Cryptocurrency and Income Tax
Clarification on the Taxation of Cryptocurrency in India was highly awaited for the crypto holders. With the introduction of Budget 2022 the government has announced taxation norms on the same. Key pointers regarding income tax implications on cryptocurrencies in India are as follows

1. Cryptocurrency – Meaning as per Income Tax provisions

• a form of virtual digital asset
• not being an Indian currency or foreign currency as per the provisions of Foreign Exchange Management Act, 1999

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