Crypto Tax

Over 72% of Indian crypto trading volumes went to offshore exchanges in FY25: KoinX report

The 1 percent TDS levied on transactions accounted for only about 0.60 percent of the overall turnover on domestic exchanges

Govt collected Rs 437.43 cr in income tax on cryptocurrencies in FY24, up by 62% YoY

This is the first time the government has disclosed the information on crypto taxes collected since it was implemented in 2022.

Crypto traders hit with hefty tax penalty as IT Dept cracks down on P2P transactions

Over the past few weeks, many crypto investors received income tax notices for non-payment of taxes on peer-to-peer (P2P) trades through foreign exchanges. A Binance spokesperson told Moneycontrol that the exchange has been closely monitoring and reporting suspicious trades to FIU-Ind.

India's crypto conundrum: Balancing regulation with realising its market potential

While the global landscape for cryptocurrency continues to evolve, the Indian government is taking a cautious approach

US Treasury finalizes new crypto tax reporting rules

The new requirements aim to crack down on crypto users who may be failing to pay their taxes, and stem from the $1 trillion bipartisan 2021 Infrastructure Investment and Jobs Act. At the time the bill was passed, it was estimated that the new rules could bring in close to $28 billion over a decade.

Budget 2024: Crypto industry bats for tax reductions, regulatory tightening of offshore exchanges 

Letters sent out to the finance ministry last month by Bharat Web3 Association and CoinDCX highlighted concerns over the 30 percent VDA tax burdening small Web3 and crypto businesses and the need for a level playing field by bringing offshore exchanges under TDS regulations.

Filing ITR for crypto gains? Here’s what you need to know | Simply Save

Investors should disclose all their centralised exchange wallets, international wallets as well as decentralised finance wallets in the income tax form, says Indy Sarker, co-founder of TaxCryp.