Home |Cryptocurrency | I am working for a company abroad online from india. I am getting paid in crypto. Is this legal if i convert to cash? If so how i file tax for my salary?

I am working for a company abroad online from india. I am getting paid in crypto. Is this legal if i convert to cash? If so how i file tax for my salary?

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Shyamal Modi Shyamal Modi, Tax Advocate | Financial Advisor | Virtual CFO verified
Answered on September 19,2023

First things first, Crypto, although taxed, is still not legal in India! 

There are many platforms to receive your money in legal currency, such as Paypal, Stripe, etc. So, it's better to use them!

Secondly, Salary/Freelance income received in crypto will be taxed as per your slab rates.

If there are any gains in crypto, then the same is taxed at 30% + cess.

 

Let us understand what the gains in your case could be:

Assuming you received your income on 10th August, and you withdrew the same in your bank account on 30th August. Then if there is any gain during the above period will be taxed @ 30% + cess.

 

For filing your ITR, I would always recommend consulting a professional as there are many legalities in filing the ITR which one might not know!

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