Quote from: Blackshadow007 on December 15, 2017, 06:20:54 PM

Quote from: webtricks on December 15, 2017, 01:58:56 PM

Quote from: BitKira on December 14, 2017, 08:32:36 AM

What are your thoughts about the recent surveys conducted by the I-T department at Bitcoin exchanges across the country. Do you see it as an attempt by the authorities to exercise unnecessary control and undermine the free spirit of Bitcoin.

The surveys were conducted to know the current status of funds underlying with exchanges in the form of btc deposits and fiat. It was just a pre-course for upcoming btc taxation policy and shouldn't be consider as unnecessary control.
Government has cleared its intention that Bitcoin will be consider as Intangible Asset (not money). So as in case, Bitcoin is subject to two types of taxation:
1. Capital Gains: People who made gains due to btc rise have to pay taxes on their gains.
2. Business Taxes: Companies doing business with Bitcoin as their main asset have to pay taxes.

So there is nothing to be fear. It has turned necessary to have a check and taxation on Bitcoin. We have heard a Money Laundering case from an owner of big Indian Exchange few years ago. There maybe more cases!

i think it will fall under capital gain , as described by cleartax

Capital Gain isn't the only possibility of taxation of Bitcoin in India. The Cleartax article you referring to includes more cases of taxation such as,

Bitcoin profits from mining: This is considered as self-generated asset but since there is no provision under existing law (Schedule 55) of self-generated asset about Bitcoin so no tax will be levied on it.
Bitcoin earning for Services and Goods: Bitcoin profits or earnings from selling goods and services will be considered as Income and Income Tax instead Capital Gain tax will be levied on it.

Other than above two cases, Business taxation will be third case as discussed in my previous post.
So Captial Gains isn't the only case.