India’s largest tax filing platform, ClearTax, has partnered with app-enabled bitcoin wallet Zebpay to help investors deal with cryptocurrency taxation.
The Cryptocurrency advisory plan will help investors and traders of bitcoin understand tax laws and reporting regarding taxation on trading and sale of cryptocurrency. Given the strong technological and tax expertise, ClearTax is nicely positioned to help people understand how bitcoins work. Investors and potential investors can seek expert advice and be assured of the best course of action.
In addition to the advisory plan, ClearTax has also launched CA-assisted tax filing services for those investors who have earned capital gains from the sale of bitcoins or other cryptocurrencies. The plan offers assistance at each step of the tax ladder, along with expert advisory for tax planning.
The rise and fall of Bitcoin have fascinated the investor community. With the digital currency Bitcoin rocketing to a $19,694-level last year, it was no surprise that investors flocked to benefit from gains on it. Although virtual currencies were well received by Indians initially, there continues to be confusion around it. Investors are unsure about how to pay tax on their gains and how to report them on their tax return.