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Income invested in cryptocurrencies may be difficult if ITR is not shown, warn tax experts

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Income invested in cryptocurrencies may be difficult if ITR is not shown, warn tax experts

Common investors still confused about cryptocurrency bill

New Delhi:

The bill related to the regulation of cryptocurrencies has not yet come, but the precautions and advice related to it are constantly being given to investors by experts. One of the big issues related to cryptocurrencies is the income from it. Financial experts say that people who have invested in cryptocurrencies or have not disclosed the income earned from it in the income tax return, then they can get into trouble. He says that half of the people have shown it as business income. They are assuming that they will be saved by paying 30 percent tax.

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But if cryptocurrencies are taxed at 50-60 per cent, then they will suffer. In such a situation, if the ITR of the last financial year 2020-21 has not been filled, then definitely keep it in mind. If ITR has been filed and has not been mentioned then it is necessary to consult a tax expert.

Vaibhav Jain, advisory head, Tavaga Advisory Services and a long experience in high net worth individuals, said that the draft of the bill for cryptocurrencies has a provision that you will have to pay investment and income within 90 days from the time the law comes into force. will have to be disclosed. The government can give an exit route in this. Voluntary disclosure scheme will come. If grand fathering clause can also come, then tax will have to be paid.

why did this happen all of a sudden

Vaibhav Jain said that in 2019 also the government had tried to bring a cryptocurrency bill, and tried to impose a blanket ban. Banning of Cryptocurrency and Regulation Digital Currency has named it as this. No one recommends investing in something which is not in regulation. The government does not allow this. The government has the sole authority of currency. It sees a lot of ups and downs.

15 percent women investors in cryptocurrencies

Jain said that 15 per cent of cryptocurrencies are women, who do not know anything about it. According to unofficial statistics, there are more than 100 million crypto investors in India, which is the highest in the world. Even though their investment value is very less. Which crypto will be banned or regulated is not yet clear. What kind of digital currency will the government bring, it will also be clear through the bill. The monopoly on digital currency lies with the government and the Reserve Bank.

Why did cryptocurrency come into the world

Economists said that if countries like America kept printing money in the world, then its value would have decreased and inflation would increase. Therefore, after printing indiscriminately, the concept of digital currency came and it was limited to 2.10 crores. That is, digital currency cannot be printed indiscriminately. This can be done in many countries. India says that if we allow transactions in such currency, then it will be a government digital currency. Because it can be misused in terrorist funding, drug smuggling.

Why regulation in India only

Jain said that China repeatedly wanted to regulate cryptocurrencies, but failed. PM Modi is saying that crypto should be controlled. He has appealed to all the countries to come together on this issue. Britain, America, other countries do not impose restrictions and if India does so, there will be little effect. There will be clarity in this after the bill comes.

What should cryptocurrency investors do?

Only after clarity in the bill will be known what investors to do. But there is a possibility of exit route. Be prepared that the cryptocurrency you have invested in may also be banned. Also, you should be ready to pay tax in it. Children are investing too.

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