Topic: 30% tax on crypto income in INDIA - page 2. (Read 349 times)

We really hope that there will be many adoption processes from various developing countries in the world towards bitcoin, even though as happened in India the application of a 30% tax from crypto miners to the local government is certainly a big price but indirectly it can at least re-increase public trust in bitcoin with the adoption by several countries as happened in India, with this step at least it can increase public confidence in the crypto world today

Paying taxes is good because paying taxes is the duty of people and businesses to help the country develop. But with a tax rate of 30% is really too high compared to other professions so not everyone who invests in crypto has a high income. This will really affect the crypto market in the long run, if other governments will also apply the same or even higher tax rate it will cause a lot of difficulties for investors and the market.

pic: internet

What do you mean? How can any government tax someone over money they lost? They tax the gains, if you have lost money than there is no gain, so of course you are not going to pay. Otherwise it would be like asking for tax money to a business that when bankrupt, how are they supposed to pay? And especially, why should they?

move country! like this is a brilliant idea lol. I feel that the crypto tax imposed on the Indian citizens is very large, what about those who make no profit (loss) with their crypto investments, are they taxed too? Many countries nowadays only think about the obligations of their citizens but do not think about the rights of their citizens.

The 30% tax imposed by the Indian government on miners is indeed very large with this amount but this provides a distinct advantage for the crypto world where we can say that bitcoin is starting to be accepted by the public although not yet fully, where only certain countries have adopted bitcoin such as what India has done, with the taxation.we really hope that bitcoin can last for a long time in the country, moreover bitcoin is currently experiencing such a sharp decline.so that with the adoption it can at least increase the price of bitcoin on the stock market global

Even the government is now more concerned with the income of the traders so that they will try to profit from the traders by applying taxes. It might be understandable if the government legalizes crypto trading and provides permits and guarantees for the safety of traders on a (even if centralized) platform, but if it's 30% then I believe the government seems to want to prevent the growth of crypto there.

Income tax can be expected by the government, not within reasonable limits. If that's too high then the OP really should keep the asset without selling it to avoid taxes. You can convert it to fiat at any time when you agree with your country's tax laws.

Most likely they would touched up centralized platforms basing up on calculation on someones who had been dealing with active fiat conversions which would really be that possible through these platforms.

If you do ask for some possible sources then i cant think off any possible ways yet detection specifically with these transaction is impossible.Try to look on other taxation thing just like in US
where everything cant really be filtered out perfectly due to decentralized aspect and anonymity of crypto which make things more harder.

if that should happen in what way government who is calculating the percentage of individual cryptocurrency, is any detecting machine or device that monitors each wallet of investor, 30% of income, if that should be happen, is for the working class or any citizens, i will slightly believe or agree with you, i think something's is missing somewhere else

To date, the Indian government hasn't legalized crypto in India.

And still, charging 30% tax on crypto trading.

I personally think that the Indian government should focus on its own fiat currency INR, rather than making crypto taxable.

The second important thing is as we all know no one control Bitcoin's Price, Bitcoins Production, and even Bitcoins distribution, in such a scenario how any government can charge this much amount of tax for no reason.

The Indian government has no solid-state framework for Crypto regulations. So the government is trying to increase taxes so that users cannot get into crypto.

But this is much more dangerous for the upcoming generation. As crypto is changing the ways of financial activities, it is very hard for any government to monitor, at the same time due to the fundamental specifications of crypto it is hard to ban it.

In India there is more corruption and black money accumulation. The accumulated black money were much on the Switzerland banks as they don't reveal identity of the people. In specific most of the funds were of the politicians. Now the government fear that those accumulated black money might enter the country in the form of cryptocurrency. The government believe that high taxation will make people stop using bitcoin, but the hard reality is different.

