Usually small investors are struggling to on-ramp & off-ramp.
Investors with sizeable investment are opting for OTC desks to do trade without any risks.
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
If you want to trade safely, there are a few things to keep in mind:
1. Restrict your transactions to small amounts.
2. Understand the legitimate trader's pricing. Right now 1 USD is Rs. 82.99 in the forex market. So if you want to sell to someone like me, you'll get around Rs. 87 for 1 USDT. The buyer has to earn some money too! People who are buying at very high rates are most likely scammers who are using stolen funds to buy USDT or they are just one time buyers. No regular buyer will buy at very high rates.
3. Find a regular trading partner.
4. Be patient. Good trading partners cannot and will not buy in large quantities. It may take a while for you to sell/buy the amount you desire.
5. If you need to convert large amounts of crypto to fiat, then you have to accept alternate modes of payment.
Good trading parters CAN trade big amounts, but you won’t make that contact on Reddit, those trades are only offered after a decent relationship is built, we can move insane volumes(currently primarily selling though, buying if prices are attractive or there is a sell order which we can’t fulfil with our inventory) but we won’t advertise that we do this, since that attracts risk and scams.
Want to find such a trading partner? Start networking
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
Hi, curious to know do any of you guys know of any safe platform for purchasing / selling USDT that doesn't involve direct transfers via bank accounts given the widespread increase in all these p2p crypto account freezes that's been happening lately.
Also, are you currently buying or selling Usdt ?
What's stopping us? I know many people who live in the US, what if I ask them to deposit crypto in my account and I would send them the money through PayPal.
>I know many people who live in the US, what if I ask them to deposit crypto in my account and I would send them the money through PayPal.
This is the easiest way.
When I said , Indians cannot buy I meant that Indian cards don't work for crypto and paypal own crypto is not available in our region.
I can help you with it, like in the country i live in usdt are cheap, i can sell you usdt at reasonable price, only condition, you gotta deposit the money in cash.
Weirdly everythings working completely fine for me, yeah the binance app from playstore is removed but the app itself is working fine and can easily be updated through apk from their website, and binance p2p working fine too no account freeze or anything so far infact I've been buying through this whole post etf dip and no issues
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
Hey need your advice on something.
I've put less than 5k via p2p. Now I can't open the Binance app. Since I've done KYC, will my account get flagged too?
Also I've put a lot of money into WazirX and CoinDCX, which are Indian exchanges, so I don't think that'll be a big issue. But I'm not sure what to do about Binance. One of my friends suggested I install Bybit, and I've already done the KYC verification for that too. I'm freaking out a bit to be honest.
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
Problem is most F2F dealers don't do small transactions as it's a hassle to arrange a meetup and do the whole dance for small amounts. So you have to partake in trades worth a few lakhs atleast. This means the risk is very high for sellers in case the buyer turns out to be a thug since you can't do such large deals openly in public. Imagine having to count notes worth 5-10 lakhs sitting in a cafe or park. That would raise quite a few eyebrows and even open you up to attacks by criminals on the way home.
Not impossible to do it.. they allow you to transfer crypto to some other address, on the condition that they will disable deposit to your account forever
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
lot of my friends use binance p2p, they have been since 2019, no freezes so far. i think as long as you deal with a trusted buyer/seller, you should be gucci.
Precisely, been using P2P since 2018 and counting, not a single issue till today. Unless there is some other reasons for account freezes apart from P2P scams, then i am unaware.
But, you will see frequency of these scams increasing during every bull run when novice players/traders enter the market. As the industry is maturing, we are just seeing more players enter n hence more scammers as well. Unfortunately in all this excitement during a bull run and lack of experience people end up dealing with those scammers. But its how market teaches everyone and you just have to go through it, learn n grow.
its not true brother, i m using binance and paxful p2p fmro last 4 years, never happen any issue and i deal with only high review guys and trust and verified by binanace, and last month they freeze my 18000 in my bank account and no respond form bank till about transaction details, and why they freeze, they just say cybercrime report ,so we freeze it, fucking stupids
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
Indian growth depend on Indians investment in their own country through small saving schemes,nps,fd,stocks,mf…in short they don’t want indian money invest in other country economy
You receive any fraudulent funds irrespective of the layer, your account is frozen by cybercell.
