India to Amend Income Tax Laws to Include Cryptocurrency Gains
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The Indian government is considering making amendments to the income tax laws to include cryptocurrency gains.
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India is considering new changes to income tax laws
The Indian government is making amendments to the income tax laws to bring cryptocurrencies under the tax net, which could form part of the Budget next year, Press Trust of India quoted a top official as saying.
Revenue Secretary Tarun Bajaj said that when it comes to income tax, some people are already paying capital gains tax on the income from cryptocurrency, thus the attempts to bring the latter under the tax net.
Bajaj said that after digital currencies gained prominence, the government may make tax changes, according to Bloomberg.
The plan to amend tax laws comes as India considers additional measures related to digital currencies.
Prime Minister Narendra Modi urged democratic countries earlier this week to cooperate in terms of regulating private cryptocurrencies to avoid them falling "in the wrong hands.”
