ITR for crypto gains: What should investors keep in mind?

economictimes.indiatimes.com:

The government's classification of cryptocurrencies, NFTs, and tokens as virtual digital assets (VDAs) establishes their inclusion in the taxation framework. Therefore, any gains or income generated from these assets are subject to taxation. It is essential to navigate the crypto tax landscape to ensure compliance and accurately report your financial activities related to cryptocurrencies. How are Cryptocurrencies Taxed in India? All cryptocurrency purchases, sales, and transactions are subject to a 30% capital gains tax on profits, with no provisions for reduced rates or deductions under Section 115BBH. Along with the capital gains tax, a 1% Tax Deducted at Source (TDS) fee is applied to crypto asset transfers. Any transaction exceeding Rs 50,000 in a given financial year, the TDS that is deducted will be reflected in 26 AS and the same can be claimed back when filing income tax return.How to Calculate Tax on Cryptocurrencies?

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Let’s look at it with a simple example, Suppose B purchased 10 Ethereum coins on March 1, 2023, at a total cost of Rs 8,00,000. After holding them for some time, B decides to sell 7 Ethereum coins on September 1, 2023, for Rs 15,00,000. To calculate the tax liability for B, The cost of acquisition for B's 10 Ethereum coins is Rs 8,00,000. To determine the capital gains, we subtract the cost of acquisition from the selling price: Selling Price: B sold 7 Ethereum coins for Rs