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| February 21, 2018

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Long Beach civic center is getting a $900-million makeover that’s a model for other cities

February 17, 2018 |

Long Beach City Hall is not long for this world.

The concrete-winged tower looks stout enough, but it’s not someplace you’d choose to be in an earthquake. Dedicated in the bicentennial year of 1976, the high-rise is the centerpiece of an obsolete civic center that the coastal city is busy erasing.


L.A. Times – Business

TMZ

Jerry Seinfeld Sued for Allegedly Stealing ‘Comedians in Cars Getting Coffee’

February 12, 2018 |

Jerry Seinfeld’s hit show about comedians, coffee and cars wasn’t his idea at all … according to the producer who’s now suing. Christian Charles says he pitched a show idea to Jerry in 2002, and claims it’s the basis for “Comedians in Cars Getting…

TMZ.com

Tech Q&A: Bitcoin tips, smartphone tax breaks, getting the most Out of Alexa and more

February 10, 2018 |

I have had my Amazon Echo for over a month now. I use it to check the weather, traffic, and sports scores. But frankly, other than that, it’s a speaker taking up space.
FOX News

Vice Just Had a Big Revenue Miss and Investors Are Getting Antsy

February 7, 2018 |

Vice Media is facing uncertainty in its executive ranks at a pivotal moment, as the digital media company tries to rebound from a substantial revenue miss last year and fend off shareholders pressing for an exit.
WSJ.com: US Business

Entrepreneur Getting Deported for Taking Pay Cut

February 3, 2018 |

An entrepreneur in Sweden may have saved his company only to get himself deported in the process, the Local reports. Hussein Ismail was living in Lebanon when he co-founded Birka Biostorage—located in Sweden—in 2011. He worked remotely until it finally became necessary to physically be at his company…
Newser

The World Is Getting a New Beverage Giant

January 29, 2018 |

Keurig will buy Dr. Pepper Snapple Group, creating a beverage giant with about $ 11 billion in annual sales. The companies, both the result of previous mergers, will bring under one tent global brands like Dr. Pepper, 7UP, Snapple, A&W, Mott’s, Sunkist, and Keurig’s single-serve coffee makers. The company is still…
Newser

TMZ

Playboy Mansion’s Already Getting Historic Monument Protection

January 29, 2018 |

The Playboy Mansion desperately needs a fix up, and the work just got approved by the folks who will, most likely, designate Hef’s old crib a city landmark … TMZ has learned. The mansion’s new owner, Daren Metropoulos, has been cleared to…

TMZ.com

Indian Crypto Traders Getting Notices From Tax Authority Due to Unreported Investments

January 21, 2018 |

Indian Crypto Traders Getting Notices From Tax Authority Due to Unreported Investments

The Indian tax authority has sent notices to cryptocurrency investors after discovering that some crypto investments are not reflected on tax returns. The government conducted a survey of crypto trading at the country’s 9 exchanges and found that more than $ 3.5 billion worth of transactions were traded over a 17-month period.

Also read: Despite Multiple Government Warnings, Indians Flock to Crypto Exchanges

Tax Notices Sent to Crypto Investors

Indian Crypto Traders Getting Notices From Tax Authority Due to Unreported InvestmentsThe Indian income tax department revealed on Friday that it has sent notices to “tens of thousands of people dealing with cryptocurrency” following a survey at nine crypto exchanges in Mumbi, Delhi, Bengaluru, and Pune, according to Reuters.

The survey shows that more than $ 3.5 billion worth of transactions have been conducted over a 17-month period. A tax official told the news outlet that among those invested in bitcoin and other cryptocurrencies are “tech-savvy young investors, real estate players, and jewelers,” adding that:

We cannot turn a blind eye. It would have been disastrous to wait until the final verdict was out on its legality.

In December, the tax department already sent out notices to investors informing them that they need to pay tax on capital gains.

The tax notice seen by Reuters also asks investors to provide details of their total cryptocurrency holdings and the source of their funds. B.R. Balakrishnan, a director general of investigations at the income tax department in the southern state of Karnataka, was quoted:

We found that investors were not reflecting it on their tax returns and in many cases, the [cryptocurrency] investment was not accounted for.

600,000 Active Crypto Traders in India

The tax department has also revealed the number of active cryptocurrency traders in India, according to the Indian Express.

“A key factor which helped the department track the total number of investors in the cryptocurrency market was the strong KYC policy (Know Your Customer) followed by the currency exchanges,” a tax official explained, adding that:

While there are 25 lakh (2,500,000) people registered to trade in cryptocurrencies, only 6 lakh (600,000) have provided the KYC details that are mandatory for trading, and only these people have traded on the exchanges.

In addition, the survey shows that “Most of the people active on cryptocurrency exchanges are in the 25-35 years age group, tech-savvy and keenly aware of the cryptocurrency market,” the publication added.

Indians Undeterred by Regulations

Indian Crypto Traders Getting Notices From Tax Authority Due to Unreported InvestmentsDespite multiple warnings by the government, interest in cryptocurrencies in India remains strong.

In an exclusive interview with news.Bitcoin.com, Sathvik Vishwanath, co-founder and CEO of leading Indian exchange Unocoin, said “the registration and trading procedures have not been affected” by government announcements. He noted, “the warning from the government is not something the regular crypto trader would not know about,” adding:

We saw about 240,000 user registrations in December. So that is about 8,000 per day.

Vishwanath is also confident that the number of user registrations will grow in January. He told news.Bitcoin.com, “The holiday season in India usually brings in less volume and it is no different this time…I am quite confident that the volume would improve.”

What do you think of the Indian tax department sending notices to cryptocurrency investors? Let us know in the comments section below.


Images courtesy of Shutterstock and Unocoin.


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The post Indian Crypto Traders Getting Notices From Tax Authority Due to Unreported Investments appeared first on Bitcoin News.

Bitcoin News

Scientists Getting Worried About Endangered Whale

January 19, 2018 |

Scientists have yet to spot a single newborn right whale off the Southeast US coast seven weeks into the endangered species’ calving season, the AP reports. It’s the longest researchers have gone without a calf sighting since comprehensive surveys started in 1989.
Newser