For me, I have been showing the income under the head "income from other sources" which gets calculated in your total income and gives you a tax calculation. But this is effectively increasing my tax amount which I am paying out of my pocket. Any plan for this year to mitigate the due tax amount?
Since there is no clear regulations you should pay your taxes under income from other sources to be on the right side of the law. Since you are in the upper tax slab contacting a good chartered accountant is the way to go as they will suggest what to do to reduce the amount you pay.
Not really mate! Cryptos are not a legal tender in India. So it may be possible that I make 10 bitcoin from my yearly trading. But unless and until I cash out that bitcoins to the local currency, I will not be able to use that. I can have 10 bitcoins at my wallet, but it is of now use unless it is cashed out to INR. So how it can be considered an income if it doesn't have any value in my country?
You really cannot tell that bitcoin does not have any valuation in India. As long as you are able to withdraw to fiat currency this statement is void.
There is no regulation and clarity on the entire market, since the amount is coming directly to your bank account you are accountable for the amount you receive.
