Can we avoid tax on crypto trading in india

Silberman

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Quote from: Potato Chips on November 30, 2023, 05:38:42 PM

Honestly, the percentage is too high and I wouldn't be surprised if some locals are trading underground, ahem.

But I do wonder how India is tracking these evaders. Because for laws to be effective, it should be properly enforced, no? IIRC there was an article about locals signing up on foreign CEXs to evade taxes. I have not heard anything since then so I've no idea if they were caught and fined.

Taking into account the size of the population of a country like India, it is easy to conclude that the enforcement of a law like this should not very effective and those that may like to avoid taxes can do it with some degree of impunity, however the issue is that if someone keeps doing this then sooner or later they will be caught, and when it happens they will have a lot of explaining to do and at the time not only they will have to pay their taxes, fees, fines and even interests on that money, there is a chance they will even spend some time in jail.

Potato Chips

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Honestly, the percentage is too high and I wouldn't be surprised if some locals are trading underground, ahem.

But I do wonder how India is tracking these evaders. Because for laws to be effective, it should be properly enforced, no? IIRC there was an article about locals signing up on foreign CEXs to evade taxes. I have not heard anything since then so I've no idea if they were caught and fined.

batang_bitcoin

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I am not sure how strict the laws there in India but if you're planning to avoid tax, you'll be punished for sure. If you haven't get caught doing that, you'll eventually gonna see the effect of it or you'll be sent some letters about showcase orders of what you've done.
If you don't want to get some headaches doing so, get out of the country and withdraw you money as what people suggests you to do. Then if you don't want to, you have to obey.

Silberman

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Quote from: wiss19 on November 28, 2023, 02:18:56 PM

You can use a dex to avoid paying taxes on your trading profits. Another way is to use exchanges that are lenient towards KYC. But, I strongly suggest following neither because tax evasion is a serious crime and can land you in trouble (personally I never recommend that because being compliant with tax rules will give you peace of mind for sure at anyone's case).

Also, let us assume you evaded all the possible taxes, how are you going to cash the crypto then? You need to cash it at some point otherwise it's virtual wealth that cannot be cashed.

I'm in favor of using DEX in general but if tax evasion is the goal, then perhaps not.

If the amount of money that a person has accumulated over the years is significant then there is no point on trying to hide it and then live the rest of your life fearful about the tax authorities of your country finding out about it, it is better to simply be open about it and pay whatever taxes that you are due, this way you can get to enjoy the profits you obtained from this market without ever worrying about being suspected of doing something wrong and you can live your life peacefully that way.

wiss19

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You can use a dex to avoid paying taxes on your trading profits. Another way is to use exchanges that are lenient towards KYC. But, I strongly suggest following neither because tax evasion is a serious crime and can land you in trouble (personally I never recommend that because being compliant with tax rules will give you peace of mind for sure at anyone's case).

Also, let us assume you evaded all the possible taxes, how are you going to cash the crypto then? You need to cash it at some point otherwise it's virtual wealth that cannot be cashed.

I'm in favor of using DEX in general but if tax evasion is the goal, then perhaps not.

GeorgeJohn

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Quote from: Mynameis123 on November 23, 2023, 03:03:31 PM

As I am a newbie in this crypto trading industry and know bit about crypto trading and truly wanted to make money through crypto trading, but as I live in india and begin an Indian citizen, we need to pay 30% tax and 1% TDS on each profit we make even on $0.1 dollar of profit we have to pay tax without any kind of set off and if we try to avoid paying tax to government they will take strict action against us.

So I just wanted to know is there any possible way to avoid tax on crypto trading in india any kind of process through which we can trade cryptos and avoid tax on trading Crypto because the if we pay 30% tax it's almost 1/3(One third) of our profit and if government ask for less tax we could have pay happily bus 30% tax is alot.

