Tax on Cryptocurrency: If you have invested in digital currency, then know how to pay tax, what will happen if you do not pay it?

Tax on Cryptocurrency: If you have invested in digital currency, then know how to pay tax, what will happen if you do not pay it?

Tax on Cryptocurrency: Recently the deadline for filing income tax returns for individual taxpayers has been extended till December 31. There are many such taxpayers who have made big money by investing in cryptocurrencies. In such a situation, there is a situation of confusion about how that income will be taxed. The position of the government regarding cryptocurrencies is not yet clear. However, according to media reports, it is believed that it will be given the status of a commodity in the cryptocurrency bill and all the rules ranging from tax will be according to that.

If you have also invested in cryptocurrencies, then you should know about the opinion of tax experts on whether you should pay tax on the earnings from it and if you do, then on what basis to pay tax. TaxBuddy's Sujit Bangar, in a conversation with CNBC TV18, said that the income earned on investment in cryptocurrencies can be taxed in two ways. They say that the same rules apply to tax on cryptocurrency holdings as are applicable to capital assets as per section 2(14) of the Income Tax Act.

Share cryptocurrency investing information

Bangar said that if a taxpayer has invested in cryptocurrencies and his taxable income is more than 50 lakhs, then such taxpayers should disclose the digital currency investment in the income tax return filing. When he sells the cryptocurrency holdings, he will either lose or gain. At the time of filing tax return after sale, as per capital gains rule, tax should be paid.

capital gains tax rules

Talking about capital gains tax rules for cryptocurrencies, if the holding is less than 36 months then it comes under short term capital gain. If it exceeds 36 months, then it is called long term capital gain. Tax will be levied according to which category the taxpayer's investment falls in.

No capital gains tax on miners

Rajasekhara Reddy of Pallala Chartered Accountant and India Filings said that bitcoin holders can be of two categories. The first could be bitcoin miners, while the other would be investors. In case of mining, when he sells bitcoin, it will not be called capital gain. Overall, tax experts say that if you have a portfolio in cryptocurrencies, then give this information in the return filing. Also, take the help of an expert before filing the return so that the taxpayers do not face any kind of problem.

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Sony launches 85-inch 8K LED TV in India for Rs 13 lakh, know what's special in it

Sony launches 85-inch 8K LED TV in India for Rs 13 lakh, know what's special in it

 Sony Bravia XR Master Series 85Z9J 8K LED TV has been launched in India for Rs 12,99,990. The large screen LED television has a resolution of 7,680x4,320 pixels, runs on Android TV software, and is powered by the Sony XR Cognitive Processor. The most expensive TV in the company's product range in India, is now available for sale in India through Sony retail stores, its online stores, leading electronics stores and select e-commerce portals.

Next generation content support in 8k TV

Sony's new TV is equipped with advanced features with 8K resolution and supports next generation content. While the device isn't yet available for 8K content viewing in India, the Sony 85X9J is worth considering if you want to watch high-resolution content at 8K resolution in the future. The Sony 85X9J TV will compete with the 8K option from brands like Samsung, LG and Hisense.

Specifications of Sony Bravia XR Master Series 85Z9J LED TV

The key feature of the Sony 85Z9J TV is its 7,680x4,320-pixel LED screen with support for HDR up to Dolby Vision format. In addition, the TV works on Android TV for smart connectivity with the Google TV interface, and also supports Google Chromecast and Apple AirPlay. The TV is powered by Sony's XR Cognitive processor, which has also been seen at some of the company's other launches this year.

Sony's new TVs have a rated output of 85W through a ten-speaker setup that includes two mid-range drivers, four tweeters and four subwoofers. There's Dolby Atmos audio support, and the TV has 16GB of onboard storage for apps and app data, along with the Google Play Store for apps. The TV also supports local dimming, with a refresh rate of up to 120Hz at Ultra-HD resolution.

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