Cryptos:  11,965Exchanges:  411Market Cap:  $2,144,431,225,21624h Vol:  $84,221,249,499Dominance:  BTC: 42.2% ETH: 18.8%ETH Gas:  34 Gwei
Cryptos:  11,965Exchanges:  411Market Cap:  $2,144,431,225,21624h Vol:  $84,221,249,499Dominance:  BTC: 42.2% ETH: 18.8%ETH Gas:  34 Gwei

Despite no laws, Indian minister says traders must pay taxes on Bitcoin

HeadlinesNewsDespite no laws, Indian minister says traders must pay taxes on Bitcoin

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Despite no laws, Indian minister says traders must pay taxes on Bitcoin

CryptoSlate5 months ago
Published on March 30, 2021 07:00 GMT+0edited on March 30, 2021 07:59 GMT+0

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An official from India’s ministry of finance said Monday that all gains from trading cryptocurrencies like Bitcoin were liable to income tax, as per a report on markets outlet Financial Express.

The sector exists in a legal grey area in the country, and investors were so far (seemingly) confused about whether to declare their gains or not. But as it stands, the taxes need to be paid and there’s no running away from that.

Taxes on Bitcoin, crypto gains

As per the report, Anurag Singh Thakur, the Minister of State for the Finance Ministry, cited the Income Tax Act of 1961 and stated that as the ‘income from whatever source’ was mentioned in the law, all gains from trading cryptocurrencies were taxable according to that same law regardless of whether they were explicitly mentioned or not.