Around 15 million investors have invested in cryptocurrencies worth Rs 15,000 crore, according to estimates provided by the Indian crypto industry. However, the income tax (I-T) department has not yet framed the requisite rules on tax payment and filing of returns for this asset class.

Experts suggest investors should nonetheless do both based on the best advice available. Ambiguities galore A cloud hangs over the legal status of cryptocurrencies in India, so the tax authorities, too, have not defined rules for them. Manish P Hingar, founder of Fintoo, says, “The Reserve Bank ...