In India tens of thousands of people involved in cryptocurrency trading, sent out tax notices. This was the result of extensive testing of cripture in the country, which showed that in 17 months they had committed transaction at $3.5 billion.
As told in the tax office, investors in crypto-currencies was discovered the experts in the field of intellectual property, the players in the field of real estate and jewelers.
The tax Department suggested that the people involved in the trade of bitcoin and other cryptocurrencies to pay tax on capital gains. In the notice they were also asked to provide detailed information about their supply of cryptocurrency and the source of funds for their purchase.
“We found that investors do not reflect this in their tax returns, and in many cases these investments were not taken into account”, — explained in the tax Department of Karnataka.
Cryptocurrencies in India have no legal status, regulation of this sector in the country is missing. In the autumn the Central Bank of India said it will not allow the use of bitcoin and other cryptocurrencies for payment and settlement. The Ministry of Finance also stated earlier that does not recognize the cryptocurrency as legal tender. The Ministry warned citizens about the risk of investing in virtual currencies, seeing them as signs of a financial pyramid.
The popularity of cryptocurrencies is growing in the country. According to estimates, the number of users on cryptomeria country increased by 200 thousand monthly. The largest cryptocurrency exchanges India has appealed to the government demanding a speedy determination of the legal status of virtual currencies and taxation regime.