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Business income when you have high volumes and frequent trades
Capital gains income when you intend to hold them for the long term
Other sources in certain scenarios
Until further clarification from the income tax department, Crypto-gains will be taxed as capital gains or as business income
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Capital gains (Upto 200 transactions)
Crypto interest income
Crypto dividend income
Capital gains (200+ transactions, includes intraday, leverage and derivative trading)
Everything from Plan 1
Crypto mining income upto 200 transactions
Income from sale of NFTs
Other business income i.e from lending crypto, ICOs etc.
Crypto mining income for more than 200 transactions
Everything from Plan 3
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The IT department has not yet clarified regarding tax implications on the profits earned from the crypto transactions. Please note that even when Cryptocurrency is not yet legalised by the Reserve bank of India (RBI), you must pay income tax on gains from cryptocurrencies. Tax on profits from crypto transactions is required to be paid on the basis of the nature of these transactions.
The gains on the crypto-transactions would become taxable as capital gains or as business income depending on the nature of these transactions.
Yes, all incomes are to be reported in your income tax return. Hence one has to report any gains and losses from the crypto-transaction in the income tax return.
The Income Tax department tracks all the transactions of taxpayers. Non-reporting of the crypto transaction might result in income tax notices, demands or income tax-related proceedings..
The rate of tax applicable on the cryptocurrency gains would depend on the nature of the transaction and its classification. The income tax department has not offered any clarification regarding the classification of gains from crypto-transactions. Till any clarification is received, the transaction can be reported as 'capital gains' or 'business income and taxed accordingly.
