![Bitcoin rally profits? Don’t overlook advance tax and reporting obligations Bitcoin rally profits? Don’t overlook advance tax and reporting obligations](https://i0.wp.com/www.livemint.com/lm-img/img/2024/11/13/1600x900/HK-BITCOIN-26_1731504020243_1731504030425.jpg?w=600&resize=600,400&ssl=1)
Bitcoin rally profits? Don’t overlook advance tax and reporting obligations
Source: Live Mint In 2022, the Indian government introduced a flat 30% income tax on gains from cryptocurrencies and Non-Fungible Tokens (NFTs). Investors riding the current rally should be aware of their advance tax and reporting obligations to avoid penalties under the Income Tax (IT) Act. With a 1% TDS deducted on sales of these…