500 000, only 600 000 of them have provided personal information needed for trade, and only these people to make transactions on the exchanges.»
Additionally, the study shows that «most people actively working with cryptocurrencies, are in the age bracket of 25-35 years, and are familiar with the cryptocurrency market», — stated in the publication.
Despite numerous warnings from the government, interest to cryptocurrencies in India is not quenched. Sathvik Vishwanath (Sathvik Vishwanath), co-founder and President of leading Indian exchange Unocoin said that «the registration and trading operations were not affected» from the warnings of the government. He noted that in December have registered on the exchange 240 000 new users – for 8 000 new customers a day. Vishwanath also sure that the number of users will increase in January. He said
«At the time of festivals in India always there is a decline in trade and this year is no exception. I’m pretty sure the numbers will soon begin to grow.»
Today there were reports that the Indian banks have started to block the accounts of cryptocurrency exchanges. Perhaps this is one of the measures of the government, which is trying to freeze the money of cryptocurrency traders to force them to disclose information about themselves.