Last Financial Year which was 2018-2019 I did pay taxes on my Crypto Income so this was not huge news for me when it broke out. So I was holding on to this article but now that I will have to pay Income Tax for the Year 2019-2020 I realized something and I was very happy with it.
Last year when I filed my taxes I had to include my Crypto Income as Income from other sources as the Chartered Accountant that I hired to do my taxes didn't know what to do with that Income as there were no clear guidelines as to what section that Income of mine falls into.
But this time I will say the same things to my CA and he will have to specify in my Tax Returns that the Income has come from Cryptocurrency. The reason I am happy about this is that by doing so the Indian Government will clearly realize how big the Crypto Industry is in India especially in the eyes of the Local Public and not the Institutions. Crypto is huge among Indians and there has been no clear metric to measure how big it really is unless everyone discloses their Crypto Income in Tax filings and I believe if you are from India you should most definitely show your Crypto Income in your Taxes.
There are two main reasons I am asking every Indian to file taxes with Crypto Income in it. The first reason is pretty simple Filing Taxes is good for a lot of reasons and the second reason is the fact that if IT officials come crashing down on people hiding Crypto Money from them you might be in trouble and you most definitely don't want to be subjected to such Trials. Plus by paying Taxes you are just helping your own Government.