As a result, crypto trading among Indian investors has spiked, said news reports.
A flat 30% income tax on cryptocurrencies and non-fungible tokens (NFTs) was introduced in 2022 by the Indian government. Investors cashing in on the rally should know their advance tax and reporting obligations to avoid getting penalized under the Income Tax (IT) Act. Since 1% TDS is deducted from the sale of these virtual digital assets (VDA), these transactions will appear on Form 26As.
Mint lays down the rules around taxation of cryptocurrencies:
Is there a difference in taxation if crypto is bought and sold on an Indian vs an international exchange?
"This tax applies uniformly to gains from both types of exchanges, with no deductions permitted beyond the cost of acquisition," said Neeraj Agarwala, Partner, Nangia & Co LLP.
"However, transactions on international exchanges may require additional reporting under the Foreign Exchange Management Act (FEMA) and should be disclosed as foreign assets in your tax filings, if applicable," he added.
この記事は Hindustan Times の November 14, 2024 版に掲載されています。
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この記事は Hindustan Times の November 14, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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