Hi i am a freelance software developer. Between september 2024 and december 2024 i took payment in crypto and coverted it inr. Now that tds is showing in my portal but my total income is less than 3 lakh. Total value of crypto converted betwen this time frame is 1.5 lakhs. Can anyoe give me advice on this
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Regarding tax query
Replies (1)
In India, income from cryptocurrency transactions is taxable. Gains from crypto transactions are treated as business income or capital gains depending on the nature of the transaction.
TDS may apply on certain transactions involving crypto currencies as per tax laws. You should verify if TDS ws correctly deducted considering the nature of their transactions.
You should report the income from crypto transactions in their tax return, considering the total income is less than three lakhs and the specifics of crypto transactions.
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