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No data on tax collected from crypto investors and exchanges: Finance Ministry in Parliament

The scope of blockchain tech in providing financial services was also revealed by the Ministry, separately.

“The extant statutory provisions on scope of total income for taxation as per section 5 of the Income-tax Act, 1961, envisage that total income shall include all income from any source derived,” Finance Minister Nirmala Sitharaman explained in response to a question by Rajya Sabha MP Sushil Kumar Modi during the winter session of Parliament on November 30. She added that there is no separate section or provision in the Act which “deals specifically with the rate of tax, applicability and collection of tax on the income earned by crypto exchanges” presently. The response elaborated that the income earned by these exchanges is liable for tax under the head Business or Profession stated in Chapter IV of the Act. Sitharaman also clarified that there is no ready information on tax collected from investments made in crypto assets during the question hour…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

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