2022-23 Income Tax Return Forms To Have Separate Crypto Income Column: Revenue Secretary
NDTV
Income tax return forms from next year will have a separate column for making disclosures on gains made from cryptocurrencies and paying taxes
Income tax return (ITR) forms from next year will have a separate column for making disclosures on gains made from cryptocurrencies and paying taxes, revenue secretary Tarun Bajaj said on Wednesday.
The government will from April 1 charge a 30 per cent tax plus cess and surcharges, on such transactions in the same manner as it treats winnings from horse races or other speculative transactions.
Mr Bajaj said in an interview that gains from cryptocurrencies were always taxable and what the Budget proposed is not a new tax but providing certainty over the issue.
"The provision in the Finance Bill is related to taxation of virtual digital assets. It is to bring certainty in taxation of cryptocurrencies. It does not convey anything on its legality which would come out once the Bill (on regulating such assets) is introduced in Parliament," he said.