Topic: high taxes for two more years - page 2. (Read 276 times)
The worst thing about an Indian in crypto is the 30,%tax on earnings. The amount of revenue the government of India might have gained would be staggering. When they would come out with the data we would be amazed for sure. Considering the government came up with tax structure before a regulation shows how much the government anticipated the returns. As of now we are still in a state where crypto is not banned. Let be practical the government that believes crypto trading similar to gambling would keep the same tax structure. I doubt the government would decide about the tax after two years.
If crypto is your main source of income and you are regularly converting that to fiat for daily spending, then you are out of options you have to suck up the tax and continue like this until some miracle happens.
Alternatives are:
1. Daily spending from a different fiat source - your salary maybe? and keep the bitcoins stashed for that future miracle.
2. Buy giftcards to spend on store, rest of the spending from fiat. Though I have never compared how much we are paying for the giftcards and their equivalence to the fiat in rupee.
I am optimistic after the last G20 Summit, for the younger generation, keeping patience while the government form their steps will yield good results in future in my opinion.
Alternatives are:
1. Daily spending from a different fiat source - your salary maybe? and keep the bitcoins stashed for that future miracle.
2. Buy giftcards to spend on store, rest of the spending from fiat. Though I have never compared how much we are paying for the giftcards and their equivalence to the fiat in rupee.
I am optimistic after the last G20 Summit, for the younger generation, keeping patience while the government form their steps will yield good results in future in my opinion.
Recently, in a report published by [BS] it is mentioned that crypto regime will not be going to change in next 2 years. That clearly means, we have to pay 30% tax on each individual crypto gainand and never forget to pay 1% tds in case of p2p transaction and it is applicable for crypto to crypto transaction as well.
What can be the best strategy to minimize the tax?
What can be the best strategy to minimize the tax?
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