Harshita Kothari, ICFAI Law School, Hyderabad
ABSTRACT
Cryptocurrency - Digital Payment system is been found interesting in the business world. Transaction through batter system to coin system during the British India to Paper currency and now online transactions using Cryptocurrency- has been evolved a lot. New different ways of paying have been introduced and a lot of people are accepting it as it is easy and way safer. One such payment system in this paper is discussed which is cryptocurrency specifically Bitcoin. We will be understanding its Taxability in India.
There are many questions that come to our mind when the word Bitcoin is considered like “What are the tax implications on bitcoins? Is It safe?” This article aims to answer these questions accurately and analyze the future of Bitcoin, especially in India. We understand the meaning of Bitcoin, how to obtain them, trade them and also how it will be taxed. On 28th March 2021 the Minister of State for Finance, Mr. Anurag Singh Thakur clarifies that “the gains resulting from the transfer of cryptocurrencies / assets are subjected to income tax based on the nature of their assets.” With the given statement we are now waiting for SEBI and RBI are to speed up the digital currency framework to regulate the digital space.
The project is a systematic presentation consisting of the timeline, collected facts or data, analysed facts and conclusions.
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