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The existing 30% tax levy on crypto trading continues to be in force, so does the stringent regulation that prevents traders from offsetting losses incurred in crypto transactions against profits from other crypto trades or any alternative income sources.
In fact, other amendments have been made in this realm, which only tighten the reins for those who engage in crypto trading.For instance, in search cases, virtual digital assets will now be part of undisclosed income, attracting a higher tax rate. Or for that matter, while taxpayers had to disclose income from crypto trading in income-tax return, disclosure requirements have widened.
The Organisation for Economic Co-operation and Development has developed a Crypto Assets Reporting Framework, which provides for automatic exchange of tax relevant information on Crypto Assets. India is one of the jurisdictions implementing Automatic Exchange of Information.
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