Cryptocurrencies to be taxed as capital gains: Relief for pre-FY23 earnings
6 days, 15 hours ago

Cryptocurrencies to be taxed as capital gains: Relief for pre-FY23 earnings

India Today  

The Income Tax Appellate Tribunal in Jodhpur has clarified how cryptocurrency profits should be taxed in its ruling in Tuesday. TAXATION BEFORE AND AFTER 2022 Pre-2022 transactions: Before the Virtual Digital Assets regulations came into effect in 2022, profits from crypto sales were categorised as capital gains, much like profits from stocks or real estate. Investors holding cryptocurrencies for more than three years could classify their gains as long-term capital gains, often resulting in lower taxes. WHAT THIS MEANS FOR CRYPTO INVESTORS The ITAT ruling offers clarity and a fair approach for crypto investors: Profits before 2022: Must be reported as capital gains. Sandeep Jhunjhunwala, a tax expert, highlighted that this ruling not only recognises cryptocurrencies as capital assets but also provides much-needed clarity for transactions before 2022.

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History of this topic

Crypto Tax Gets Clarity, ITAT Rules VDAs To Be Recognised As Capital Assets. Check Out New Framework For Profits
6 days, 6 hours ago

Crypto Tax Gets Clarity, ITAT Rules VDAs To Be Recognised As Capital Assets. Check Out New Framework For Profits

ABP News  

The Income Tax Appellate Tribunal in Jodhpur has provided much-needed clarity on the taxation of cryptocurrencies in India. By recognising crypto as capital assets, it provides much-needed relief for investors who sold crypto before 2022, allowing them to benefit from long-term capital gains tax rates. For investors, this means that any profits made from selling cryptocurrencies will now be subject …

Cryptocurrency tax in India: Know how much you will have to pay on Crypto investments
1 week, 5 days ago

Cryptocurrency tax in India: Know how much you will have to pay on Crypto investments

India TV News  

Following Donald Trump’s victory in the US presidential elections, the value of cryptocurrencies, including Bitcoin, has skyrocketed. Heavy 30 per cent Tax on Gains In India, cryptocurrencies aren't formally identified as legal tender under the Income Tax Act’s Section 2, which classifies them as Virtual Digital Assets. These provisions mandate: A flat 30 per cent tax on profits earned from …

Ready to cash out Bitcoin? Understand income tax rules on cryptocurrency in India
1 month ago

Ready to cash out Bitcoin? Understand income tax rules on cryptocurrency in India

Live Mint  

Since Donald Trump's victory in the US presidential elections on November 5, 2024, Bitcoin, the world's largest cryptocurrency, has risen more than 30%, reaching its highest point ever. If you are invested heavily in Bitcoin and want to book profit from this biggest crypto asset, remember that taxes on virtual digital assets in India operate differently than those on more …

Cashing in on the bitcoin rally? Don’t forget your advance tax and reporting obligations
1 month, 1 week ago

Cashing in on the bitcoin rally? Don’t forget your advance tax and reporting obligations

Live Mint  

Bitcoin is in the news again, and its meteoric rise has set Indian traders abuzz, pushing the cryptocurrency to a record-breaking $89,828—up a remarkable 112% this year. With a 1% TDS deducted on sales of these virtual digital assets, transactions appear on Form 26AS, making unreported crypto income a potential tax pitfall. Gains from virtual digital assets must be included …

Union Budget 2024: As Crypto Taxes Remain Unchanged, Here Are Top Takeaways For Investors & Market
4 months, 4 weeks ago

Union Budget 2024: As Crypto Taxes Remain Unchanged, Here Are Top Takeaways For Investors & Market

ABP News  

Union Budget 2024: Finance Minister Nirmala Sitharaman in her Budget presentation made a pivotal decision to retain the current tax rates on virtual digital assets. One of the primary concerns is that the current tax regime could act as a deterrent for new investors. New investors, particularly those from outside the country, may find the tax implications challenging or discouraging, …

