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Should Income From Cryptocurrency Be Taxed As Capital Gains? How?
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ndtv.comNot declaring income/loss from crypto trading can invite penal consequences
When the coronavirus pandemic swept through the world, shutting down businesses and other economic activities, there was a certain gloom surrounding the markets. But the rise of cryptocurrency helped push away some of the uncertainty. People moved to invest in this emerging industry and many saw their wealth grow rapidly, even though the crypto world remained largely unpredictable and volatile. Soon, there were calls for taxing the income generated from cryptocurrency investments. There was one problem, however. Cryptocurrency was not a legal tender and hence no regulation or guidelines on how the income would be taxed.
This created confusion among taxpayers. Several
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