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RE: Bitcoin Trading Hits $3.5 Billion In India as HNIs Get Hit With Tax Notices!
These days IT department is more vigilant to cryptocurrency exchanges and traders, due to its huge potential these days.
My friend had several cases filed against him and his only way of getting out was paying the fines.
Money that we pay to exchanges as service charges itself is too much. And after paying taxes, most trades were not worth it.
I personally think there should be a trader-friendly tax system specially for cryptocurrencies.
If the transactions have happened in the financial year then it can be shown in taxes of that year. If he is a trader he can show it as a bussiness income.