ITR column for Cryptocurrency Income: All you need to know
India Today
From April 1, the government will 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.
Income tax return (ITR) forms from next year will feature a separate column for making disclosures on gains made from cryptocurrencies and paying taxes.
From April 1, the government will 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.
GAINS FROM CRYPTOCURRENCIES
Revenue Secretary Tarun Bajaj said gains from cryptocurrencies were always taxable and what the Budget proposed is not a new tax but providing certainty over the issue, according to a PTI report.
"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.
LEGISLATION TO REGULATE CRYPTOCURRENCIES
The government is working on legislation to regulate cryptocurrencies, but no draft has yet been released publicly.
