Tax on Crypto Transactions

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30 percent 'Cryptocurrency tax' proposed in the Union Budget of India to be implemented from 1st April 2022.

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At present, the Income Tax Department is keeping a close watch on every transaction on crypto exchanges.

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Income Tax Department officials have been directed by the Central Board of Direct Taxes (CBDT) to monitor crypto transactions.

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Complete information about crypto tax

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Let us tell you that the turnover of 10 major cryptocurrency exchanges is between ₹ 34,000 crore to ₹ 1 trillion.

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The Income Tax Department official said that apart from crypto exchanges, we will also track crypto transactions through reporting entities.

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The new tax regime for cryptocurrency will come under section 285BA and sub-section (k) of the IT Act.

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Under 114E of the Act, individuals are required to report financial statements set out in the Statement of Financial Transactions (SFT)

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As per this Act any person who is liable to audit under section 44AB (such as individual, HUF, firm, etc.

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These TOP 25 Multibagger penny stocks for 2022 have a great earning opportunity..!

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