The Indian Tax Authorities Intends Issuing Notices To 500,000 Bitcoin Dealers
The Indian Tax Authorities Intends Issuing Notices To 500,000 Bitcoin Dealers
Bitcoin IndiaThe Indian Income Tax (IT) unit releases news to 500,000 Bitcoin Adopters trading in a critical currency exchange across the country.

Indian tax lawsuits will expand the investigation into Bitcoin investment and trade after visits last week to at least 9 Bitcoin exchanges across the country. At that time it was found that the tax authorities “inquiries” have taken to determine “the identity of investors and traders doing business, the identity of counterparties [] associated with bank accounts, etc. [Information]” is suspected of alleged tax evasion.

Co-ordinated activities finally saw the spokesman for the tax authority that information about Bitcoin exchanges and “investors, source of their investments” for “the possibility of tax collection” was collected.

Slightly more than a week, the Indian tax authorities awaken because “polls” are already 400,000 to 500,000 wealthy individuals (Tory) throughout the country trading in India’s Bitcoin.

According to Press Trust of India, the largest news agency in the country, according to official sources, estimated 2 million people have registered about 400,000 5 million “stable” Bitcoin traders and investors have nine exchanges.

The senior tax officer involved in the study stated the following:

“Those individuals and organizations that have been accounted for by the Department are now investigating tax evasion, publishing their advertisements, and they have to pay Bitcoin investment and trade capital income tax.”

India Bitcoin exchanges have initiated self-regulation by the organization of standardization of KYC and AML standards (know customer and money laundering standards) for users to live when the authorities and supervisors of the country are unaware of the terms of clear rules or guidelines for the industry. Earlier this month, the Central Bank of India issued a public warning twice to invest or introduce crypto currencies like Bitcoin. In mid-November urged the Indian Supreme Court, the government of ministries and regulators to “regulate the Bitcoin River”, the petition had created clarity about the legality of the Bitcoin country.

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