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IIT Kanpur student under 6 arrested for cryptocurrency fraud in Thane

Even as ITR season for the 2023-24 fiscal year is underway, it is imperative to complete the correct form and also declare your income from all sources. Income from cryptocurrency must also be reported on the income tax return form. Punit Agarwal, the founder of crypto tax platform KoinX, lists five best strategies for filing cryptocurrency taxes this season. He said, “It is required to file your crypto taxes to ensure you are compliant with Indian tax regulations. Failure to do so may result in fines and legal consequences.” Meeting your crypto tax obligations can save you huge fines. So, use the listed crypto tax return strategies to avoid legal complications and file your returns hassle-free. These strategies will even give you a better overview of your portfolio, Agarwal said. Understand Crypto Tax Laws There is a lot of confusion among crypto investors when it comes to tax laws and compliance. You need to stay abreast of developments in the crypto space through news and government announcements. Crypto events such as trading, staking, and mining are taxable as income tax, while holding and transfer between wallets are non-taxable. Moreover, gift is not taxable for a sender (any amount) but the receiver has to pay tax if the gift value exceeds Rs 50,000 in a fiscal year. Another noteworthy fact is that capital gains on cryptocurrency in India are subject to a 30 percent tax (plus a surcharge and 4 percent tax). Seek Professional Help A crypto tax professional is one of the most trusted sources of information during tax filing. They will advise you in which tax brackets your investments fall and assist you in filing your taxes. Stay compliant Don’t try to hide VDA (virtual digital asset) investments, report your capital gains in planned VDA and other crypto income in your ITR. Know your tax obligations, file taxes accordingly Keep accurate records of all investments and be prepared for an income tax return/audit if received. Using the above-mentioned strategies, you can seamlessly file your crypto tax return. Keep clear records of all your transactions, stay on top of all crypto happenings, and seek professional advice to accurately file your crypto returns. Keep Accurate Records It’s easy to lose track of your transactions when you have accounts on different exchanges and trade different cryptocurrencies. Here a crypto tax platform can help you reconcile all your transactions across platforms easily and accurately. Accurately tracking your transactions will not only give you insight into your portfolio’s performance, but also simplify your tax calculations. Tax software can help too Good tax software helps you calculate your total tax liability and seamlessly forwards all the information to a tax advisor to help you with taxes. In addition, you can download tax reports to better understand your crypto tax. – News18

by Nick Erickson
June 21, 2023
0

It is required to file your crypto taxes to ensure compliance with Indian tax regulations. (File photo)Meeting your crypto tax ...

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