Cryptocurrency CA India | Cryptocurrency Tax Consultant | Crypto CA

Cryptocurrency CA India (29)

Cryptocurrency CA India: Commonly ask questions to a Cryptocurrency CA India 1) Is Cryptocurrency legal in India? Cryptocurrencies are not illegal in India. ... However, India does not have a regulatory framework to govern cryptocurrencies as of now. The government had constituted an Inter-Ministerial Committee (IMC) on November 2, 2017, to study virtual currencies. 2) Why is Banks banned Cryptocurrency? Banks stated that in the absence of a clear directive from the RBI, they would stick with the prohibitive stance on cryptocurrency. They had cited a lack of acknowledgment by the RBI of the top court order as the reason for cutting ties with crypto exchanges. 3) Is it safe to invest in Cryptocurrency in India? Yes, it is safe. In a recent surprising yet positive stance on cryptocurrencies, the Reserve Bank of India (RBI) on May 31 clarified that banks and other regulated entities cannot cite its 2018 circular on cryptocurrencies as it has been set aside by the Supreme Court (SC) in March, 2020. 4) Can I convert Bitcoin to cash in India? You should not convert your BTC to INR through P2P trading. Indian coin exchanges, Wazirx are providing facilities to sell BTC directly to other potential buyer through this trade but it is very risky as you don't know the identity of the buyer. 5) Which Cryptocurrency should I invest in now? Best Cryptocurrencies To Buy In May 2021 a) Bitcoin: . The king of all cryptocurrencies, Bitcoin, is the first of its kind to have the highest liquidity value. b) Litecoin. Litecoin comes second on our list because of its market capital and liquidity value. and c) Ethereum.

7 Precautions for New Cryptocurrency Investors in India

Recent Cryptocurrency price rise is bringing many new crypto investors to the market. Below are the 7 Precautions for New Cryptocurrency Investors in India and they would be better off by carefully going over each of those aspects. I have written extensively about the regulatory…

How should Airdrops be Taxed in India? 2021

Airdrops be Taxed in India? 2021 | cryptocurrencies | Crypto Taxes CA

Recently, a client approached me wherein he had made substantial profits via Airdrops. This prompted me to write today's article focusing on How should Airdrops be Taxed in India? 2021 Airdrops are free coins that are sent to the wallet of an Cryptocurrency Trader or…

Lost Bitcoin - Can you claim a tax deduction in India?

Cryptocurrency Tax India | Crypto Tax 2021 | Cryptocurrency Income Tax

Lost Bitcoin - Can you claim a tax deduction in India? Today we will talk about the scenario wherein an investor or trader has lost bitcoin and whether he claim a tax deduction on that loss in India. Bitcoins could be lost in variety of…