I guess this is what we will have to live with. But such kind of actions from the government will give rise to unlawful activities surely increase complications for both parties. Quite unfortunate but when we have a finance minister like Nirmala Sitharaman, I honestly did not expect much thought out process from the government. When the leader is incapable, this is what we have to face.
I won't blame it completely on the minister or the government. They do according to the information shared to them by the bureaucrats. Already we have seen a lot of venom has comeing out from the mouth of RBI head. These are the same people who are giving advice to the finance ministry. I am expecting more such laws getting rolled out after crypto regulation gets announced. I am hoping some news by April of this year. The best possible option after that would be either to leave this country or exit out of crypto. 
Topic: 7 years Jail if you do not deposite TDS on time! (Read 73 times)
It seems the Indian government has vowed to destroy the crypto community here. First with 30% tax with no loss offset and now punitive actions. The crypto traders will be effectively discourage.
Personally I am actively considering going out of crypto market forever. I will probably withdraw my entire crypto assets to INR and pay whatever taxes needs to be paid. Honestly I don't need those extra tensions and nonsense from government agencies.
This was going to happen, it is only the beginning and a part of crypto regulation. By April of this year you will hear more. This is one of the reasons why a lot of middle and upper class has already left India and settled abroad. Personally I am actively considering going out of crypto market forever. I will probably withdraw my entire crypto assets to INR and pay whatever taxes needs to be paid. Honestly I don't need those extra tensions and nonsense from government agencies.
The government will come up with more stringent regulations which will eventually choke the community. In democracy you don't ban but create an atmosphere similar to ban. A lot of illegal activities related to crypto will now rise. The government is only making things more complicated for themselves and everyone.
I guess this is what we will have to live with. But such kind of actions from the government will give rise to unlawful activities surely increase complications for both parties. Quite unfortunate but when we have a finance minister like Nirmala Sitharaman, I honestly did not expect much thought out process from the government. When the leader is incapable, this is what we have to face.
It seems the Indian government has vowed to destroy the crypto community here. First with 30% tax with no loss offset and now punitive actions. The crypto traders will be effectively discourage.
Personally I am actively considering going out of crypto market forever. I will probably withdraw my entire crypto assets to INR and pay whatever taxes needs to be paid. Honestly I don't need those extra tensions and nonsense from government agencies.
This was going to happen, it is only the beginning and a part of crypto regulation. By April of this year you will hear more. This is one of the reasons why a lot of middle and upper class has already left India and settled abroad. Personally I am actively considering going out of crypto market forever. I will probably withdraw my entire crypto assets to INR and pay whatever taxes needs to be paid. Honestly I don't need those extra tensions and nonsense from government agencies.
The government will come up with more stringent regulations which will eventually choke the community. In democracy you don't ban but create an atmosphere similar to ban. A lot of illegal activities related to crypto will now rise. The government is only making things more complicated for themselves and everyone.
It seems the Indian government has vowed to destroy the crypto community here. First with 30% tax with no loss offset and now punitive actions. The crypto traders will be effectively discourage.
Personally I am actively considering going out of crypto market forever. I will probably withdraw my entire crypto assets to INR and pay whatever taxes needs to be paid. Honestly I don't need those extra tensions and nonsense from government agencies.
Personally I am actively considering going out of crypto market forever. I will probably withdraw my entire crypto assets to INR and pay whatever taxes needs to be paid. Honestly I don't need those extra tensions and nonsense from government agencies.
It's a clear regulation, I don't see any wrong with it unless you miss paying then it becomes a problem. The current law is better though since you can just pay a fine if you miss it, this time it's jail time. A day in prison is already a pain but 3 months is going to scare the hell out of you that you will really pay on time.
So why was it changed? They won't tolerate anymore?
As we all know whenever you buy crypto with INR or sell your cryptocurrency for INR you are required to pay 1% TDS. If you miss it or forget to pay it then you need to pay a fine. From April of 2023, this law has changed and the new law that comes into effect says that if you do not pay the TDS in time you will get a jail term of a minimum of 3 months to a maximum of 7 years.
Most local exchanges have already implemented a system wherein every time there is a purchase made with INR or sell is done for INR, a 1% TDS is deducted. If you are using a local exchange then you need not need to bother about this law.
Who will be affected by this new law?
There is much information that is still not clear about trading on international exchange for now. We can expect a crypto regulation before April of 2023 for more answers I am just guessing it!
P.S -This my understanding and I am not a crypto legal expert. If anyone here is then please share your views.
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Do remember you need to pay 1% TDS for every INR transaction involving cryptocurrency!
Most local exchanges have already implemented a system wherein every time there is a purchase made with INR or sell is done for INR, a 1% TDS is deducted. If you are using a local exchange then you need not need to bother about this law.
Who will be affected by this new law?
- If you are, who is using the P2P service of a local exchange for buying & selling in INR then you need to make that payment on time.
- If you are using cash to buy/sell or using a wallet payment network then you are on the radar of this government.
- If you are using an international exchange and not trading with an Indian resident then this law is not applicable (check with your CA for clarity).
- If you are trading on an international exchange with an Indian citizen then this law will be applicable.
There is much information that is still not clear about trading on international exchange for now. We can expect a crypto regulation before April of 2023 for more answers I am just guessing it!
P.S -This my understanding and I am not a crypto legal expert. If anyone here is then please share your views.
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