Please help I am unable to find any way through out internet and really wanted to start the crypto journey

I don't really know exactly that trading in you country you have to pay tax, does it mean that government of India have a radar that monitors the network service of India traders, because if their is nothing of this nature that monitors all the crypto transactions in India I don't know why you should be paying tax in your trading, secondly the tax you are emphasising on, does it mean that it happens that its the application you pay the charges to or the government of India is the one that absorbed the charge.

Because I have seen so many people who trade and they have not come up with this kind of issue trading tax by the government of the country, because in my country nobody pay charges for anything concerning cryptocurrency except that it comes from blockchain technology.second question, you pay this charge or tax when you lose in trading or you pay the charges both when you make profit and when you also lose

Taskford

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Quote from: Kelward on November 26, 2023, 03:29:12 PM

Quote from: Mynameis123 on November 23, 2023, 03:03:31 PM

Please help I am unable to find any way through out internet and really wanted to start the crypto journey

This is a tricky question, I don't think that anybody on this forum will advice you to break the law of your country to avoid paying tax on bitcoin trading. If you must trade then it's better that you move to another country that is more crypto friendly. .

Exactly since they break the law for that situation. That's why people will not recommend anything with that since for sure he will suffer the consequences of the action done especially if the authority will find out that he is avoiding his taxes. If I where him I will comply with the law and pay the taxes what government ask so that we can avoid problems in future. If he earn small on his trades for sure government will not take a large part of his earnings so he should not worry about those since for sure legal authorities will consider how much he earn and calculate the percentage to be taken from him or any individual who earn profits from crypto legally.

I also don't think moving on another country is a best choice since we are not sure if we can earn huge here that's why there's no consistency on earnings especially if we are newbie and don't know what to do about it.

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Quote from: Mynameis123 on November 23, 2023, 03:03:31 PM

So I just wanted to know is there any possible way to avoid tax on crypto trading in india any kind of process through which we can trade cryptos and avoid tax on trading Crypto because the if we pay 30% tax it's almost 1/3(One third) of our profit and if government ask for less tax we could have pay happily bus 30% tax is alot.

I also think 30% is a lot. Whoever it was that arrived at that percentage in your country must've been a hell of a person/people. How do you tax someone 30% on their earning? Invariably, what you're saying is that I earn 100,000 Rupee and then I'm forced to part with 33,000 Rupee to the state? That's crazy, if you asked me. I just don't want to believe that but then I don't actually know what obtains in your country. Tax is supposed to be a single digit. 30% is double digit.

On trading, I think profit is taxed as regular income deductable at withdrawal. If one is successful at trading, one wouldn't worry about tax on it though I still insist that 30% is a hell of a figure.

Hamza2424

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Hmm, As far as I know, most traders in India are using multiple sources to avoid heavy taxation, still brother you should pay tax if it is imposed or should protest if the tax is inappropriate.

Still, considering the risks in the count just for education purposes, most of the India traders are trading by means of P2P to avoid taxes. You can find P2P trading groups, or nay other reliable source to avoid extra taxation still its better to pay tax.

Kelward

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Quote from: Mynameis123 on November 23, 2023, 03:03:31 PM

Please help I am unable to find any way through out internet and really wanted to start the crypto journey

This is a tricky question, I don't think that anybody on this forum will advice you to break the law of your country to avoid paying tax on bitcoin trading. If you must trade then it's better that you move to another country that is more crypto friendly. Maybe before then you can consider bitcoin investment, all you need to do is just accumulate it and hold, of cause you must know that bitcoin ATH is sometime next year, so you can sale then, at the new peak of bull run and make reasonable profit. You can sale using personal p2p instead of through centralized exchanges. This way I believe that you don't have to pay any form of tax, because the government can not monitor transactions on decentralized p2p.

cryptoaddictchie

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Quote from: jaberwock on November 26, 2023, 11:04:30 AM

And even if they earn big, the charges will also grow even more. And my question is, where will those huge taxes go? I know on the government, but I mean to what project? This issue about tax isn't new anymore but I think there is still no major development or improvement that happened on this country.

