There’s no doubt that a cloud of FUD has been cast over the Indian crypto community due to the current lack of regulations and the possibility of unfavourable ones in the near future. Although the levels of enthusiasm for Blockchain technology and its ground-breaking applications remain high, its adoption continues to struggle owing to seemingly complex legalities. Unfortunately, more often than not, the perception of law is confused for the…
Posts published in “Tax-on-Crypto”
In December 2017, a tender notice from Directorate of income tax went out for publication of a book titled “Introduction to Cryptocurrencies and Forensic examination of a Bitcoin transaction.” 250 Copies of the 97 page book were ordered for distribution in the department. RTI response reveals the book was meant for ‘departmental use’ and is not for ‘ordinary citizens’ We read everyday how the tax departments and governments of other…
US based BearTax is tapping onto a market that is literally something we know so less about – Crypto Taxation. We know less because we are based in India – where we have no set guidelines yet on how Cryptocurrency tax must be calculated. For example – Taxation laws in the US consider every crypto transaction as a taxable event, which means that those bitcoins spent to buy ripple or…