Well this might be the million dollar question among the investors over the bitcoin whether investors can able to get set off gains after facing severe blow against the bit coin by the trading commodities in this year?
The trading commodity or stocks regulators have implemented strict rules over the investors of the cryptocurrency bitcoin. Well the new rules were implemented while calculating the income tax liabilities for the year. To be frank many investors are still in confused state whether they supposed to declare their profits or losses in the bit coin investments under the business income category. Several reached out the income tax department to seek the clearance of their submission.
Tax Gain of the investors on crypto currency bit coin
Recently, the income tax department had issued notices to near about 5 lakh crypto currency investors after conducing peculiar searches on the top bitcoin exchange centers which includes CoinSecure, Unocoin, Zebpay and so. Tax experts all over the nation quoted that the move taken by the tax department was the reaction to the post reported by the Economic times last months.
According the post of economic times, the investors of the crypto currency bit coin able find the loop hole on reducing their tax burden. With respect to the data cited in the ET, about 30% of tax can be gained by the bit coin investors after receiving mega bit coin gains.
Income tax for Current Financial Year
Now with the new rules, the investors of bit coins are supposed to pay 20-30% as the tax amount from their gains from the bit coins or from the other crypto currencies gains from this current financial year. However the regular traders can able to submit their speculative business income with their losses.