The title says 30% tax, and I wanted to say it's unreasonable and too high, but then you write that it's "up to 30%", leading me to assume that the tax depends on the income, which is a very different story. Then I tried googling it, and it seems that the 30% tax rate is flat, not progressive. If that's indeed the case, meaning that no matter how little you earn, you still need to pay 30%, it's truly unreasonable, and I'm sorry for that. Then I'd investigate the prosecution for people who don't pay it: what's the worst that can happen, and how often anything happens in practice? It really depends on how common it is to not pay taxes, especially if you don't earn that much (very common in my country), and then you have to make a personal decision. I'd think in the following manner:
- if you don't earn much on cryptos and the worst that can happen is a fine which you'd be able to pay, I'd just not pay taxes
- if you don't earn much of cryptos, but the punishment for tax evasion is very significant, I'd stop earning with cryptos
- if you earn significant amounts of money in cryptos, maybe paying a 30% tax is okay, so that there're better roads, healthcare, education for people in your country
- if you earn significant amounts of money in cryptos, but are not willing to pay 30%, why not either relocate to another country or register your business activity in another country which has friendlier crypto policies?
In any case, op, good luck!

This is going to impact only the Indian cryptocurrency market that, with all due respect, it's not very important. We survived the actual ban from China, not for bitcoin only but for mining as well, having or not having India won't change things, I just feel sorry for the Indian people.

It is true that India was not in favor of crypto from the very beginning, but I think the Indian government understands that they cannot ban crypto. People will still figure out how to use crypto in any form, so taxing is the method they devised and taxing 30% is too greedy.
This is really terrible for Indian investors but to survive and continue the market this is probably the only way they can accept.

Indian government is not in favor for crypto in the first place so don't expect any positivity from there government because they only doing the tax law to control there citizen for using cryptocurrency. India government is very strict when it comes to there economy. This is really a bad news for crypto userin India but it's much better than completely banning cryptocurrency to there citizen. India is not prepared for crypto acceptance like EU so we should expect this kind of news or more harsher law to moderat crypto use in the future.

This is not really good news for India, I think people will refrain from investing in it for huge taxes. This could hinder the progress of cryptocurrency. Even then, a Member of Parliament from India has been thinking positively about it. He has already spoken about it in Parliament. "Government doesn't understand Crypto hence the strictly regulations": Priyanka Chaturvedi

This is what was mentioned in this website:


It seems that India has now regulated the taxing purposes of cryptocurrencies in their countries including all NFTs. This can definitely backfire such country especially that lots of their citizens are relying on cryptocurrencies for alternative means of earning money. Just a quick question, will the government be able to track down earnings from campaign signatures? I wonder on how will be the implementation of this law- like would they be strict as to really track down every cryptocurrency earning?

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¹: https://www.wionews.com/business-economy/india-30-tax-on-profits-from-cryptocurrency-assets-from-april-1-466277

if they have the knowledge to invest every month by putting aside their income then this is a good thing for india, as this will rub off on their friends and eventually most of the population. by investing on the right track, their money will be safer to keep in the long term. therefore it takes a community to provide sharing to beginner bitcoiners so as not to fall into misleading knowledge.

I'm wondering how they're going about monitoring and enforcing this...  Sure, it might be easy to get the exchanges to force this tax on this clients, but what about everyone else?  Certainly websites based in India aren't suddenly charging 30% more are they?  Is this the sort of thing where people are going to be taken to jail for using p2p services?  It seems like a knee jerk reaction to trying to get some funds from wealthy investors to me.  I doubt they're going to be wasting time and money tracking small purchases done by their citizens, but who knows...  The world is becoming increasingly hungry for people's private data.  Even those I thought once respected privacy are now obsessed with tracking to the point it's damaging operations.

I'm not sure about the second option for a country like India, I try to explain myself better: a EU citizen for example can easily go to another country within the EU without needing a permit/visa; people in the US can go to another US state with different rules; I'm not sure if Indian people can actually move somewhere else as permanent resident without a visa. Of course it all depends on the amount of money we're talking about, $100k for example may look like a lot of money but in reality in many countries that's nothing. If we're talking about several millions than it's a totally different story.   

I've read many stupid things about bitcoin and cryptos, but here we just got to another level. Those people have no idea what hodling means.

Wait there's more.

The 1% Tax That Has India’s Crypto Industry Predicting Chaos
Source

Aside from 30% tax you would still have that additional if it do exceed 10,000 rupees on each transaction.
P2P is the key and you could also HODL or move out on other countries but if you do have that big amount.