Do you have to report cryptocurrency investments as foreign assets on your in ITR?
If you have investment in Cryptocurrency, then this Could Be the Most Important Article For You.
Most Experts agree that profit or loss in digital currency like BIT COIN and other Crypto Currencies, must be accounted for in your Income Tax Return (ITR). Although, there is no clarity on whether the cryptographic money must be accounted for in ITR regardless of whether there has been no gain or loss from the same.
According to current Income Tax Law, an individual is needed to report all of his/her foreign Assets irrespective of his/her Income Level. So, do you need to report your cryptographic money Investment while you filing your ITR for the Financial Year 2020-21?
Read : What is Crypto currency?
What the Income Tax Rules State
Here is the rule that the current Income Tax Rules state about reporting of cryptographic money belongings in your ITR:
1) If a Individual’s Net Taxable Income exceeds Rs 50 lakh, then, at that point, he/she should report their Assets and liabilities in schedule AL of the ITR.
2) Similarly, if an individual is holding foreign assets for example, stocks listed in the US, then, at that point, he/she needs to report all of his assets and liabilities irrespective of total income Financial Year. An individual having foreign assets or who is a beneficiary of any assets or having signatory authority in any record situated outside India is compulsorily needed to report in ITR even his/her gross income is below the basic exemption limit.
source:https://economictimes.indiatimes.com/
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