Bitcoin crosses $1 lakh for the first time: Gave 118% return in 1 year
Bitcoin, the world's largest cryptocurrency, crossed the historic level of $1 lakh on December 5. Currently it has reached $102,585 (Rs 86.91 lakh). It has given a return of 118% in the last 1 year. In India, 30% tax is applicable on earnings from cryptocurrency and 1% TDS is applicable on transactions.
INDC Network : Business : Bitcoin crosses $1 million for the first time: 118% return in 1 year
Bitcoin hits the $1 million mark for the first time
Bitcoin, the world's largest cryptocurrency, created history on December 5 by registering a growth of more than 7% to reach $1,02,585 (Rs. 86.91 lakh) . This is the first time that the price of Bitcoin has crossed the $1 million mark.
| date | Bitcoin Price (USD) | Bitcoin Price (INR) |
|---|---|---|
| 6 December 2023 | $43,494 | ₹36.85 lakh |
| 5 December 2024 | $1,02,585 | ₹86.91 lakh |
118% return of Bitcoin in 1 year
Bitcoin has recorded a whopping 118% gain over the past year. Its price on 6 December 2023 was $43,494, which has now reached $1,02,585. According to experts, its price may see further increase in the coming time.
| year | price (USD) | % increase |
|---|---|---|
| December 2023 | $43,494 | - |
| December 2024 | $1,02,585 | 118% |
30% tax on cryptocurrency earnings in India
30% tax is mandatory on cryptocurrency income in India . Also 1% TDS is levied on the transaction. This tax also applies to crypto gifting.
| Source of income | Tax rate |
|---|---|
| Income from cryptocurrency | 30% |
| TDS on transaction | 1% |
| Crypto Gift Tax | 30% |
Cryptocurrency: A Digital Payment System
Cryptocurrency is a network based digital currency that is used to pay for goods and services. It cannot be controlled like the currency of any one country.
- The first cryptocurrency: Bitcoin
- Release: 2009
- Producer: Satoshi Nakamoto
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