Digital & Crypto currency tax matters

Cryptocurrencies could well be called the wonder of the 21st century for the financial world. Invest in it or not, you cannot ignore it. They reckon some regulations are likely, especially on the taxation. Taxation of these currencies is one of the vexed issues which is deliberated globally. Government of every country wants to tax the digital currency in one of the other. India is no exception. There have been divergent views by courts and apex body of banking system in India.

Recently government has come with some clarity on tax implications of dealing in crypto -currencies. However, a lot of ground is yet to be covered. Before applying taxes, cryptocurrencies need to be classified. Is it a commodity, a currency, or a new asset class altogether? This is what will throw light on taxation.

We understand the complexity of the above matter and therefore gained deep insight of the taxation aspect of digital currencies. We help our client in understanding the tax implications domestically and internationally. Under GST bitcoin may be treated as commodity and as a capital asset or business asset for Income Tax Purpose. We can assist our clients with understanding complex taxation of crypto currencies. We also advise on safekeeping of currencies in Wallets.