Separate section for crypto in new ITR forms

pakhitheboss

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Quote from: pawanjain on March 31, 2023, 09:26:32 AM

Quote from: Heisenberg_Hunter on March 31, 2023, 02:38:05 AM

Quote from: pakhitheboss on February 18, 2023, 08:31:30 AM

Still not sure which one to choose but currently in the process of finding one.

Moving to Portugal or any EU country can be considered as an option as they are crypto-friendly in terms of taxations and trading or starting up a crypto company is a welcome move in most parts of EU. This is probably one of the reasons why majority of the DAOs and other small scale crypto projects set up their base in EU rather than USA. United States on the other hand is creating forceful crypto regulations and many startups are moving away from the country in large numbers.

I would consider Portugal to be a better country for migration from India as the cost of living is more or less similar to our country and it is easier to get a visa once you land there. The country grants Digital Nomad Visa for remote workers who earns $2000 or more per month and you can get one as soon as you move there in a tourist visa. Getting a Digital Nomad from our country would be troublesome as the Delhi-Portugal embassy is notorious for stealing your passports and there are cases where the passport was never returned to the candidate unless they went to greater extremes of filing a complaint on them Grin

If your crypto net worth is sizeable, sitting and wasting your time in this country would attract unnecessary government intervention in the future.

@Heisenberg_Hunter @pakhitheboss Just in case you guys decide to go to EU or any country and start your own company then do give me a job as well Tongue

I am good at finding bugs and can help you in research, analysis, implementation and execution.

Well moving to a different country which is cypto friendly is the reason why many Indians have left India.
I guess Dubai is also crypto friendly as I just read few days ago someone moving to Dubai because of India's high crypto taxation.

Thanks @Heisenberg_Hunter for the brief reply about Portugal. @pawanjain it is too early to hire you but incase I will keep in mind. Some of my friends do live in Dubai. It is a crypto friendly country but the problem is standard of living. The cost of rent and other essential commodities are way too high. INR 1 Lakh every month won't be enough for you.

pawanjain

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Quote from: Heisenberg_Hunter on March 31, 2023, 02:38:05 AM

Quote from: pakhitheboss on February 18, 2023, 08:31:30 AM

Still not sure which one to choose but currently in the process of finding one.

Moving to Portugal or any EU country can be considered as an option as they are crypto-friendly in terms of taxations and trading or starting up a crypto company is a welcome move in most parts of EU. This is probably one of the reasons why majority of the DAOs and other small scale crypto projects set up their base in EU rather than USA. United States on the other hand is creating forceful crypto regulations and many startups are moving away from the country in large numbers.

I would consider Portugal to be a better country for migration from India as the cost of living is more or less similar to our country and it is easier to get a visa once you land there. The country grants Digital Nomad Visa for remote workers who earns $2000 or more per month and you can get one as soon as you move there in a tourist visa. Getting a Digital Nomad from our country would be troublesome as the Delhi-Portugal embassy is notorious for stealing your passports and there are cases where the passport was never returned to the candidate unless they went to greater extremes of filing a complaint on them Grin

If your crypto net worth is sizeable, sitting and wasting your time in this country would attract unnecessary government intervention in the future.

@Heisenberg_Hunter @pakhitheboss Just in case you guys decide to go to EU or any country and start your own company then do give me a job as well Tongue

I am good at finding bugs and can help you in research, analysis, implementation and execution.

Well moving to a different country which is cypto friendly is the reason why many Indians have left India.
I guess Dubai is also crypto friendly as I just read few days ago someone moving to Dubai because of India's high crypto taxation.

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Quote from: pakhitheboss on February 18, 2023, 08:31:30 AM

Still not sure which one to choose but currently in the process of finding one.

Moving to Portugal or any EU country can be considered as an option as they are crypto-friendly in terms of taxations and trading or starting up a crypto company is a welcome move in most parts of EU. This is probably one of the reasons why majority of the DAOs and other small scale crypto projects set up their base in EU rather than USA. United States on the other hand is creating forceful crypto regulations and many startups are moving away from the country in large numbers.

I would consider Portugal to be a better country for migration from India as the cost of living is more or less similar to our country and it is easier to get a visa once you land there. The country grants Digital Nomad Visa for remote workers who earns $2000 or more per month and you can get one as soon as you move there in a tourist visa. Getting a Digital Nomad from our country would be troublesome as the Delhi-Portugal embassy is notorious for stealing your passports and there are cases where the passport was never returned to the candidate unless they went to greater extremes of filing a complaint on them Grin

If your crypto net worth is sizeable, sitting and wasting your time in this country would attract unnecessary government intervention in the future.

