SENTHIL SELVENDRAN (chartered accountant) (200 Points)
24 November 2023Dear Sir/Madam,
One of our client earns income receipts by investing crypto during the financial year 2022-23. The income is deducted TDS of 1% of on the total payout.
How can we show in the ITR.
How we can treat this (Capital Gain or Business Receipts)
prasad Nilugal
( GST Practitioner & Accounts )
(14606 Points)
Replied 24 November 2023
Crypto Currency is define under section 2(47A) of the income tax Act as " Virtual digital asset" .
If you are investing then its capital Gain and you have report in - schedule VDA in ITR2 .
If you are trading then it's business income and you have to report in - schedule VDA in ITR3 .
Take others opinion as well.
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