Bitcoin Tax by Indian Government: How
TAXATION OF BITCOIN AND OTHER CRYPTO CURRENCIES IN INDIA 😊 To understand the tax implications of Cryptocurrencies in India, the following points need to be understood under the context of the Income Tax Act: 1) Business Income - These are the profits and gains received from any business or profession carried on by the tax payer at any time during the Financial Year. It includes 'any' compensation received or other payment due to be received. Further, the compensation may be received in Cash or Kind. 2) Capital Gains - It means any income which has been derived from a 'Capital Asset' (whether movable or immovable) 3) Capital Asset - It means property of any kind held by the taxpayer, whether or not connected with his business or profession. However, this does not include any Stock in Trade Note: Since the cryptocurrencies have not been declared as legal tender by the Reserve Bank of India, these cannot be considered as legal tender (cash)...