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RuleMate India

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SHORT ANSWER: Income from cryptocurrency is taxed at a flat rate of 30% in India. DETAILS: - The Income Tax Act, 1961 applies to income from cryptocurrencies. - No deductions are allowed except for the cost of acquisition. - Losses from cryptocurrency cannot be set off against other income. PUNISHMENT / IMPLICATIONS (if applicable): - Failure to report income may lead to penalties and interest on unpaid taxes. SOURCE: - Income Tax Act, 1961
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