India’s Income Tax Authority Sends Letters Probing Crypto Owners

Asia Blockchain Review
August 18, 2019
India’s Income Tax Authority Sends Letters Probing Crypto Owners

The Office of the Deputy Director of Income Tax under India’s Ministry of Finance has reportedly been sending out letters to Indian crypto owners asking a long list of probing questions about their dealings with cryptocurrencies.

According to Bitcoin.com, Twitter handle Indiabits recently shared one of the letters comprising 26 questions, which ranged from sources of income to the names of the cryptocurrencies that taxpayers deal in along with details regarding hardware wallets.

IMC Submits Crypto Report and Draft Bill 

The letter also warned that a fine of up to 10,000 Indian rupees (~US$140.90) would be levied for willful omissions under section 272A of the Income Tax Act, 1961.

While the Indian government has not yet decided whether it will regulate or ban cryptocurrencies, the interministerial committee (IMC) tasked with studying and providing recommendations on digital assets has submitted a report with an accompanying draft bill to the government. 

Finance Minister Nirmala Sitharaman recently acknowledged, however, that she has not reviewed the report and bill in detail.

Lobbying to Prevent the Indian Crypto Ban

India’s crypto community has been ramping up efforts to engage lawmakers and show them the fallacies inherent in the IMC report, in an effort to convince the government not to go through with drafting the cryptocurrency ban. 

For the time being, cryptocurrencies in the country remain unprohibited, as recently confirmed by Anurag Singh Thakur, Union Minister of State for Finance and Corporate Affairs.

“Tax laws in India are applicable irrespective of the legal status of income,” explained Anoush Bhasin, founder of Quagmire Consulting, which specializes in crypto tax solutions.

Source: https://news.bitcoin.com/


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
South Korean Mobile Service Provider Unveils Blockchain OS
Union Mobile, a major mobile service provider in South Korea, has recently unveiled its blockchain o...

September 22, 2019

UK, US Top List of Most Crypto Exchanges by Country followed by Hong Kong and Singapore
Blockchain analytics platform Crystal has revealed a breakdown of the countries with the most regist...

September 22, 2019

Thai Oil Major PTT to Create Renewable Energy Blockchain Platform
Thai energy giant PTT has partnered with Energy Web Foundation to launch a blockchain-based platform...

September 22, 2019

Five Privacy Coins to be Delisted at OKEx South Korea
The South Korean branch of OKEx has announced it will be delisting privacy coins including Dash and ...

September 21, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us