Also how about if they lose a trade. Its not like everyday someone win or gain profits on trading. Does they still less 30% off lose trade or capital used? This really needed a much detailed rules cause the one will suffered there are all Indians that reside there. Might as well shift to other countries if thats the case.

jaberwock

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Quote from: cryptoaddictchie on November 24, 2023, 07:56:06 AM

Using cex as recognized platform by your country will definitely end up seeing your record of trades and you cant escape the 30% tax imposed. Well most suggest used dex for the trading purposed so they wouldnt see any of those figures being mouldered up. In anycase thats a huge mark up 30% isnt good. Is India really that desperate to cut profits from traders?

I have thought of this but then I'm thinking if DEX is allowed there? Because maybe their governments also think of that possibility. 30 percent is indeed huge and there is also an additional as the @OP have mentioned. I think a lot of traders there, especially the small/poor ones have quit already because what will be left for them with that kind of charges? Lol.

And even if they earn big, the charges will also grow even more. And my question is, where will those huge taxes go? I know on the government, but I mean to what project? This issue about tax isn't new anymore but I think there is still no major development or improvement that happened on this country.

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Quote from: Mynameis123 on November 23, 2023, 03:03:31 PM

As I am a newbie in this crypto trading industry and know bit about crypto trading and truly wanted to make money through crypto trading, but as I live in india and begin an Indian citizen, we need to pay 30% tax and 1% TDS on each profit we make even on $0.1 dollar of profit we have to pay tax without any kind of set off and if we try to avoid paying tax to government they will take strict action against us.

So I just wanted to know is there any possible way to avoid tax on crypto trading in india any kind of process through which we can trade cryptos and avoid tax on trading Crypto because the if we pay 30% tax it's almost 1/3(One third) of our profit and if government ask for less tax we could have pay happily bus 30% tax is alot.

Please help I am unable to find any way through out internet and really wanted to start the crypto journey

You should have posted this thread in the Indian local board instead of posting it here.
As of now there are no kind of relief on taxes on crypto and so you cannot avoid any tax.
As for evading tax, you shouldn't be doing that at first place but if you are doing it then nobody will post it publicly for you.

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Quote from: boyptc on November 25, 2023, 06:37:03 PM

You can't skip that, they've implemented it and I guess they're telling that it's the best choice to tax it rather ban it.

I agree about the suggestion that if you don't want to pay that much tax, the best option for you is to move out of the country. That's all the best that you can do.

There is no justification to leave the country to avoid tax which implemented by the government. If ignoring centralized exchange he can might be avoid tax, dex is the best way because here no need to identity verification to transaction.

LindaFuentessmm

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Tax avoidance is an illegal act.

boyptc

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You can't skip that, they've implemented it and I guess they're telling that it's the best choice to tax it rather ban it.

I agree about the suggestion that if you don't want to pay that much tax, the best option for you is to move out of the country. That's all the best that you can do.

Ben Barubal

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Quote from: Mynameis123 on November 23, 2023, 03:03:31 PM

As I am a newbie in this crypto trading industry and know bit about crypto trading and truly wanted to make money through crypto trading, but as I live in india and begin an Indian citizen, we need to pay 30% tax and 1% TDS on each profit we make even on $0.1 dollar of profit we have to pay tax without any kind of set off and if we try to avoid paying tax to government they will take strict action against us.

So I just wanted to know is there any possible way to avoid tax on crypto trading in india any kind of process through which we can trade cryptos and avoid tax on trading Crypto because the if we pay 30% tax it's almost 1/3(One third) of our profit and if government ask for less tax we could have pay happily bus 30% tax is alot.

Please help I am unable to find any way through out internet and really wanted to start the crypto journey

Taking tax from people under the jurisdiction of any government is normal, and there is nothing wrong with taking tax because it is legal. The only thing wrong is the percentage imposed on them, which is 30%, which in my opinion is too big and not just. It would be okay if you saw a good economy in the country of India.