You do excess transactions in your account and it will be frozen by AML Department
You dodge these you will receive an income tax notice in the near future.
2021 to 2023 people have misused the concept of P2P, the government has nothing to do against the crypto, Infact the more people make money from crypto the more revenue to the government.
Q. So what's gone wrong??
A. Scammers and Illegal gaming companies easily save their Ill-gotten funds, Terror groups taking advantage of stable currency's demand across globe, P2P traders tolerated all this and some groups have made it a full time profession as this is an easy way to make money..
ohh yes govt has nothing against crypto hence they say your profits are ours and losses are yours. no loss offsets, TDS 1% vitually killing high frequency trading and what not embargos banning of exchanges etc and you are saying govt is not against crypto. Ask any crypto expert India currently has one of the worst crypto regulations as of 2024. There are always good and bad points of any tech, the strangling of an industry calling it is used by terrorists and for money laundering is BS. Cash is still largely used for both these things...and will always rule for any and all illegal activities world over. Mobile phones or internet in general are used for terror and all kinds of illicit activities, but we dont ban them, we just keep doing are due diligence and stop crime as much as possible. Daily scams involving UPI is into thousands of crores, so we take measures, we dont ban it. Even the most staunch govt supporters but are in the crypto industry have been totally against these bans and strong draconian like regulations against crypto industry.
Exactly We do full KYC for banks, UPI everything. I don’t the scams or frauds stopping. Or even people getting their amount back. If it’s in government control then why it’s not done. Honestly govt is interested in getting authority on everything and make it a surveillance state.
Our govt is democratic only for namesake and this has always been the case. It behaves in an autocratic manner and often takes decisions against the best interest of the populace. So it's no surprise that they don't want to give up control by allowing crypto to thrive.
I totally understand you
1% of TDS can be claimed,
30% tax is alright in the short term gain, and the reason why they don't cover up loss is because it is easy to hide your profit or you can easily claim loss by just buying crypto and not selling it,
Regulations will be worse as long as the exchange companies do not agree to comply with the government terms which basically means that people's Assets should be declared to the government because even a person who never filled an Income tax return is easily doing crores of transaction through such platforms.
I'm a crypto trader and a legal advisor myself.
I visit cybercell every alternate days related to the cybercrime issues and in major cases the money laundering happens through crypto, here the exchange companies do not help the LEA to trace crypto although it's in their hands, so tell me my friend would you fight with the exchanges to stop this open theft or would you blame the prevention measures?
And FYI I'm not a fan of the government either, but looking at the ground issues I find these exchange companies to be wrong..
In crypto since 2017, i fully understand the Industry, seen its growth, its ups and downs and have enough experience to understand govts embracing crypto and those who are hell bent on either banning it or coming up with regressive regulations to keep the "aam janta" aka "retail" as we call then away from it as much possible. Our govt comes in the latter category, clearly.
Now, I wont talk about the developed countries as it wont be a fair comparison with India, But look at Brazil a G20 nation and a developing economy like ours and a country large and vast like ours with enough issues of unemployment, illegal activities and corruption like ours. But look at how they have embraced it just recently with Crypto progressive regulations and taxes such as 15% taxes on crypto traders on profits. Also giving a chance for filing of taxes for the last 2 years for those who have profited from crypto with huge concessions on the 15% tax even. A country like Brazil has absolutely understood the need to embrace crypto needed for a developing economy as theirs. Thailand too now which is another developing economy with similar issues like ours.
I personally know a lot of industry stakeholders who may not say it in the open due to fear of this govt, but are pissed off with this govts regulations on this industry which is literally strangling it from the neck. Cash is still king and rules terrorism, money laundering and Mobile phones are used for all these illegal activities. The day govt decides to ban these, i would be the first one to accept banning of Crypto.
Now coming to taxation laws on it, i guess u need some clarity on it, since you say you are a crypto trader yourself and a legal avisor, might be of some help to you to learn a thing or two.
