Quote from: webtricks on May 20, 2020, 08:37:10 AM

Quote from: hamaravijay on May 20, 2020, 07:36:00 AM

Ok you mean if we get the free lance income in bitcoins then if i convert to any other cryptos and that cryptos conveted to INR later will be treated as normal bracket right i mean we no need to pay capital gains rather we should pay regular taxes on the income right......?

Please update this line in your FAQ's there are many people having this doubt that they are thinking that it is also treated as capital gains but it is treated as normal tax as you said i request to please update the FAQ's thanks!

Thanks!

Right! I have updated FAQ, here is the excerpt of the same:

Quote from: webtricks on December 03, 2019, 04:48:10 PM

Q3. I have received freelancing income in Bitcoin and then I bought altcoins with bitcoin. Later I sold altcoins for profit, how should I treat my income in return?
Ans. Theoretically, you have made two taxable events - one when you received income in bitcoin and second when you sold altcoins for profit. But due to anonymous nature of cryptocurrency, you can treat all transactions as single taxable event and pay tax on the final amount withdrawn to bank as per normal tax slab. Read this post for more details: https://bitcointalk.org/index.php?topic=5206607.msg54447056#msg54447056

Great thanks for adding.

Another important doubt here.

you said all the transactions will be paid as regular income of the year under normal slab but can we mention these transactions in the itr file returns......... or how to mention this income source............?

Thanks!