5 Important Critical Points to Consider While Filing ITR in 2023 of Cryptocurrency Trade in India

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Understand the tax implications of cryptocurrency trading

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Keep accurate records of your cryptocurrency transactions.

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Report your cryptocurrency gains in the correct schedule

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Pay the taxes you owe on time

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Get professional help if you need it.

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Points to Consider While Filing ITR in 2023: Cryptocurrency Trade in India

Understand the tax implications of cryptocurrency trading

The government of India has imposed a 30% tax on the profits from cryptocurrency trading, along with any applicable surcharges and a 4% cess.

Keep accurate records of your cryptocurrency transactions.

You will need to keep accurate records of all your cryptocurrency transactions, including the date, time, price, and quantity of the cryptocurrency you traded, as well as the fees you paid.

Report your cryptocurrency gains in the correct schedule

You will need to report your cryptocurrency gains in Schedule VDA of your ITR.

Pay the taxes you owe on time

You will need to pay the taxes you owe on your cryptocurrency gains before the due date of filing of Income tax returns of that AY.

Get professional help if you need it.

If you are not sure how to file your ITR for cryptocurrency trading, you should get professional help from a tax advisor. They can help you understand the tax implications of cryptocurrency trading and file your ITR correctly.