Critical and Comparative Analysis of Taxation Laws With Respect To CryptoCurrency in India

Abstract

A government's primary duty is to provide its people with public services, for which it needs funding to cover its costs. Taxation, among other things, serves as a significant source of funding for public spending. The government has been able to uncover new avenues for revenue collection because to technological advancements. The peculiar issue of cryptocurrency taxation in India is one of them. Cryptocurrencies, in contrast to fiat money, are decentralized and run on a peer-to-peer infrastructure that is free from outside interference, such as that of the Reserve Bank of India. This Article's goal is to investigate cryptocurrencies and the current regulatory framework around them. It explores the various forms that cryptocurrencies can take and analyses (1) the domestic legal framework that currently exists and how it relates to cryptocurrencies, (2) domestic laws that affect how cryptocurrencies are taxed, and (3) The reactions of the world's major economies to cryptocurrencies