Sumit Gupta, the CEO of Mumbai-based crypto exchange CoinDCX commented on the taxation and said,<\/p>\n
\u201cThe tax authority can also monitor earnings of cryptocurrency investors registered through KYC\/AML compliant exchanges like CoinDCX and through national identity documents such as the PAN card.\u201d<\/p><\/blockquote>\n
Experts anticipate that tax on cryptocurrencies could be as high as 30%. Tax experts are also suggesting their clients file Bitcoin returns as capital gains, similar to gains made on stocks.<\/p>\n
Bitcoin is a speculative business<\/h2>\n
According to tax and consulting firm AMK Global\u2019s partner Amit Maheshwari, active trading in Bitcoin will be considered speculative in nature and the regular tax rates will apply. The authorities may treat less frequent transactions as capital gains, which could be taxed at short-term or long-term tax slabs, depending on the period of holdings.<\/p>\n
The Indian tax authorities have not decided on the taxation bracket for cryptocurrencies yet. As of now, investors can declare their income from cryptocurrencies in the \u2018Income from Other Sources\u2019 category. More clarity on cryptocracy\u2019s legality and taxation status will help in improving investor participation in the sector. The sector still sees millions of dollars\u2019 worth of trade but it is occurring in a legal grey zone, without regulation or taxation.<\/p>\n
In September, there was news about the government eyeing a new law that would prohibit cryptocurrency trading completely, complete with fines and jail time for people dealing in the sector.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin investors in India may soon have to start paying taxes on their crypto income. Business newspaper Economic Times recently published a report on crypto
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![\"India](\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/12\/bitcoin-1-1.jpg\")
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