...
Well then that is bad isn't it. If a person is earning only 3 lakhs per annum through freelancing in crypto then he should be paying 30% of it as tax.
That costs around 90,000 INR which is a huge amount if his net income is only 3 LPA.
I think the government of India should reconsider the guidelines and allow some rebate upto 5 LPA just like how it's done in ITR.
Well then that is bad isn't it. If a person is earning only 3 lakhs per annum through freelancing in crypto then he should be paying 30% of it as tax.
That costs around 90,000 INR which is a huge amount if his net income is only 3 LPA.
I think the government of India should reconsider the guidelines and allow some rebate upto 5 LPA just like how it's done in ITR.
I don't think this is going to happen any soon. Government has added the taxation of cryptocurrencies in Chapter XII which deals with 'Determination of tax in certain special cases'. No benefit of Chapter VI-A, rebate u/s 87A and basic exemption limit is allowed for the incomes taxable under this chapter (with certain exceptions).
Also, government is currently working on a specific bill for cryptocurrencies and since there isn't much of a protest against the government's decision to tax crypto @ 30%, I don't see government changing it anytime sooner than the bill is finalized. However, we may see detailed guidelines on the taxation in coming days from the Income Tax Department (possibly before 30th June), which will clear many doubts.
