Ever since the disappointing news of Drop in Bitcoin Trade last week in India over unpredictability and certain regulations, there is a little ray of hope that has come for the Indian crypto investors. The largest tax filing platform in India, Cleartax, is tying up with Zebpay, one of the leading Indian cryptocurrency exchanges, to help Indians with their crypto taxes.
The partnership is aimed at educating bitcoin investors and traders about the current crypto taxes and the laws and how they apply to reporting cryptocurrency incomes and profits.
According to media reports from last month, new regulations were expected by the end of March. Despite failing to introduce certain regulations, authorities in India are eager to venture into crypto earnings, like many other governments around world. Last month the Income Tax Department issued notices to thousands of cryptocurrency investors and questions followed. The taxpayers are not sure of how to report their crypto incomes and profits since the cryptocurrencies are neither legalized nor regulated,
A new initiative called the Cryptocurrency Advisory Plan will be supporting Bitcoin movement for Indian traders and investors in this year’s tax campaign, according to the Business Standard. The largest tax filing platform in the country, Cleartax, and one of India’s biggest bitcoin exchanges and wallet providers, Zebpay are the ones to come together to bring life to the plan via their strategies fro crypto taxes. The partnership is intended to help taxpayers understand and abide by the law regarding crypto taxes as a part of their transactions.
Cleartax has made it clear that holds with itself, the technological and tax expertise “to help people understand how bitcoin works”. CEO and founder of Cleartax, Archit Gupta said,
“With our expert-assisted plans, created in partnership with Zebpay, we want to clear the air around digital currencies. We’ve always aimed to simplify taxes for Indians. This latest offering is another step in the same direction,”
In February, India’s Income Tax Department sent tax notices to about 100,000 cryptocurrency investors, after monitoring the operations of leading trading platforms in the country. Suspecting dubious transactions as fraud, authorities investigated some of the largest cryptocurrency exchanges. Following which, banks have suspended many of their accounts.
Cryptocurrencies are still not considered as a legal tender in India and the largest Indian commercial banks also have been clamping down the operations of local crypto exchanges and individual traders. Even though, the legislation of India hasn’t officially mandated to impose any regulations on the cryptocurrencies.
KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.