Also recall this proposition: https://www.cnbc.com/2022/02/03/india-budget-proposed-a-30percent-tax-on-digital-asset-income.html
India wanted to tax crypto at 30 percent. Not exactly a coincidence. The general flow of events is demonize/spread misinformation of crypto first. When that doesn't work, they will force compliance through regulatory governance and high tax rates. End goal is to prop up fiat, and CBDC's will eventually replace fiats as it allows for easier control of the money supply and more reliance of citizens on government.
India wanted to tax crypto at 30 percent. Not exactly a coincidence. The general flow of events is demonize/spread misinformation of crypto first. When that doesn't work, they will force compliance through regulatory governance and high tax rates. End goal is to prop up fiat, and CBDC's will eventually replace fiats as it allows for easier control of the money supply and more reliance of citizens on government.
they didn't just propose that, the new tax regime is in effect since 1st april 2022 and therefore any btc you sell after that would require you to calculate your gains and pay the tax accordingly after the end of this financial year.
moreover any expenses one bears during acquiring and selling of btc cannot be deducted from the gains, such as transaction fee, exchange fee, etc.
and also, from 1st july 2022 a 1% tds will be imposed at the source, which according to the government is a measure to keep track of all the bitcoin purchases and later impose tax on them.
