Confused about how much tax is paid by the cryptocurrency? Please read it carefully to find out the answer.

in #mgsc6 years ago

cleartax-1200x628.png

Some of our respected readers have already asked about the tax status of Indian cryptocurrencies. With this in mind, we are writing a similar article.

Although the rules governing cryptocurrencies are being worked out, we want to emphasize that taxes are different ball games in the same category. Whether or not they can trade with cryptocurrencies, they may be taxed if they hold cryptocurrencies.

During the tax season, we wrote several articles about Cleartax bundled with cryptocurrency exchanges such as Unocoin and Zebpay to help investors understand how much tax they need to submit.

We contacted Cleartax and asked if they did. The person said: "So far, the government has not clearly defined any taxes specifically for cryptocurrencies. Taxes are still based on income. However, cryptocurrencies have two possible tablets. Or 12% (marked as commodities) ), either 18% (for capital gains).

When we talked to him, Unocoin's founder Sathvik Vishwanath also conveyed similar information. On this occasion, he once said, “The income tax is applicable regardless of whether the activity is regulated or not, unless explicitly exempted. We have seen our customers pay the income tax after receiving the notice recently. Since the trial has always existed in their bank account Our users are less likely to evade taxes."

According to an article by Cleartax, the taxes imposed on cryptocurrencies vary, depending on the method of acquisition. So far, there are the following methods:

*Bitcoin mining
*Bitcoin is transferred as an investment in exchange for real money
*Bitcoin is transferred as a trading stock in exchange for real money
*Received Bitcoin as a consideration for sales of goods and services

We hope this article clarifies our readers' concerns about cryptocurrencies and taxes. Please be assured that we will update as soon as possible after the regulations are introduced.

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