cryptocurrency: Government favours taxing cryptocurrency trades: ET Now

Synopsis

The tax department favours taxing cryptocurrency exchange and trades in the country. But, it doesn’t mean that they would be categorised as a valid asset class.

The ET Now tweet added that the government feels that an activity that generates income should be taxed.Cryptocurrency trades and ecosystem could be taxed in the near future, sources told ET Now.

The tax department favours taxing cryptocurrency exchange and trades in the country. But, it doesn’t mean that they would be categorised as a valid asset class.

The ET Now tweet added that the government feels that an activity that generates income should be taxed.

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The news comes at a time when there is a raging debate over how to treat cryptocurrencies.

The RBI has also said that it will launch a pilot of its digital currency by the end of this year.

Source

Updated: 09/13/2021 — 05:00

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