![]() ![]() ![]() Just upload your form 16, claim your deductions and get your acknowledgment number online. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.Įfiling Income Tax Returns(ITR) is made easy with Clear platform. The tool applies all the relevant tax provisions and provides you with the correct tax payable on cryptocurrency transactions.Ĭlear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. The utility tool allows you to calculate the amount of tax on cryptocurrency transactions in two simple steps. Benefits of Using a Cryptocurrency Tax Calculator The income tax rules do not allow any deductions from the sale price of the assets except the purchase cost. Also, the purchase cost should not include any other expenses. The details should be entered transaction wise in the cryptocurrency tax calculator instead of aggregating the figures for the whole year. It is important to note that you are also liable to pay the appropriate surcharge and cess over the amount of tax liability calculated in the cryptocurrency tax calculator. The utility tool will show you the income tax liability amount you must pay on the given cryptocurrency transaction. In the utility tool given, enter the sale price of the cryptocurrency transferred and the cost of acquisition of the same. How to Use the Cryptocurrency Tax Calculator? Therefore, the cryptocurrency tax calculator helps the taxpayer calculate the tax payable amount by applying the relevant income tax rules. Such losses cannot be carried forward to the subsequent years to adjust the future income earned on crypto transactions. Also, you cannot adjust the loss incurred from the transfer of cryptocurrency against income from any other heads. Further, no deductions are allowed from the sale price of the cryptocurrency, except the cost of acquisition. Any income earned from cryptocurrency transfer would be taxable at a 30% rate. The government has proposed income tax rules for cryptocurrency transfer in Budget 2022. What is an Cryptocurrency Tax Calculator? People can use cryptocurrency as a store of value like gold or other assets or use it to pay for goods and services. It can be stored, traded or transferred electronically. You can use it in financial transactions or for investment purposes. It uses the decentralised system to record transactions and issue new units. A cryptocurrency is information, code, or token that exists digitally generated through cryptographic means. ![]()
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