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