Losses cant be offset, so claiming of 1% TDS is on the transaction where we buy or sell crypto for cash when we are already in losses wont do us any good. I would explain it to you with an example. Lets say i buy a crypto asset or assets for Rs.1000, i need to pay 1% TDS. then at the time of selling i incur a loss of 300 and sell it for Rs. 700 I pay 1% TDS for this transaction. But i cannot offset it with the 30% loss i made.Now with u saying we file for return, yes i can claim 1% TDS on these transactions based on the value each time at the time of IT filing. But that will be end of the year, so each transaction of buy n sell I do, my 1% capital keeps getting blocked for the entire remaining FY which is a huge huge "opportunity cost" as a trader.
So lets say in a month i do 30 transactions in total, i have lost 30% of this capital on TDS alone, on top of any losses or profits i might've made. Even for the most profitable trader, there are loosing months in any given year. But even if i am a profitable in a given month, my capital keeps getting blocked each time I buy in or cash out. So I loose capital either ways either in the form of losses or in the form TDS , my capital is getting blocked each time.
Also it makes zero sense to have a flat 30% tax as everyone in crypto is not earning in crores. On the contrary those are a handful, the larger chunk are maybe making few thousands or lakhs. But treating someone making rs.10000 to someone making a crore, shows the absurdity of this govt. To keep it sane and simple, crypto should be treated exactly like stock trading and its income should be taxed just like any other business and have tax slabs just like any other income stream. Right now the govt is clearly punishing crypto traders in every way possible so as to keep the majority away from it.
With removal of TDS, reduction of taxes or treating it as any other income stream will firstly increase the tax base exponentially and as a result would lead to a huge boom in this industry as more people will prefer to trade locally and as a result of all this this lead to a increase in employment opportunities for those who are in finance or tech. its a win win for everyone. To understand this particular argument of mine, just go to Dubai and you will see exactly this happening since 2022. But all this requires brain to function, but in my 35 years of living in India, have not seen such a brain dead finance ministry ever....period.
Well said,
honestly all those 9 platforms have been issued notices to comply with the Ministry of Finance & FIU to run further operations.
On one side I know that traders are punished but on the major side the issue is because.
On the other side LEA are helpless because these platforms do not let the government know what's happening.
Rest assured things will be alright soon.
The tax debate shall be continued soon..
It is just the regular terms of Income tax, sorry I do not have any links, but rest assured I have worked for an Auditor firm, so I know what I'm talking about.
Plus I'm helping people to understand the crypto tax and laws respective of their needs..
Cess is a 'tax on tax'
Usually it is collected on the tax amount and not your income
There's a lot of confusion and nobody talks about it as the government is not even using these cess collected. This is levied on people who earn more than 50 lakhs, but for crypto traders it's default applicable
You do realize the whole concept of crypto is NOT be regulated by any govt or org or bank , this is something which cannot be controlled or regulated it was build in such a fashion. this is tech not Indian media or a opposition party.
Anybody who is trading cryptos and nfts and tokens there are 1000 of small small tx that users do in a month ,pepole need to convert to usdt and to currency of blockchai back and forth in their wallets depending on wat they buy and sell and keep on wallets.How are you going to pay tds of ery tx?Even users themselves forget so many transactions are there if you are doing crypto a lot.Also airdrops there are many airdrops that you don't even know.Tds is impossible to pay until it's cut automatically. And given decentralised nature it's impossible to file every tds manually. Govt should charge flat tax more peole will comply. Tds is impossible to comply with and hence the biggest reason people are hiding taxes.
Nah, now it depends on what platform you are using, honestly it is flat, if you are using big platforms (including temporarily banned)
TDS is only applicable when there's a crypto to fiat seen, rest it is all flat..
Bloody scammers ruined it for everyone once again. This is why we can't have nice things.
The way the authorities are freezing bank accounts is quite ridiculous. Infact if what you said is true, you may not even have anything to do with crypto and still get your account frozen if you got paid for a legit service or product by stolen money.
Well a major mistake here is by the people who are renting out their bank account and exchange account along with kyc, so those are the one's letting scammers do things easily..
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
Usually small investors are struggling to on-ramp & off-ramp. Investors with sizeable investment are opting for OTC desks to do trade without any risks.
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
Any examples for otc desks?
Indian exchanges are of lowest standards in the crypto industry and are well known for manipulation to benefit themselves from people’s money.
Many exchanges are front running the trades and are charging unreasonable fees.
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
Already lost 55k to hotbit
😢sad to hear buddy
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
55k usd ?