Here in our country, the tax collected from our constituents is three times less than 30%, and the percentage of our economy is improving, but in India, that is not the case, which means there are too many corrupt people. who are government officials in that country. So, I think even if you invest there, you still won't be able to get rid of that burden. The only way I see is to put money in the stock market. That's why only rich people can put money there, no poor people, or people who are unable to invest in Bitcoin or cryptocurrency.

Nrcewker

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Thank God atleast in your country, crypto trading is legal. Many countries are there where crypto trading is offensive and cryptos are banned. Sadly you can’t avoid the taxes, you are bound to pay the taxes if you are using government authorised exchanges. You can only save these high taxes if you do P2P trades. There are many P2P exchanges available in the market, which have this facility to do P2P transactions. Try Paxful, currently they are the number 1 P2P platform.

teosanru

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Generally, the notion is taxation is on the selling and buying of cryptocurrency but mostly it's deducted only when transacted in INR or an Indian exchange where INR is withdrawable. You can avoid tax on crypto trading only if you are willing to do all your trading either on any offshore trading platform like Binance or something where TDS laws aren't applicable as of now, honestly not sure, they might even come in the future for Indians specifically. Another safer yet more complex option will be to use DEX instead of CEX. You won't have to do any KYC on these exchanges and honestly, your money isn't that easily traceable either. But no matter what you do if you want to redeem the money in INR you will always have to pay a tax on that. No choice at all.

PS: Obviously legally it's not allowed to do so & not a wise thing to do as well, so please DYOR.

leonair

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TAX is a revenue of the country and various types of development of the country are achieved through them, so it is the responsibility of the citizen of a country to contribute to the development of the country by paying the right amount of TAX at the right time. But there are many who own a lot of wealth through tax evasion. However, if these are not hidden and are public, legal action will be taken against him and the fine may be several times higher. And in the case of crypto, if you trade using a centralized exchange, the government can easily track how much profit you made from there and how much TAX you have evaded. However, if you use Dex to trade currencies, your activity will not be trackable and you can avoid TAX by keeping your trading confidential.

shawonngp

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Though India is my neighboring country but I don't know here crypto exchanges (Centralized) is recognized or not, If the income tax is imposed on you by government, You must pay it if you don't want to face any big penalty. Because if you avoid tax then it will be easy for them to trace you as all your personal information is preserved in their hand.

MusaMohamed

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You only can be tax-free if you secure privacy and anonymity well. If you leak information, traces of your Bitcoin & cryptocurrency investments, on chain transactions together with your identity, you can not avoid tax.

If tax authority detects it, later you will be charged costly extra tax and fine fee because of your tax violation. If you are not feasible to pay it when they found you, charged you, you even can be put into jails.

Avoid centralized exchanges and KYC if you want to be tax-free. There are decentralized exchanges for you to use and they are good for privacy, anonymity as well as tax.
https://kycnot.me/

gunhell16

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Quote from: Mynameis123 on November 23, 2023, 03:03:31 PM

As I am a newbie in this crypto trading industry and know bit about crypto trading and truly wanted to make money through crypto trading, but as I live in india and begin an Indian citizen, we need to pay 30% tax and 1% TDS on each profit we make even on $0.1 dollar of profit we have to pay tax without any kind of set off and if we try to avoid paying tax to government they will take strict action against us.

So I just wanted to know is there any possible way to avoid tax on crypto trading in india any kind of process through which we can trade cryptos and avoid tax on trading Crypto because the if we pay 30% tax it's almost 1/3(One third) of our profit and if government ask for less tax we could have pay happily bus 30% tax is alot.

Please help I am unable to find any way through out internet and really wanted to start the crypto journey

The situation of the residents in the country of India is difficult: 30% tax on every law-abiding citizen; here in our country, 12%. I am still struggling with that, so 30% is a lot of pain in his pocket. Think of how 30% of his salary in one month will go to the government.

For example, if your salary is $100 a month as an employee, only 70 dollars will be left, not enough. So it is not surprising that the life situation in India is difficult. Maybe the only thing I can say to avoid that tax is that the best thing to do is to invest in mutual funds or in real estate. Bitcoin and cryptocurrency are also possible.

