Yup it would be taxable I should have mentioned that. What I meant to say for businesses accepting BTC would have other and extra taxes apart from Income like

Yup it would be taxable I should have mentioned that. What I meant to say for businesses accepting BTC would have other and extra taxes apart from Income like Sales/Excise For miners I assume it would be either considered as a owned commodity or intagible personal property. I would assume just like any other commodity the current market value is considered if you have not traded in local currency. Also if you have bought BTC and sold to make some profit by trading, there would be commodity tax.