Post
Topic
Board Bitcoin Discussion
Re: Taxes on Bitcoins: Unreasonable or essential?
by
webtricks
on 27/05/2020, 08:47:10 UTC
It's not a government owned platform.One might be aware of the fact that the government is tracking down people who owns Bitcoins. Taxes on cryptocurrencies are always a matter of debate , in a country like India 30-20% of the Tax is supposed to be paid by the handler who is using the cryptocurrencies like Bitcoins and earning more than a fixed number.

20-30% is not at all a reasonable tax price.


Since, you gave the example of India so I would like to clear few things:

Number 1, no tax on holding or buying Bitcoin is levied in India. The tax is only levied when you sell Bitcoins for Indian Rupees (i.e. local currency of India) and have either made profit (if bought Bitcoins) or made income (if received Bitcoins as payment).

Number 2, 20-30% taxes aren't unique to Bitcoin. These rates are common for all types of incomes in India. Also 30% is only levied on the income over 1M INR. If your earnings are lower than 1M (no matter if the source of income is Bitcoin or other), you have to pay taxes at lower rates.