Is it legal to trade cryptocurrencies without paying taxes in India?

5 answers

• Dec 19, 2021 · 3 years ago
  Trading cryptocurrencies without paying taxes in India is not legal. The Indian government considers cryptocurrencies as assets and they are subject to taxation. If you trade cryptocurrencies without paying taxes, you may face legal consequences such as fines or penalties. It is important to comply with the tax regulations and report your cryptocurrency trading activities to the authorities.
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• Dec 19, 2021 · 3 years ago
  No, it is not legal to trade cryptocurrencies without paying taxes in India. The Income Tax Department of India has issued several notices and warnings regarding the taxation of cryptocurrencies. Failure to pay taxes on your cryptocurrency trading can lead to legal troubles. It is advisable to consult with a tax professional or seek guidance from the authorities to ensure compliance with the tax laws.
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• Dec 19, 2021 · 3 years ago
  As an expert in the field, I can confirm that trading cryptocurrencies without paying taxes in India is indeed illegal. The government has been cracking down on tax evasion related to cryptocurrencies and has implemented strict regulations to ensure compliance. It is important to understand the legal implications and fulfill your tax obligations to avoid any legal troubles.
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• Dec 19, 2021 · 3 years ago
  Trading cryptocurrencies without paying taxes in India is against the law. The government has made it clear that cryptocurrencies are taxable assets and trading them without reporting your income can result in legal consequences. It is recommended to keep track of your cryptocurrency transactions and consult with a tax professional to ensure compliance with the tax regulations.
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• Dec 19, 2021 · 3 years ago
  While I cannot speak for other exchanges, at BYDFi, we strongly advise our users to comply with the tax laws of their respective countries, including India. Trading cryptocurrencies without paying taxes is not only illegal but also unethical. We encourage our users to report their cryptocurrency trading activities and fulfill their tax obligations to contribute to a fair and transparent financial system.
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