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The IRD locked in big Bitcoin houses and nearly 500,000 traders are taxable

The Indian Income Tax Department (also known as the IT Department) is closely monitoring and investigating the assets of those bitcoin traders.

This year, traders gained higher profits as the price of the currency soared, so the agency made its intentions of taxing domestic bitcoin traders open. It is learned that the Inland Revenue Department will lock specific goals and investigate their bitcoin revenue.
As early as mid-December, the IT Department conducted a field survey of nine domestic bitcoin exchanges , collecting information such as trader and investor identities and their corresponding transactions and bank accounts.

Coinsecure, the bitcoin exchange in New Delhi, said:


The tax office uses the data collected to analyze whether it can tax Bitcoin. Everything goes according to the procedure, and all the Indian exchanges must cooperate with the Inland Revenue Department to coordinate their work.
Nowadays, based on the data collected in the field investigation, the tax department of India is eyeing a group of people who have reaped the most revenue this year because of the bitcoin price increase this year.

Unocoin CEO Sathvik Vishwanath said:


Except Bitcoin and other currencies, as long as someone makes a fortune by encrypting the currency, his chattel and immovable property are examined.
According to an anonymous employee at another cryptocurrency exchange, IT departments may also examine assets acquired through the proceeds of bitcoin trading.
The most profitable bitcoin speculators are likely to be the tax department's key target.

An industry lawyer pointed out:


Those who make the most profit in bitcoin trading are likely to be censored because there are really few people who take the initiative to file a return on virtual currency transactions.
Last week, a senior Indian tax official said 400,000 to 500,000 bitcoin traders will be notified that they must pay capital gains tax on investing and trading bitcoins.