Indian Income-tax Department to shortly target cryptocurrency traders

Syed AhadWeb Editor

14th Sep, 2021. 12:26 am

Cryptocurrency tax laws are initial to mainstream cryptocurrency acceptance by the governments, Indian entrepreneurs believe.

Crypto traders and crypto exchanges soon to be taxed, Income Tax Department of India reportedly consider, experts believe investors should rest certain.

The tax department which works under the ministry of finance of India has mentioned interest to tax crypto earnings via trade and exchanges.

Yet, the sources stated that this change will not allow cryptos to a legal asset class position.

Indian entrepreneur Nischal Shetty, CEO of WazirX crypto exchange, said that,

“It’s a no-brainer that your crypto earnings are taxable like other income and should be declared in the Income Tax Returns. As of now, it is not clear whether the GST would be applied on the amount of cryptocurrency bought or on the transaction fees paid by the user.”

Adsence 300X250