Silberman

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Quote from: Mynameis123 on November 23, 2023, 03:03:31 PM

As I am a newbie in this crypto trading industry and know bit about crypto trading and truly wanted to make money through crypto trading, but as I live in india and begin an Indian citizen, we need to pay 30% tax and 1% TDS on each profit we make even on $0.1 dollar of profit we have to pay tax without any kind of set off and if we try to avoid paying tax to government they will take strict action against us.

So I just wanted to know is there any possible way to avoid tax on crypto trading in india any kind of process through which we can trade cryptos and avoid tax on trading Crypto because the if we pay 30% tax it's almost 1/3(One third) of our profit and if government ask for less tax we could have pay happily bus 30% tax is alot.

Please help I am unable to find any way through out internet and really wanted to start the crypto journey

You will have to talk with a tax lawyer or an accountant to know what it needs to be done as the laws of each country are different, and unless there is someone on the forum on the same situation it is unlikely we can be of much help, now must of the time laws have all kind of backdoors and ambiguous language which can be exploited, and if you consult with a tax lawyer they could help you to find legal ways to reduce the taxes you need to pay, but if you do not want to do this you are left with very narrow options, like moving out of India to a country that has no trading tax.

JayTrain

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If this bothers you, then go and pay taxes, because you never know what cases happen, I don’t know your laws in your country, but from your letter I see that it is very strict, so if this is not a very large tax, then you can pay to sleep peacefully.

rat03gopoh

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Quote from: Mynameis123 on November 23, 2023, 03:03:31 PM

if government ask for less tax we could have pay happily bus 30% tax is alot.

Until the latest information (as of June 6, 2023) that I read^[1], tax on Bitcoin is not (yet) specifically regulated. I think there are many loopholes there, for example trading offline and/or not involving local currency. This at least reduces the tax rate to lower than 30%.

1. https://cleartax.in/s/bitcoins-taxes-india

cryptoaddictchie

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Using cex as recognized platform by your country will definitely end up seeing your record of trades and you cant escape the 30% tax imposed. Well most suggest used dex for the trading purposed so they wouldnt see any of those figures being mouldered up. In anycase thats a huge mark up 30% isnt good. Is India really that desperate to cut profits from traders?

bayu7adi

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Quote from: Yamane_Keto on November 24, 2023, 02:13:55 AM

In any case, try not to use CEX if taxes are imposed on all profits from all Bitcoin transactions, including profits from selling altcoins.

No matter of the exchange used, whether it's a decentralized exchange (DEX) or a centralized exchange (CEX), if ultimately converting crypto to local Indian fiat involves an exchange registered by the government, taxes cannot to avoid. A 30% tax rate is a big money, and I assume it's on the profit, not the transaction amount. Shouldn't you be able to freely ignore this tax system if you're not making a profit?

And if the current regulations aren't providing any advantages for crypto adopter in India, just wait for the next set of regulations. Governments or bank typically move swiftly to ensure fairness for both crypto users and the government itself without underestimate some their ecosystem. This allows for a balanced law as the crypto market evolves in India.

kentrolla

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You really cannot escape the taxes unless you move out of centralized exchanges based out of India because they have your KYC and also they already deduct the 1% TDS at the time of making trade or transactions so you cannot even gain much if they keep dedicating 1% TDS on every trade you make because of you are a regular trader and looking for small profits that would eat up your profit. Try using exchange like Binance or other international exchanges which are based out of India for trading but withdrawal I am not sure if your government can get data from them as I have not seen such things happening but if you are intending to withdraw huge amount then it's advisable to go for OTC. Mate this taxation rule has just killed the Crypto trading industry in India.If we try to get it transferred to other country to your contacts and get it from them through different mean that would become money laundering and get you in legal troubles. If you trade at massive scale which requires you to withdraw huge then relocate to crypto friendly nations until this rule is taken back.