Crypto Tax In India: The Current State & How Union Budget 2024 Can Help
5 months ago

Crypto Tax In India: The Current State & How Union Budget 2024 Can Help

ABP News  

As the global crypto markets are on a bull run, the excitement among Indian investors is also palpable. With the Union Budget 2024 on the horizon, understanding the current tax framework and anticipating potential changes can help investors make informed decisions and optimise their portfolios. Anticipated Changes In Union Budget 2024 As we approach the Union Budget 2024, several potential …

Invested in cryptos this year? You will have to pay tax at this rate…
5 months, 3 weeks ago

Invested in cryptos this year? You will have to pay tax at this rate…

Live Mint  

If you have invested in cryptocurrencies in the financial year 2023-2024, then the chances are that you earned significant profits in the year gone by. Bitcoin rose nearly 108 percent in the past one year, while ether rose nearly 80 percent during this time. When you transfer crypto tokens, also known as virtual digital assets in the taxation lingo, investors …

Crypto industry seeks conducive tax environment
5 months, 3 weeks ago

Crypto industry seeks conducive tax environment

New Indian Express  

BENGALURU: The first half of this year was a significant one for the crypto industry ­-- Bitcoin touched its peak of over $73,000 in March, Bitcoin Halving, US SEC granted approval for spot Bitcoin ETFs. All these have driven increased trading activity in the Indian crypto market, and crypto exchanges hope that the upcoming Budget will create a conducive regulatory …

Decoding crypto reporting requirements in new income tax return forms
1 year, 6 months ago

Decoding crypto reporting requirements in new income tax return forms

Live Mint  

The government has finally, via the Finance Act of 2022, included taxation of cryptocurrencies or virtual digital assets in the Income Tax Act and laid out some key aspects around how much tax one has to pay on the gains, whether losses can be set off and which expenses to claim as deduction from gains arising from the sale of …

Opinion: It’s a miracle most Americans pay their taxes. Crypto could upend that norm
1 year, 8 months ago

Opinion: It’s a miracle most Americans pay their taxes. Crypto could upend that norm

LA Times  

One of the many questions raised by cryptocurrency is how to tax this new world of digital assets. Effective crypto taxation promises substantial revenues: The new broker-dealer reporting requirements alone could raise an estimated $28 billion within the next decade. One explanation is tax morale: the nonrational reasons that people choose to file and pay, including social norms and the …

Navigating the complexities of crypto taxation in India
1 year, 8 months ago

Navigating the complexities of crypto taxation in India

Live Mint  

There is an adage which encapsulates the process of taxation, and it goes thus: the only two things certain in life are death and taxes. Navigating crypto from a tax angle We believe that Indian crypto investors can become tax compliant and plan their investments better by following certain principles. Building a crypto portfolio: India’s crypto tax regime does not …

Domestic crypto trading volume declines following the announcement of tax on crypto gains
1 year, 11 months ago

Domestic crypto trading volume declines following the announcement of tax on crypto gains

India Today  

With the advent of the new-age digital currencies, the cryptocurrency space has been buzzing with investors increasingly turning to crypto-based investments over fiat currency and traditional alternatives. Ever since the Finance Minister, Nirmala Sitharaman, revealed new tax laws on these digital assets in the previous year’s budget, it has been observed that there has been a shift in the trading …

Crypto Tax: Italy Plans To Impose 26% Levy On Crypto Trading Gains; Details Here
2 years ago

Crypto Tax: Italy Plans To Impose 26% Levy On Crypto Trading Gains; Details Here

News 18  

Tightening the regulation on digital assets and expanding taxation on crypto trading, Italy is planning to impose a 26 per cent tax on digital assets for gains above 2,000 euros, according to a Bloomberg report. The Italian tax authorities currently treat digital coins and tokens as foreign currency and impose tax accordingly, which is lower than the proposed 26 per …

