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India To Consider New Cryptocurrency Tax In Budget: PTI

India may change income tax laws in its annual budget in February to bring cryptocurrencies under the tax net, PTI reported


Cryptocurrency
Revenue secretary Tarun Bajaj said people are already paying capital gains tax on income from cryptocurrency and under the goods and services tax. Photo: Reuters

 

India may change income tax laws in its annual budget in February next year to bring cryptocurrencies under the tax net, the Press Trust of India reported, citing a top government official.

Revenue secretary Tarun Bajaj said people are already paying capital gains tax on income from cryptocurrency and under the goods and services tax.

“Now that it (cryptocurrency) has grown a lot, we will see whether we can bring in some changes…but that would be a budget activity. But yes, if you make money, you have to pay taxes,” Bajaj said.

Read the full report: Press Trust of India
 


 

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Kevin Hamlin

Kevin Hamlin is a financial journalist with more than 40 years of experience covering Asia. Before joining Asia Financial, Kevin worked for Bloomberg News, spending 12 years as Senior China Economy Reporter in Beijing. Prior to that, he was Asia Bureau Chief of Institutional Investor for ten years.

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