Investment in Cryptocurrency Taxable?
Every income is taxable unless otherwise stated that is the rule. This implies that even cryptocurrency would be taxable. The tax implications depend on whether a person is investing in it as an asset or mining it. If held as an asset it is divided between business and personal needs. With business, the regular corporate tax applies and for personal depending upon duration (more than 3 years or less than) it will be treated as long-term capital gain or short-term capital gain and relevant slabs will apply. For Mining Section 55 of IT, act deals with it, though it hasn’t recognized it, the tax will be applicable through disclosures. Disclosure is done in the income tax statement and mining is shown as an asset in the schedule.