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No escaping taxation on income earned from cryptocurrency trading

DNMUM417972 | 7/11/2018 | Author : Jabeer KM | WC :560

Personal Finance

In April, the Reserve Bank of India had mandated that all financial institutions under its control must stop servicing cryptocurrency exchanges and other crypto-related businesses within three months. Giving them a deadline of July 6, the RBI has instructed banks to terminate their existing relationships with firms or individuals dealing in cryptocurrencies. Last week, this decision was backed by the Supreme Court of India that said that the RBI’s directive will remain implemented.
A number of investors had anticipated this move had exited their positions right after the RBI directive. These individuals will come under the tax bracket and will have to figure out the slab rate and do the needful. However, there are individuals who bel
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