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ITR for crypto gains: What should investors keep in mind?

All cryptocurrency purchases, sales, and transactions are subject to a 30% capital gains tax on profits, with no provisions for reduced rates or deductions under Section 115BBH. Along with the capital gains tax, a 1% Tax Deducted at Source (TDS) fee is applied to crypto asset transfers. Any transaction exceeding Rs 50,000 in a given financial year, the TDS that is deducted will be reflected in 26 AS and the same can be claimed back when filing income tax return. ....

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ITR 2023:Tax Forms Have New Schedule For Declaring Virtual Digital Assets

The Central Board of Direct Taxes (CBDT) has come out with forms for Income Tax returns for this financial year 2023-24 and have an additional feature incorporated in the Income Tax Return forms. A separate schedule for Virtual Digital Assets (VDAs) has been added to report income from digital assets like cryptocurrency etc. Provisions for taxing VDAs were introduced from ....

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