Government of India has ruled that crypto incomes are to be subjected to taxation

By Finextra8 days ago

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At the end of March, the Indian Government introduced new cryptocurrency rules for companies in the country. It mandated that, starting from April 1st, all Indian firms that deal with crypto must report all their cryptocurrency transactions and holdings when they submit financial information for taxation.

As the Minister of State for Finance and Corporate Affairs Anurag Singh Thakur stated, since income from whatever source derived is included in the Income Tax Act, the gains from cryptocurrency-related services are liable to be included in these rules.

This really does not come as a surprise. Cryptocurrency is following the same formula as any other new innovative financial service and will likely go through the same development lifecycle.

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