Crypto Tax

Crypto tax doesn’t make trading legal – Indian tax dept. Chief

The head of the Central Board of Direct Taxes (CBDT) J.B. Mohapatra says paying levies on crypto holdings doesn’t legalize crypto trading.

India’s finance minister Nirmala Sitharaman had earlier notified the public of a new 30% crypto tax policy during the much-awaited budget session. Consequently, multiple news sources suggested that the country has legalized crypto assets.

However, the tax department Chief J.B. Mohapatra has threaded away from those lines by suggesting that the levy does not give investors the green light to trade crypto assets.

“The crypto trade or the digital assets transactions do not ipso facto become legal or regular just because you have paid taxes on that.” J.B. Mohapatra said.

Instead, Mohapatra claims that the new tax policy is necessary because it will allow the government to trace unlawful crypto activity.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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