ITR filing: Income tax rules for crypto, virtual digital assets you should know
The government is working on an FAQ on taxation of cryptocurrencies, which will give a nuanced clarification on the applicability of income tax and GST on virtual digital assets, an official said. The DEA, Revenue Department and the Reserve Bank are working to ensure that the taxation aspect is clear both for field tax offices as well as those who deal with cryptocurrencies and other virtual digital assets. From April 1, a 30 per cent income tax plus cess and surcharges will be levied on such transactions in the same manner as the tax law treats winnings from horse races or other speculative transactions. The Budget 2022-23 also proposed a 1 per cent TDS on payments towards virtual currencies beyond ₹10,000 in a year and taxation of such gifts in the hands of the recipient.
Ready to cash out Bitcoin? Understand income tax rules on cryptocurrency in India
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