Last Update 10 kuukautta sitten
In the most recent budget 2022, Finance Minister Nirmala Sitharaman stated that any transaction involving virtual money which includes transfer or sale will be taxed according to the Income Tax Act's requirements. If you trade Bitcoins or any other cryptocurrency, you will now be required to disclose all of your transactions to the Income Tax department.
One factor to consider is whether the exchange through which cryptocurrency is purchased is based in India or elsewhere. If it is based in India, it is termed an Indian asset. However, if the exchange is based outside of India, your cryptocurrency holdings may be regarded as foreign assets and that must be disclosed in ITR as they are also taxable.