Question ID :
41041
TAXATATION OF CRYPTOCURRENCY IN CASE OF F&O
Dear Members,
I have a query regarding Trading of Future & Options in Cryptocurrency. As of now, no law or directions/ Circulars/ Notifications are issued by CBDT so in this case how we can treat the trading of F&O for taxation purpose and how we can determine the turnover for tax audit. Whether the same method of share F&O (derivatives) has been used for calculation of tax or some different method?
Request you to all, please share your valuable knowledge in this regard.
Regards
CA Neha Gupta
Posted by
CA Neha Gupta
on
May 13, 2021
Filed Under
DIRECT TAXES
It shall be treated as Business and Profession. The turnover is settlement gain or loss. If the aggregate of the gain or loss is more than INR 1 Cr then the tax audit shall be applicable. Same method will be followed for the calculation of tax for F& O derivative.
Posted by
CA. JHA SHANKAR KUMAR on
May 14, 2021
Answer ID :
81119
I think the same method needs to be used as of now as no separate method has been announced.
Posted by
NAMAN MALOO on
May 21, 2021