Questions tagged [tax on income]

Rosalia Thu Jul 18 2024 | 7 answers 1783

Could you elaborate on the process of calculating taxes on income derived from cryptocurrency in India? I understand that the taxation framework for digital assets is evolving, but I'm curious about the current approach. Do investors need to declare their crypto gains as part of their annual income tax returns? Are there specific rates or brackets for crypto income? Are there any exemptions or deductions that can be claimed? Additionally, how are crypto-to-crypto transactions taxed? Any guidance on the documentation required and the filing process would be greatly appreciated.