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Virtual assets

kannan (accountant) (28 Points)

06 September 2024

sir , please give informations regarding virtual assets taxation while preparing 44AB preparing .. how to enter these details in capital gains ... if any pdf please share

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (4311 Points)
Replied 06 September 2024

Virtual assets, such as cryptocurrencies, are taxed in India as capital gains. Here's a brief overview for preparing Form 44AB: 1. _Determine the type of virtual asset_: Identify the type of virtual asset, such as Bitcoin, Ethereum, etc. 2. _Calculate capital gains_: Calculate the capital gains or losses from the sale of virtual assets. 3. _Classify as short-term or long-term_: Classify the capital gains as short-term (STCG) or long-term (LTCG) based on the holding period. 4. _Rate of tax_: Apply the relevant tax rate: - STCG: 20% (plus cess and surcharge) - LTCG: 10% (plus cess and surcharge) without indexation or 20% with indexation 5. _Report in Schedule CG_: Report the capital gains in Schedule CG of Form 44AB. To enter these details in capital gains: 1. _Schedule CG_: Fill in the details of the virtual asset sale in Schedule CG. 2. _Section A_: Fill in the details of the asset, including the type, sale date, and sale proceeds. 3. _Section B_: Fill in the details of the cost of acquisition and improvement. 4. _Section C_: Calculate and fill in the capital gains. For more information, you can refer to the Income Tax Department's guidelines on virtual assets and the CBDT's circular on taxation of virtual assets. Unfortunately, I cannot share PDFs, but you can search for the official guidelines and circulars on the Income Tax Department's website or consult a tax professional for personalized guidance.

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Pranav Aggarwal (515 Points)
Replied 08 September 2024

Please correct me if I am wrong,

as per income tax act cyrpto taxation is 30% without indexation and loss from one cyrpto cant be set off with same head and inter head income

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