Is the profit earned on Zebpay by selling Bitcoin taxable?
Taxable income refers to the amount of total income that is subjected to taxation. In business, there is taxable and non-taxable income. Once the taxable income is determined, tax is determined based on the corporate rate for the company. The corporate rate will differ based on the country where the the comany is located.
Answer and Explanation:
Yes, the income earned is taxable. The organization must declare all the sources of its incomes. Benefits or income received from sale of Bitcoin are not tax exempted or non-taxable. Therefore, tax on such income shall be paid.
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from Accounting 202: Intermediate Accounting IIChapter 8 / Lesson 2