Finally, clarity coming soon on GST on crypto
2 years, 1 month ago

Finally, clarity coming soon on GST on crypto

Live Mint  

NEW DELHI : Clarity on applying goods and services tax on crypto or virtual digital assets appears to be around the corner, with the Central Board of Indirect Taxes and Customs working on an agenda paper on the topic. “CBIC has been asked to prepare an agenda paper on GST on crypto assets… While currently GST is being levied on …

Kucoin survey india crypto market investors regulation tax hack concern growth sector
2 years, 3 months ago

Kucoin survey india crypto market investors regulation tax hack concern growth sector

ABP News  

KuCoin, a Seychelles-headquartered crypto exchange with over 10 million users in over 200 countries, has conducted a survey to offer a deep insight into the crypto sector of India, the world’s second-most populous nation. Titled “Into The Cryptoverse Report India”, the survey revealed that despite stringent taxation on gains from crypto, the Indian market is expected to reach $241 million …

Crypto india regulation tax income tds understand sector first why others should take note
2 years, 4 months ago

Crypto india regulation tax income tds understand sector first why others should take note

ABP News  

Cryptocurrencies have been in the spotlight ever since the Supreme Court removed the blanket ban on them in early 2020. India, despite being a late entrant, embraced the crypto world with open arms and today there are as many as 27 million Indians who hold crypto assets, largely from Tier II and Tier III cities. A close observation of the …

Crypto Tax In India: A Tale Of Control Or Caution?
2 years, 4 months ago

Crypto Tax In India: A Tale Of Control Or Caution?

ABP News  

Cryptocurrency gains face a tax of 30 percent in India. The taxation of cryptocurrencies is also considered a way to legitimise crypto assets in India, without banning them outright, allowing investors and traders to continue dealing with crypto without much worry. Compared to some countries, India’s tax structure might seem a little bit more relaxed, whereas compared to some other …

Crypto Winter, Tax Rules Cast Shadow on India Business; Can They Still be Called Safe?
2 years, 5 months ago

Crypto Winter, Tax Rules Cast Shadow on India Business; Can They Still be Called Safe?

News 18  

Indian investors had readily accepted cryptocurrency as a brilliant means to invest especially after the Bitcoin boom that happened a few years back. With its not-so-accepting approach to cryptocurrencies, the government during Budget 2022 inserted a new Section under the Income Tax Act, whereby income from virtual digital assets would be taxable at the rate of 30 per cent, while …

Crypto Tax Rule Makes Indian Investors Lose Interest as Trading Activity Falls: Survey
2 years, 5 months ago

Crypto Tax Rule Makes Indian Investors Lose Interest as Trading Activity Falls: Survey

News 18  

Crypto trading is experiencing a decline in its frequency due to the cryptocurrency tax regimes devised by the government of India for the digital assets, revealed a survey. Twenty-nine per cent of the total respondents said that their trading activity has decreased since the government introduced the new tax implementation system on cryptocurrency. The survey also suggested that going with …

After 30% tax, cryptocurrency assets to bear 1% TDS. How taxes impact cryptos
2 years, 5 months ago

After 30% tax, cryptocurrency assets to bear 1% TDS. How taxes impact cryptos

Live Mint  

The much-needed clarification on taxation on cryptocurrency assets in India has been provided. Thereby, now investors who held onto their crypto assets for the past few months due to volatile markets as they didn't want to book losses - will face the brunt of 1% TDS ahead. For instance, any profits or gains arising from the sale of capital assets …

Crypto tax in India: Cryptocurrency investors must know these big changes
2 years, 8 months ago

Crypto tax in India: Cryptocurrency investors must know these big changes

India Today  

In good news for cryptocurrency investors, the government would come up with a list of frequently asked questions on taxation of cryptocurrencies to provide a clarification on the applicability of income tax and Goods and Services Tax on virtual digital assets, according to a PTI report. The Department of Economic Affairs, the Revenue Department and the Reserve Bank are working …

Cryptocurrency Bill to Come Soon: Govt Working on FAQs on Crypto Tax; Know Details
2 years, 8 months ago

