3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 24 March 2018
Very recently, our Finance Minister, Mr Arun Jaitley, on being asked to comment on any decision proposed to be taken as regards crypto currency in general, has commented that, “Recommendations are being worked at. The government’s position is clear, we don’t recognise this as legal currency as of now,” . Further, the Central Bank also has chosen to reinforce its earlier message to “users, holders and traders of Virtual Currencies (“VCs”) including bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs.”
The government will come up with a notification soon to dispel the ambiguity around the legality of bitcoins, their taxability and disclosure requirement of bitcoins.
Without any such clear picture, it is likely to be taxed under head IFOS,,,,, with 30% tax margin.....
FAHEEM AKRAM
(293 Points)
Replied 25 March 2018
f we have only one income which is related tution fees so which ITR can we file? i m teacher
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 25 March 2018
Ideally, ITR 3 (AY 2017-18), is suitable.
Depending upon occassional hours vocation, or low amount receipt, ITR 1 can be filled.
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