Bitcoin tax in India: Here’s how you can deal with the issue
Bitcoin was trading at $7,618.16 down 5.34% with market capitalisation of $129.10 billion.
While most investors struggle to understand the real future of Bitcoin and other cryptocurrencies in India, there are always something or the other happening in the country when it comes to trading in digital currency. Whether Indian government regulates Bitcoin or not, trading in the cryptocurrency is currently happening here, but that does not mean an investor is not bound for any regulatory actions regards to trading in the latter. One such regulatory action, an investor definitely needs to understand is taxation levied on their capital gains from Bitcoin, which is why, to make things easier, India’s largest tax filing platform ClearTax has partnered with app-enabled bitcoin wallet Zebpay to help investors deal with cryptocurrency taxation.
Archit Gupta, CEO and Founder of ClearTax said, “With our expert-assisted plans, created in partnership with ZebPay, we aim to clear the air around digital currencies and become top advisory in all matters crypto. We’ve always aimed to simplify taxes for Indians, and this latest offering is another step in the same direction.”
Together with Zebpay, ClearTax has launched a portal called as Cryptocurrency Advisory Plan which helps investors and traders of Bitcoins understand tax laws and reporting regarding taxation on trading and sale of cryptocurrency.
Additionally to the advisory plan, ClearTax also introduced CA-assisted tax filing services for those investors who have earned capital gains from the sale of bitcoins or other cryptocurrencies.
This plan offers assistance at each step of the tax ladder, along with expert advisory for tax planning.
The rise and fall of Bitcoin has fascinated the investor community. With the digital currency Bitcoin rocketing to a $19,694-level last year, it was no surprise that investors flocked to benefit from gains on it. On Thursday, Bitcoin was trading at $7,618.16 down 5.34% with market capitalisation of $129.10 billion.
Nischint Sanghavi, Head of Exchange, Zebpay said, “We were looking for a like-minded partner like ClearTax who can help people who have queries related to taxation in cryptocurrencies.”
While entering into cryptocurrency advisory section on ClearTax, an investor can have live chat with the experts by mentioning their email ID and mobile number.