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Income tax department may target crypto transactions by Anjali Devri





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Income tax department may target crypto transactions by
Article Posted: 10/07/2021
Article Views: 248
Articles Written: 73
Word Count: 401
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Income tax department may target crypto transactions


 
Business,Law
Important news for Investors since it is believed that Income Tax Department may target cryptocurrency transactions in the near future. If cryptocurrency trades are subject to taxation, traders could have to include it in there the ITR Form. According to recent reports that there is a possibility that the Finance Ministry is considering taxing cryptocurrency income via trading and trading on crypto exchanges.

The sources say that even if this happens, however, the government is unlikely to declare cryptocurrency under an appropriate class position. This article focuses on the latest reports that suggest that The Income Tax Department may target cryptocurrency transactions.

International Crypto Exchanges might encounter GST rates of 18%

Indian banks had a problem with limiting the services of local crypto exchanges, so they shifted to foreign exchange markets.

In the aftermath, the Indirect Tax Department is investigating whether these exchanges be required to pay GST and also be registered for GST. The reason is that they also provide "data" services.

A number of experts have indicated that the services offered through such exchanges (trade-in cryptocurrency) provide online access to information databases as well as retrieval (OIDAR) services. Therefore, according to OIDAR regulations, any electronic or data service provided in the direction of Indian Citizens or anyone based in India is taxed.

The tax department could be a target for crypto transactions

The Chief Executive Officer of the WazirX cryptocurrency exchange says that a clarification of the tax on goods and services (GST) associated with cryptocurrency will aid in identifying the cryptocurrency asset class. In addition, he states that like other incomes, cryptocurrency profits can be taxed, and must be noted when filing ITR.

However, it isn't yet clear what GST applies to the number of coins acquired or transaction costs that are paid from the end-user. In this respect, the government could soon make a legislative decision that will clarify this issue.

RBI Governor on Concerns Over Crypto

RBI Governor Shaktikanta Das expresses deep concern about cryptocurrencies, such as Bitcoin (BTC). He says "We have expressed to the government our serious and substantial concerns regarding cryptocurrencies from the standpoint of financial stability."

You may read more about GST & Income Tax Department may target Crypto Transactions

Moreover, you require any kind of guidance related to the ITR Filing or GST Return Filing, please feel free to contact our business advisors at 8881-069-069.

Related Articles - #incometax, #itr, #incometaxreturnfiling, #itrfiling,

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