Cryptocurrency Bill to Come Soon: Govt Working on FAQs on Crypto Tax; Know Details

News 18  

As the government prepares to roll out the Finance Bill that regulates all virtual digital assets, including cryptocurrencies, it is working on developing an FAQ on the taxation of the same. These FAQ sheet will aim to give users a clarification in a nuanced way on the applicability of income tax and GST on virtual digital assets, a report has …

ITR filing: Income tax rules for crypto, virtual digital assets you should know
2 years, 8 months ago

ITR filing: Income tax rules for crypto, virtual digital assets you should know

Live Mint  

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 …

New Income Tax Rules from April 1: Cryptocurrency Tax, PF, Revised ITR Form, Key Changes
2 years, 8 months ago

New Income Tax Rules from April 1: Cryptocurrency Tax, PF, Revised ITR Form, Key Changes

News 18  

Even as the new financial year is starting from Friday, so are the new income tax and other rules. Updated ITR on Payment of Additional Tax In the Budget Speech, Sitharaman also announced to allow taxpayers to correct any discrepancy or omissions in their income tax returns within two years of filing these, from April 1. No ITR Needed for …

This is how cryptocurrency assets will be taxed from April 1 in India. 10 points
2 years, 8 months ago

This is how cryptocurrency assets will be taxed from April 1 in India. 10 points

Live Mint  

Cryptocurrency assets will be taxed: From 1st April 2022, some changes in the income tax rules announced by Finance Minister Nirmala Sitharaman while presenting Union Budget 2022 will get implemented. Nirmala Sitharaman in the Union Budget 2022 announced that “any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent.” “The new …

New income tax rules: Know major changes in ITR from April 1
2 years, 8 months ago

New income tax rules: Know major changes in ITR from April 1

India Today  

The Central Board of Direct Taxes will be introducing a slew of major changes to the income tax from April 1 under the Income-tax Rule 2021. While the crypto taxation to be introduced from April 1 has been the prime point of concern among many, the government has also incorporated some changes in filing of updated returns, new tax rules …

Crypto Tax rules in India: How will cryptocurrency assets be taxed from April 1?
2 years, 8 months ago

Crypto Tax rules in India: How will cryptocurrency assets be taxed from April 1?

India Today  

Cryptocurrency investors in India will have to pay tax under the new scheme for Taxation of Virtual Digital Assets from April 1. Financial Minister Nirmala Sitharaman in the Union Budget 2022 announced that "any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent." The minister also added that in order to …

Crypto tax rules: Should you sell your crypto assets before Mar 31?
2 years, 8 months ago

Crypto tax rules: Should you sell your crypto assets before Mar 31?

Live Mint  

The Indian government has tightened bolts for trading in cryptocurrencies. On Friday, Lok Sabha approved taxation rules on virtual digital assets or "crypto tax" that was proposed in Budget 2022-23 by clearing the Finance Bill 2022. Under the bill, section 115BBH deals with taxes on virtual digital assets, while clause prohibits setting off a loss from crypto assets against income …

Cryptocurrency tax, bill in India: What we know so far
2 years, 8 months ago

Cryptocurrency tax, bill in India: What we know so far

India Today  

The cryptocurrency tax and proposed regulation bill have been a topic of discussion among investors and stakeholders in India for sometime. The government on Thursday proposed to tighten the norms for taxation of cryptocurrencies by disallowing the set off of any losses with gains from other virtual digital assets, according to a PTI report. FINANCE BILL, 2022 As per the …

Crypto Tax in India: Date, income tax, ITR form, TDS, deduction | Key points
2 years, 9 months ago

Crypto Tax in India: Date, income tax, ITR form, TDS, deduction | Key points

India Today  

As the ongoing financial year 2021-22 draws to a close, there has been a lot of chatter pertaining to crypto-tax in India. The central government in Union Budget 2022 proposed the introduction of a specific tax regime for virtual digital assets. INCOME TAX ON DIGITAL ASSETS FM Sitharama proposed that "any income from the transfer of any virtual digital asset …

