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X has purchased Rs 60, worth of Bitcoins and later, sold it for Rs 80, He crypto fort amg crypto Ethereum worth Rs 40, and sold them for Rs 30, The exchange charged a trading fee of Rs 1, The tax on both these transactions shall be computed as under:.

Here, Rs 10, loss amg crypto not allowed to amg crypto offset against the gains of Rs 20, Also, the trading fee of Rs 1, is not allowed as a deduction. Ministry of Corporate Affairs MCA has made it mandatory to disclose gains and losses in virtual currencies.

Also, the value of cryptocurrency amg crypto on the balance sheet date is to be reported. More info mandate can amg crypto considered as the first move of the government towards regulating cryptocurrencies. Please note that this mandate is only for companies, and no such compliance is required from the individual taxpayers. However, reporting and source taxes on the gains on cryptocurrency is a must for all.

As discussed above, the taxation of crypto gains is determined by the type of transaction. You can use our crypto tax calculator to calculate your taxes accurately and with amg crypto. For the financial year and amg crypto yearyou will need to declare your crypto kyc taxes using either the ITR-2 form if reporting as capital gains or the ITR-3 form if reporting as business income.

As per the standard income tax rules, the gains on the crypto-transactions would become taxable as i Business income or ii Capital gains.

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