EddieJayonCrypto

 1 Jan 24

tl;dr

In India, crypto tax works differently from capital gains tax, with a flat 30% tax plus 4% cess applicable on both short-term and long-term crypto gains. The Income Tax Act, 1961 treats cryptocurrencies differently under Section 115BBH, and the crypto tax regime does not differentiate between long-t...

Article Summary: In India, crypto tax works differently from capital gains tax, with a flat 30% tax plus 4% cess applicable on both short-term and long-term crypto gains. The Income Tax Act, 1961 treats cryptocurrencies differently under Section 115BBH, and the crypto tax regime does not differentiate between long-term and short-term asset transactions. Additionally, a 1% Tax Deducted at Source (TDS) on the transfer of crypto assets came into effect on July 01, 2022, adding an additional layer of compliance. This different treatment of crypto tax, compared to traditional capital gains tax, reflects the evolving nature of the cryptocurrency landscape and the regulatory framework surrounding it.

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