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RE: Only 1.7% ie. 20 Million Indians out of 1.27 Billion pay Income Tax. Govt. trying to hit on 80 Million Crypto-Currency Traders
This is going to be a major pain in the ass for all the cryptoholders... It totally denies the basic fundamentals of bitcoins like privacy. I can't really see where they're trying to go with it (I mean long-term consequences because I think that any rise in paid taxes will only be temporary) :/ One question though: how high is the income tax in India? I'd have a broader view on the situation.
Regularly it's around 30% for highest tax slab. Issue is if the income tax department believes arbitrarily that if the income isn't according to their norms they charge 200% under undisclosed income section. And in most such cases it's 200% and until you fight it out.
I see, thanks for the answer. It's indeed alarming then, no wonder so few people pay taxes when even tax department itself doesn't play by its own clear rules resorting to shady ones instead. Such tricks bring opposite effect.