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Quote from: pawanjain on February 18, 2023, 06:09:18 AM

Crypto trading has become legal in India after all Tongue

but it's just that the high tax rate which is bothering many crypto enthusiasts in India.
Are you guys going to fill up the crypto section in the new ITR forms ?

Yes sure! I would encourage everyone to be truthful about declaring your taxes because no one would want regulatory hassles in their life. So it's best to declare the crypto transactions correctly.

Quote

I guess we don't really need to fill it up until we exchange the coins for INR and withdraw to our bank account.
How would the government know if I hold any coins ?

That's my understanding as well. Unless and until we convert the cryptos to INR, we can't really consider it as an income. So I will follow the same unless my CA tells me otherwise.

pawanjain

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Quote from: teosanru on February 19, 2023, 01:30:33 PM

Quote from: pawanjain on February 19, 2023, 04:08:16 AM

Quote from: teosanru on February 18, 2023, 02:47:41 PM

Quote from: pawanjain on February 18, 2023, 06:09:18 AM

So the new budget guidelines have been announced and it has been said that the new ITR forms will have a separate section for crypto income.
A tax rate of 30% would be applicable for any income from transfer of cryptocurrencies. No deductions or exemptions allowed on such incomes.

Crypto trading has become legal in India after all Tongue

but it's just that the high tax rate which is bothering many crypto enthusiasts in India.
Are you guys going to fill up the crypto section in the new ITR forms ?

I guess we don't really need to fill it up until we exchange the coins for INR and withdraw to our bank account.
How would the government know if I hold any coins ?

Source: https://www.outlookindia.com/business/new-itr-forms-have-separate-section-for-crypto-income-details-here-news-262204

Interesting news. But obviously, as the income has been taxed now they would want the complete detail of the income you have earned along with how much amount you are deducting as the cost of acquisition. But yes as you said tracing the actual amount both for sales & purchase is difficult especially if the transaction is done on some foreign exchanges. I think the bigger puzzle right now for most of the crypto folks is the TDS on cryptos, government has not given any schema or form for it so far but has already started levying penalty for it which is quite strange.

Is it so ? Sad

I thought there would be some common section for TDS while filling the ITR forms.

No, so I am talking about this from the deductor's perspective. If you deduct the TDS of someone, then you will have to deposit that Tax with the government and then file a return with the Income tax department denoting that for which PAN have you deducted the tax for. For this case there is a separate form which they told they will come out with for deposit of the TDS but last I checked there was no new schema for upload of this Return.

May be it is still under development. Now that they have announced that there will be a separate section for crypto may be the schema will be uploaded soon.
I have hardly made 3-4 transactions on WazirX this year for which they have deducted TDS. I don't think I will be putting it up on the ITR as they were of small amounts.

teosanru

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Quote from: pawanjain on February 19, 2023, 04:08:16 AM

Quote from: teosanru on February 18, 2023, 02:47:41 PM

Quote from: pawanjain on February 18, 2023, 06:09:18 AM

So the new budget guidelines have been announced and it has been said that the new ITR forms will have a separate section for crypto income.
A tax rate of 30% would be applicable for any income from transfer of cryptocurrencies. No deductions or exemptions allowed on such incomes.

Crypto trading has become legal in India after all Tongue

but it's just that the high tax rate which is bothering many crypto enthusiasts in India.
Are you guys going to fill up the crypto section in the new ITR forms ?

I guess we don't really need to fill it up until we exchange the coins for INR and withdraw to our bank account.
How would the government know if I hold any coins ?

Source: https://www.outlookindia.com/business/new-itr-forms-have-separate-section-for-crypto-income-details-here-news-262204

Interesting news. But obviously, as the income has been taxed now they would want the complete detail of the income you have earned along with how much amount you are deducting as the cost of acquisition. But yes as you said tracing the actual amount both for sales & purchase is difficult especially if the transaction is done on some foreign exchanges. I think the bigger puzzle right now for most of the crypto folks is the TDS on cryptos, government has not given any schema or form for it so far but has already started levying penalty for it which is quite strange.

Is it so ? Sad

I thought there would be some common section for TDS while filling the ITR forms.

No, so I am talking about this from the deductor's perspective. If you deduct the TDS of someone, then you will have to deposit that Tax with the government and then file a return with the Income tax department denoting that for which PAN have you deducted the tax for. For this case there is a separate form which they told they will come out with for deposit of the TDS but last I checked there was no new schema for upload of this Return.

pawanjain

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Quote from: pakhitheboss on February 18, 2023, 08:31:30 AM

Quote from: pawanjain on February 18, 2023, 06:09:18 AM

Are you guys going to fill up the crypto section in the new ITR forms ?

