Cryptocurrency Q&A
How to file a tax return for cryptocurrency?
How to file a tax return for cryptocurrency?
CherryBlossomDance
Wed Dec 18 2024
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5 answers
1040
I hold some cryptocurrencies and need to know how to properly file taxes on them. I'm looking for guidance on reporting my crypto gains and losses on my tax return.
5 answers
Andrea
Fri Dec 20 2024
Investors are required to disclose earnings derived from cryptocurrencies and other virtual digital assets (VDAs).
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lucas_taylor_teacher
Thu Dec 19 2024
The tax authorities have imposed penalties for non-compliance, including failure to deduct or deposit tax at source (TDS) under sections 271C and 276B.
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Carlo
Thu Dec 19 2024
If these assets are held as investments, the income should be declared as capital gains.
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ThunderBreezeHarmony
Thu Dec 19 2024
Conversely, if they are held for trading purposes, the income should be reported as business income.
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Riccardo
Thu Dec 19 2024
For those who earn business income from cryptocurrencies, it is imperative to use ITR-3 instead of ITR-2 for filing taxes.
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