Crypto tax in India explained: How much you may have to pay, tips to prepare
2 years, 10 months ago

Crypto tax in India explained: How much you may have to pay, tips to prepare

India Today  

India has nearly 15-20 million cryptocurrency with total crypto holdings of above $5 billion which shows vast interest among crypto investors. Crypto investors will have to pay 30 per cent tax on their profits. This 30 per cent tax on profit also takes into account a 1 per cent Tax Deducted at Source deposited by the facilitator, exchanges, or a …

Budget 2022: Implications of crypto tax regime on common investor
2 years, 10 months ago

Budget 2022: Implications of crypto tax regime on common investor

Firstpost  

After months of speculation and waiting, the crypto ecosystem finally has a nod from the Government of India albeit in terms of a tax regime. With crypto being accorded the highest tax slab for any asset class at 30 percent and the implementation of a 1 percent TDS on bigger trades, investors may feel the pinch if they react to …

Government has sovereign right to tax profit made from cryptocurrency transactions, says finance minister
2 years, 10 months ago

Government has sovereign right to tax profit made from cryptocurrency transactions, says finance minister

Firstpost  

Nirmala Sitharaman said ‘banning or not banning cryptocurrency would come subsequently’ while answering questions posed about the Union Budget in Rajya Sabha New Delhi: Finance Minister Nirmala Sitharaman on Friday said the government has sovereign right to tax profit made from cryptocurrency transactions, and the decision on banning or not banning will be taken based on feedback from consultations. About …

ITR column for Cryptocurrency Income: All you need to know
2 years, 10 months ago

ITR column for Cryptocurrency Income: All you need to know

India Today  

Income tax return forms from next year will feature a separate column for making disclosures on gains made from cryptocurrencies and paying taxes. 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. CRYPTO COLUMN …

Crypto Tax: Pay income tax for cryptocurrency transactions done before April 2022
2 years, 10 months ago

Crypto Tax: Pay income tax for cryptocurrency transactions done before April 2022

India Today  

Crypto investors involved in the transaction must take note that there is a taxability of the crypto-currency for the ongoing financial year ending on March 31. Crypto investors should know that the transactions done before April 2022 will not be tax-free," Central Board of Direct Taxes Chairman JB Mohapatra said. Earlier, Revenue Secretary Tarun Bajaj said that income tax return …

A disjointed response: The Hindu Editorial on crypto assets and regulation
2 years, 10 months ago

A disjointed response: The Hindu Editorial on crypto assets and regulation

The Hindu  

One of the most striking moves in the Union Budget’s taxation proposals for 2022-23 is the introduction of a taxation regime for virtual digital assets — evolving manifestations of cryptocurrencies, codes and non-fungible tokens. Finance Minister Nirmala Sitharaman has proposed to tax all profits from transactions in such assets at 30% along with the applicable surcharge and cess, and a …

No rationale for lowering 30% tax on crypto profits: Revenue Secretary Tarun Bajaj
2 years, 10 months ago

No rationale for lowering 30% tax on crypto profits: Revenue Secretary Tarun Bajaj

The Hindu  

The government is open to resolving genuine problems and reservations of crypto-trading players arising from the new taxation regime for virtual digital assets, but is of the firm view that there is no economic rationale for lowering the proposed 30% tax on profits from crypto assets’ trading. While a review of the 1% TDS rate for all virtual assets’ trades …

Crypto Tax Proposed in Budget 2022 Explained: How and When you have to Pay Tax on Crypto
2 years, 10 months ago

Crypto Tax Proposed in Budget 2022 Explained: How and When you have to Pay Tax on Crypto

News 18  

Finance minister Nirmala Sitharaman in Union Budget 2022 announced that India will levy a steep tax at a flat rate of 30 per cent on virtual assets including cryptocurrency and Nonfungible tokens or NFTs. “Accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at …