I guess we don't really need to fill it up until we exchange the coins for INR and withdraw to our bank account.
How would the government know if I hold any coins ?

I will fill it in as I have made a few transactions Grin

. I am not sure how many here would tell the truth:

. The only option left for me after this financial year is to move to a crypto friendly country. Still not sure which one to choose but currently in the process of finding one.

So you have made transactions from crypto to INR and withdrawn to bank account ?
In that case you need to fill the ITR form but if it's just crypto to crypto then I don't think you need to fill the ITR forms.

Quote from: teosanru on February 18, 2023, 02:47:41 PM

Quote from: pawanjain on February 18, 2023, 06:09:18 AM

So the new budget guidelines have been announced and it has been said that the new ITR forms will have a separate section for crypto income.
A tax rate of 30% would be applicable for any income from transfer of cryptocurrencies. No deductions or exemptions allowed on such incomes.

Crypto trading has become legal in India after all Tongue

but it's just that the high tax rate which is bothering many crypto enthusiasts in India.
Are you guys going to fill up the crypto section in the new ITR forms ?

I guess we don't really need to fill it up until we exchange the coins for INR and withdraw to our bank account.
How would the government know if I hold any coins ?

Source: https://www.outlookindia.com/business/new-itr-forms-have-separate-section-for-crypto-income-details-here-news-262204

Interesting news. But obviously, as the income has been taxed now they would want the complete detail of the income you have earned along with how much amount you are deducting as the cost of acquisition. But yes as you said tracing the actual amount both for sales & purchase is difficult especially if the transaction is done on some foreign exchanges. I think the bigger puzzle right now for most of the crypto folks is the TDS on cryptos, government has not given any schema or form for it so far but has already started levying penalty for it which is quite strange.

Is it so ? Sad

I thought there would be some common section for TDS while filling the ITR forms.

teosanru

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Activity: 2114

Merit: 619

Quote from: pawanjain on February 18, 2023, 06:09:18 AM

So the new budget guidelines have been announced and it has been said that the new ITR forms will have a separate section for crypto income.
A tax rate of 30% would be applicable for any income from transfer of cryptocurrencies. No deductions or exemptions allowed on such incomes.

Crypto trading has become legal in India after all Tongue

but it's just that the high tax rate which is bothering many crypto enthusiasts in India.
Are you guys going to fill up the crypto section in the new ITR forms ?

I guess we don't really need to fill it up until we exchange the coins for INR and withdraw to our bank account.
How would the government know if I hold any coins ?

Source: https://www.outlookindia.com/business/new-itr-forms-have-separate-section-for-crypto-income-details-here-news-262204

Interesting news. But obviously, as the income has been taxed now they would want the complete detail of the income you have earned along with how much amount you are deducting as the cost of acquisition. But yes as you said tracing the actual amount both for sales & purchase is difficult especially if the transaction is done on some foreign exchanges. I think the bigger puzzle right now for most of the crypto folks is the TDS on cryptos, government has not given any schema or form for it so far but has already started levying penalty for it which is quite strange.

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Quote from: pawanjain on February 18, 2023, 06:09:18 AM

Are you guys going to fill up the crypto section in the new ITR forms ?

I guess we don't really need to fill it up until we exchange the coins for INR and withdraw to our bank account.
How would the government know if I hold any coins ?

I will fill it in as I have made a few transactions Grin

. I am not sure how many here would tell the truth:

. The only option left for me after this financial year is to move to a crypto friendly country. Still not sure which one to choose but currently in the process of finding one.

pawanjain

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Activity: 2702

Merit: 716

Nothing lasts forever

So the new budget guidelines have been announced and it has been said that the new ITR forms will have a separate section for crypto income.
A tax rate of 30% would be applicable for any income from transfer of cryptocurrencies. No deductions or exemptions allowed on such incomes.

Crypto trading has become legal in India after all Tongue

but it's just that the high tax rate which is bothering many crypto enthusiasts in India.
Are you guys going to fill up the crypto section in the new ITR forms ?

I guess we don't really need to fill it up until we exchange the coins for INR and withdraw to our bank account.
How would the government know if I hold any coins ?

Source: https://www.outlookindia.com/business/new-itr-forms-have-separate-section-for-crypto-income-details-here-news-262204

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