The Indian government wants to add cryptocurrency to the tax law.

The Indian government wants to add cryptocurrency to the tax law.

2021/12/4

According to sources, Indians who trade or invest in cryptocurrencies on Indian platforms may receive the attention of tax officials, and those who hold cryptocurrencies abroad may also receive the attention of tax officials. The government hopes to revise current income tax and disclosure regulations in the upcoming budget, including provisions for cryptocurrencies. People familiar with the matter said that the government hopes to obtain cryptocurrency revenue and investment in India and abroad. The government is considering amendments to Article 26A of the Income Tax Law and the Annual Information Regulation (AIR), which show data on all investments made by taxpayers, often referred to as "tax passbooks." One of the people familiar with the matter said: "It is recommended to add words such as cryptocurrency, encrypted asset, or digital currency to certain parts of the Income Tax Law. This means that those who submit tax returns must specifically disclose their investment or trading in cryptocurrencies. The income earned in it."

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