Decoding crypto reporting requirements in new income tax return forms

• May 25, 2023
• CA Chandan Agarwal's Office

A key concern of taxpayers has been around treatment of losses from the sale of crypto

The government has finally, via the Finance Act of 2022, included taxation of cryptocurrencies or virtual digital assets (VDA) in the Income Tax Act and laid out some key aspects around how much tax one has to pay on the gains, whether losses can be set off and which expenses to claim as deduction from gains arising from the sale of cryptocurrencies.

Source: https://www.livemint.com/money/personal-finance/finance-act-2022-introduces-taxation-of-cryptocurrencies-in-income-tax-act-key-aspects-and-implications-for-taxpayers-11684949317824.html