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Beyond the Beginner Stuff: A Guide for a Crypto Newbie in India? (Exchanges, Coins, and the Brutal 30% Tax)
We run a crypto mining setup where a Dubai entity owns the miners & BTC, and an Indian company bills for operations
Received USDT from a foreign client, paid 30% crypto tax, did i do the right thing???
Received USDT from a foreign client, paid 30% crypto tax, did i do the right thing???
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Plus in India I have an crypto tax the flat 30% on VDA gains with no loss offset is what catches people. you can't use a crypto loss to reduce gains from another crypto — each asset is taxed independently on the gain side. the 1% TDS on transactions above Rs 10k per exchange is a cashflow drag even if you eventually get it back in the annual filing. the practical implication is that frequent trading in India is much less efficie
Bitcoin classised as VDA and taxable at 30% Search “VDA 30% tax” on ai.
$Koii, $WQUIL, $AITech, $VDA, $SAI, $HINT Just to name some of my holdings
tldr; The introduction of a 1% Tax Deducted at Source (TDS) on Virtual Digital Assets (VDAs) transactions in India, along with a flat 30% tax on income from these transactions since February 2022, has significantly impacted the country's cryptocurrency and virtual digital asset market. Trading volumes on Indian VDA exchanges have dropped by approximately 97%, and the number of active users has decreased by about 81% from February 2022 to January 2024. This decline is attributed to traders moving to offshore exchanges, undermining the policy's intent to monitor transactions and secure tax revenue. Industry players suggest reducing the TDS rate and revising the tax framework to mitigate these negative impacts. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.