The largest tax filing platform in India, Cleartax, together with Zebpay, one of the leading Indian cryptocurrency exchanges, is uniting efforts to help Indians with their crypto taxes. The partnership aims to educate bitcoin investors and traders about the current tax laws and how they apply to reporting cryptocurrency incomes and profits.
Helping Taxpayers Understand the Law
Indian regulators are still struggling to find the best approach to cryptocurrencies like bitcoin. Statements by officials that new rules will be implemented soon have not been followed by actions. On the contrary, attempts to impose oversight on the crypto ecosphere have led to conclusions that this isn’t going to be an easy task. According to media reports from last month, new regulations were expected by the end of March.
Despite failing to introduce comprehensive regulations, authorities in India are eager to tap into crypto earnings, like many other governments around world. Last month the Income Tax Department issued notices to thousands of cryptocurrency investors, as news.Bitcoin.com reported. Questions followed. If cryptocurrencies are neither legalized nor regulated, how are taxpayers expected to report their crypto incomes and profits?
A new initiative called the Cryptocurrency Advisory Plan will support Indian bitcoin traders and investors in this year’s tax campaign, according to the Business Standard. Joining hands in the effort are the largest tax filing platform in the country, Cleartax, and one of India’s biggest bitcoin exchanges and wallet providers, Zebpay. The partnership is intended to help taxpayers understand and abide by the law regarding taxation of cryptocurrency transactions.
Clearing the Air Around Cryptocurrencies
Cleartax claims it has the technological and tax expertise “to help people understand how bitcoin works”…