Can the government tax crypto

can the government tax crypto

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Crypto Taxes Explained For Beginners - Cryptocurrency Taxes
Since cryptocurrency is not government-issued currency, using cryptocurrency as payment for goods or services is treated as a barter transaction. The gains made from trading cryptocurrencies are taxed at a rate of 30%(plus 4% cess) according to Section BBH. Section S levies 1% Tax. The IRS classifies cryptocurrency as property, and cryptocurrency transactions are taxable by law, just like transactions related to any other property. Taxes.
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  • can the government tax crypto
    account_circle Akinokus
    calendar_month 01.08.2021
    At me a similar situation. Let's discuss.
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How to learn about investing in cryptocurrency

For the financial year and assessment year , you will need to declare your cryptocurrency taxes using either the ITR-2 form if reporting as capital gains or the ITR-3 form if reporting as business income. Here, Rs 10, loss is not allowed to be offset against the gains of Rs 20, If the transaction takes place on an exchange, then the exchange may deduct the TDS and pay the balance to the seller.