Tax on Crypto Transactions
Income Tax Department Prepares To Tax 30% Profits Made On Cryptocurrency Transactions
30 percent 'Cryptocurrency tax' proposed in the Union Budget of India to be implemented from 1st April 2022.
At present, the Income Tax Department is keeping a close watch on every transaction on crypto exchanges.
Income Tax Department officials have been directed by the Central Board of Direct Taxes (CBDT) to monitor crypto transactions.
Complete information about crypto tax
officers will keep a close eye on major coins like Bitcoin, Etherium are going on.
Let us tell you that the turnover of 10 major cryptocurrency exchanges is between ₹ 34,000 crore to ₹ 1 trillion.
The Income Tax Department official said that apart from crypto exchanges, we will also track crypto transactions through reporting entities.
The new tax regime for cryptocurrency will come under section 285BA and sub-section (k) of the IT Act.
Under 114E of the Act, individuals are required to report financial statements set out in the Statement of Financial Transactions (SFT)
As per this Act any person who is liable to audit under section 44AB (such as individual, HUF, firm, etc.
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