Investing in crypto? Transactions done before April 2022 won’t be tax-free. Read
2 years, 10 months ago

Investing in crypto? Transactions done before April 2022 won’t be tax-free. Read

Live Mint  

The Central Board of Direct Taxes on Thursday clarified that crypto transactions done before April this year will not be tax free as was believed by some. During There has been a phenomenal increase in transactions in virtual digital assets and the magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime. “Accordingly, …

Dutch investors urged to declare crypto holdings as tax office's power expands
2 years, 10 months ago

Dutch investors urged to declare crypto holdings as tax office's power expands

NL Times  

Lawyers in the Netherlands are urging their clients to rectify their old tax returns and declare their cryptocurrency assets. A new EU directive on data sharing, which is likely to take effect later this year, will give the Dutch tax office, Belastingdienst, the ability to check whether someone owns cryptocurrency. The Belastingdienst trusts that crypto investors report their holdings honestly …

How cryptocurrencies are taxed around the globe
2 years, 10 months ago

How cryptocurrencies are taxed around the globe

India Today  

Finance Minister Nirmala Sitharaman on Tuesday announced that any income from cryptocurrencies will be taxed at 30 per cent. If your crypto is taxed as a capital gain, you'll only pay Capital Gains Tax on half of any profits of a crypto transaction. Instead, your crypto will either be subject to Capital Gains Tax or Income Tax. Germany Cryptocurrency is …

Union Budget 2022: India introduces 30% cryptocurrency tax; how it will affect you
2 years, 10 months ago

Union Budget 2022: India introduces 30% cryptocurrency tax; how it will affect you

Firstpost  

Union Budget 2022-23: The announcement of a heavy tax on crypto income has come as a big disappointment for crypto investors as finance minister Nirmala Sitharaman also gave no relief in case of losses Finance minister Nirmala Sitharaman in her 2022 Budget Speech Tuesday said that 30 per cent tax would be charged on income from the transfer of virtual …

Dear Indians, value of cryptocurrencies you hold is now down by 30 per cent as govt moves to take its cut
2 years, 10 months ago

Dear Indians, value of cryptocurrencies you hold is now down by 30 per cent as govt moves to take its cut

India Today  

Finance Minister Nirmala Sitharaman on Tuesday announced that any income from cryptocurrencies will be taxed at 30 per cent. The decision to tax digital assets grant them the much asked for legitimacy but at the same time, comes as a major setback for existing crypto investors who are set to lose 30 per cent of their income in the next …

Budget 2022: Nirmala Sitharaman should clear regulatory ambiguity around cryptocurrency
2 years, 10 months ago

Budget 2022: Nirmala Sitharaman should clear regulatory ambiguity around cryptocurrency

Firstpost  

The Union Budget for the upcoming year comes at an interesting time. The finance minister could officially acknowledge the potential of the crypto industry in the country and pave the way for its inclusion within the financial ecosystem with such positive statements of intent**. ** The first positive step would be for the government to define crypto and at the …

Taxing cryptocurrency transactions
2 years, 11 months ago

Taxing cryptocurrency transactions

The Hindu  

Notwithstanding the eventual introduction of the Cryptocurrency and Regulation of Official Digital Currency Bill in Parliament, cryptocurrencies continue to proliferate. Although the Income Tax Act, 1961 does not specifically mention cryptocurrencies, it does cast a wide enough net to bring crypto transactions under its ambit. Even if one argues that crypto transactions do not fall under the above heads, Section …

Govt seeks disclosure of crypto transactions, holdings
3 years, 8 months ago

Govt seeks disclosure of crypto transactions, holdings

Live Mint  

In a first, the ministry of corporate affairs has asked all companies in the country to mandatorily disclose any dealings in cryptocurrency or virtual currency in their balance sheets. This is a major step towards regulating crypto assets in India and is expected to bring in a lot of transparency in reporting or filing of crypto investments. The companies have …

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