Yamane_Keto

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If the tax is calculated on local currency transactions, it is better to reduce the sale transactions in the local currency to one transaction so that you buy Bitcoin on today’s date and convert to stable currencies when the price of Bitcoin rises and buy Bitcoin again when it decreases with a 30% sale in the local currency. Therefore, you have paid a tax on 30%. % and increased your Bitcoin holding.
If the taxes are for all transactions, it is better to use a DEX such as BISQ, and then reduce the sale of stable currencies and keep a record.
In any case, try not to use CEX if taxes are imposed on all profits from all Bitcoin transactions, including profits from selling altcoins.

ancafe

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Quote from: Mynameis123 on November 23, 2023, 03:03:31 PM

So I just wanted to know is there any possible way to avoid tax on crypto trading in india any kind of process through which we can trade cryptos and avoid tax on trading Crypto because the if we pay 30% tax it's almost 1/3(One third) of our profit and if government ask for less tax we could have pay happily bus 30% tax is alot.

Please help I am unable to find any way through out internet and really wanted to start the crypto journey

Avoiding taxes is not good behavior for someone who obeys the law and I also don't know how your country handles taxes on crypto matters. In my country, people evading taxes is a crime that can impose sanctions on the offender and this is no joke because they make regulations regarding taxes as state income. If your country makes such rules then I think there is no way to avoid them because even if you insist on ignoring them then you yourself will accept the risk.

The solution is to move to another country if you object to the taxes charged or you can also wait for a revision regarding the large taxes being waived for people trading in your country. Encouragement from outside parties as the wider community in India might make your government revise these regulations and although it is a bit difficult that is the most rational plan.

Strongkored

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You can't avoid it as long as you are still an Indian citizen because it means you have to obey all the rules of that country and every violation has a penalty.
If you feel reluctant to pay taxes from your crypto trading activities, then move to another country that does not apply this, but if it is not possible to move, then there is no need to carry out crypto trading.
In fact, trading is not an activity that will provide certainty of profit, many end up experiencing losses. So actually you are afraid of taxes for activities that don't necessarily provide a profit for you, maybe you will even stop trading before you can make a profit because trading is not as easy as you imagine.

joniboini

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Maybe you can wait and see if your government is going to change anything since a recent study shows that they lost a ton of money by pushing any transactions offshore[1]. If they're being stubborn though, then you can probably ask around your local community and see if they have some options to make your trade more affordable while still paying your tax. The last choice would be to move out as mentioned above.

Btw, starting a crypto journey is a broad term. You don't have to start it by trading. Learning about Bitcoin and how it works, how to set up your wallet, etc is also a good step to take. It is not like you'll magically earn $10k and need to pay $3k for tax as soon as you open an exchange account.

[1] https://www.coindesk.com/policy/2023/11/09/indias-controversial-crypto-tax-should-be-cut-after-failing-to-achieve-aims-think-tank-urges/

Bitcoin_Arena

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So there are two things, avoiding tax, and then evading tax. One is acceptable in some places, the other is a crime and can make you end up in prison. If you want to avoid your Country tax. Then it's better you move to another country where they don't pay crypto tax (there are still many of them) become a citizen there, set up your accounts and start happily trading.

Mynameis123

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As I am a newbie in this crypto trading industry and know bit about crypto trading and truly wanted to make money through crypto trading, but as I live in india and begin an Indian citizen, we need to pay 30% tax and 1% TDS on each profit we make even on $0.1 dollar of profit we have to pay tax without any kind of set off and if we try to avoid paying tax to government they will take strict action against us.

So I just wanted to know is there any possible way to avoid tax on crypto trading in india any kind of process through which we can trade cryptos and avoid tax on trading Crypto because the if we pay 30% tax it's almost 1/3(One third) of our profit and if government ask for less tax we could have pay happily bus 30% tax is alot.

Please help I am unable to find any way through out internet and really wanted to start the crypto journey

Topic: Can we avoid tax on crypto trading in india (Read 229 times)