India has open up its arms for cryptocurrencies in the month of march, 2020. As the vigorous reflection of that action, Crypto Industry fires up in that country and encourage many indians get into it and invest in cryptos. Now in the end of the year, the indian government is planning to collect tax for cryptocurrency related investments.
The Tax department, collect data regarding the bitcoin trades from banking channels. “The tax authority can also monitor earnings of cryptocurrency investors registered through KYC/AML compliant exchanges like CoinDCX and through national identity documents such as the PAN card,” Sumit Gupta, CEO of Mumbai-based cryptocurrency exchange CoinDCX, told CoinDesk.
Some experts are anticipating a 30% tax on cryptocurrency gains, and many are advising their clients to file bitcoin returns as capital gains, which are associated with stocks, according to the article.
Thus, the tax implementation is the sign of recognition and the indication for amazing future of Crypto Industry. It is smart to print your feet in the crypto industry by starting a Cryptocurrency Exchange and actually, it is not a big deal with Cryptocurrency Exchange Software, by making use of this software, any business person can launch their own Crypto Exchange instantly and easily without much effort