More Questions  Than Answers 

On crypto tax, investors and experts have more questions than answers

Many tax experts seem to have raise questions about what would happen to investors' previous-year profits.

The government has said that losses cannot be set off—but if the tax law is not retrospective, losses from the past can technically be carried forward, say tax experts.

Can that be carried forward?

The concerned amendments are prospective from April 1, 2022.

“Taxation should be applicable at normal income tax slab rates or capital gains tax rates and not the flat 30% rate till March 31, 2022”

National leader-tax at EY India, Sudhir Kapadia said:

Could the cost of an investor's mining equipment be deducted from the sale of cryptocurrency if he has mined his crypto?

 how crypto swaps will be taxed and how to handle taxes on international exchange operations.

Investors also want the government to provide greater clarification on two main issues: 

Dinesh Kanabar, CEO, Dhruva Advisors said:

"The way the provisions are worded, it may be a challenge to set off gains or digital assets against losses from another class of similar assets."