Topic: Budget blunders: Income from transfer of digital assets to be taxed at 30% - page 2. (Read 355 times)
February 01, 2022, 12:52:18 PM
Bekar hai crypto ab....10% 20% profit me log khus hote they or ab yha 30% tax dena hoga loss ho to profit .buy sell ka alag se charge platform + goverment ko 1% har buy sell me.. wah mere desh ki Kia kehne.
February 01, 2022, 11:04:53 AM
Well, we will have to wait until the proposed bill will be taken into action. There are too many clauses which are still undefined.
We will get to know clear information only when the taxation is started and people start paying taxes on crypto incomes.
One thing that I am astonished to see is that people are actually worried about the 30% tax applicable on crypto income.
But they are not acknowledging the fact that this paves the way for India to legalize crypto trading in India.
This might be the huge break that we needed from all the negative news about crypto in India.
May be we can win the battle of reducing the taxation towards crypto income some time later.
We will get to know clear information only when the taxation is started and people start paying taxes on crypto incomes.
One thing that I am astonished to see is that people are actually worried about the 30% tax applicable on crypto income.
But they are not acknowledging the fact that this paves the way for India to legalize crypto trading in India.
This might be the huge break that we needed from all the negative news about crypto in India.
May be we can win the battle of reducing the taxation towards crypto income some time later.
February 01, 2022, 03:22:07 AM
https://mobile.twitter.com/ThatNaimish - for unbiased and honest info. Let the noise settle, answers will come.
February 01, 2022, 02:33:07 AM
Quote
As the budget session is going on, India Announces Tax On Income From Digital Assets at 30% and there is no deductions allowed and from what i understand during the session, even if you encounter a loss trading cryptocurrencies there is no deduction in taxes 
.
I am not a finance guys but this is what I deduce from what the FM announced. .30 percent flat to be taxed for digital assets transfer. Transfer does not mean trading here but I think crypto to fiat transaction will fall under this category.
Regardless of the profit or loss you make while you trade, recieve gift or the work pay you recieve you will pay that percent. It is too early to come into any conclusion now. We have to wait for more details.
If that is the case then many will go back to private P2P payment.
February 01, 2022, 02:02:48 AM
As the budget session is going on, India Announces Tax On Income From Digital Assets at 30% and there is no deductions allowed and from what i understand during the session, even if you encounter a loss trading cryptocurrencies there is no deduction in taxes .
Since the session is going on live, the details will be known at a later time, but still i think this is the way moving forward and the hefty tax will force anyone dealing in huge numbers to look for safe heavens.
I know there are some experts in here in the finance sector, so i would like to hear your opinion regarding this and what are their plans moving forward.
Another initiative that is announced is that RBI will be launching its own digital currency
.
.Since the session is going on live, the details will be known at a later time, but still i think this is the way moving forward and the hefty tax will force anyone dealing in huge numbers to look for safe heavens.
I know there are some experts in here in the finance sector, so i would like to hear your opinion regarding this and what are their plans moving forward.
Another initiative that is announced is that RBI will be launching its own digital currency
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