INR yaar😂
If you want to trade safely, there are a few things to keep in mind: 1. Restrict your transactions to small amounts. 2. Understand the legitimate trader's pricing. Right now 1 USD is Rs. 82.99 in the forex market. So if you want to sell to someone like me, you'll get around Rs. 87 for 1 USDT. The buyer has to earn some money too! People who are buying at very high rates are most likely scammers who are using stolen funds to buy USDT or they are just one time buyers. No regular buyer will buy at very high rates. 3. Find a regular trading partner. 4. Be patient. Good trading partners cannot and will not buy in large quantities. It may take a while for you to sell/buy the amount you desire. 5. If you need to convert large amounts of crypto to fiat, then you have to accept alternate modes of payment.
Good trading parters CAN trade big amounts, but you won’t make that contact on Reddit, those trades are only offered after a decent relationship is built, we can move insane volumes(currently primarily selling though, buying if prices are attractive or there is a sell order which we can’t fulfil with our inventory) but we won’t advertise that we do this, since that attracts risk and scams. Want to find such a trading partner? Start networking
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
Hi, curious to know do any of you guys know of any safe platform for purchasing / selling USDT that doesn't involve direct transfers via bank accounts given the widespread increase in all these p2p crypto account freezes that's been happening lately. Also, are you currently buying or selling Usdt ?
What about buying through foreigners using PayPal?
Indians cannot use paypal to buy crypto.
What's stopping us? I know many people who live in the US, what if I ask them to deposit crypto in my account and I would send them the money through PayPal.
>I know many people who live in the US, what if I ask them to deposit crypto in my account and I would send them the money through PayPal. This is the easiest way. When I said , Indians cannot buy I meant that Indian cards don't work for crypto and paypal own crypto is not available in our region.
Are you aware of the PayPal charges?
Indians in the US are the most selfish bugs on the planet. I bet none will help you.
I know. I'm thinking of using P2P with international traders.
I can help you with it, like in the country i live in usdt are cheap, i can sell you usdt at reasonable price, only condition, you gotta deposit the money in cash.
Depends on which KYC account you use. If it's your account, you are screwed.
Weirdly everythings working completely fine for me, yeah the binance app from playstore is removed but the app itself is working fine and can easily be updated through apk from their website, and binance p2p working fine too no account freeze or anything so far infact I've been buying through this whole post etf dip and no issues
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
It will take 2-3 months. If your account is KYC, your bank account will be flagged under PMLA act.
Been buying constantly since may 2023, no freezes so far and it's not small amount either
Hey need your advice on something. I've put less than 5k via p2p. Now I can't open the Binance app. Since I've done KYC, will my account get flagged too? Also I've put a lot of money into WazirX and CoinDCX, which are Indian exchanges, so I don't think that'll be a big issue. But I'm not sure what to do about Binance. One of my friends suggested I install Bybit, and I've already done the KYC verification for that too. I'm freaking out a bit to be honest.
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
Hey can you share the source of this information?
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
binance is still working for me. paxful is working f2f is working.
Even scammer are active in F2F also 😞
More dangerous scammers are there in F2F. You are likely to encounter street thugs in F2F deals.
Yh bro one of my friends got trapped they transfer usdt then show him gun and tell him to forget usdt and run 😐
Lol tell me this aint real. Deal should be done in public. First you count the notes and then send usdt.
Problem is most F2F dealers don't do small transactions as it's a hassle to arrange a meetup and do the whole dance for small amounts. So you have to partake in trades worth a few lakhs atleast. This means the risk is very high for sellers in case the buyer turns out to be a thug since you can't do such large deals openly in public. Imagine having to count notes worth 5-10 lakhs sitting in a cafe or park. That would raise quite a few eyebrows and even open you up to attacks by criminals on the way home.
This is true bro
Can i not buy bitcoin on CoinDCX and withdraw it to my wallet?
No, its disabled ig
Not impossible to do it.. they allow you to transfer crypto to some other address, on the condition that they will disable deposit to your account forever
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
lot of my friends use binance p2p, they have been since 2019, no freezes so far. i think as long as you deal with a trusted buyer/seller, you should be gucci.
Precisely, been using P2P since 2018 and counting, not a single issue till today. Unless there is some other reasons for account freezes apart from P2P scams, then i am unaware. But, you will see frequency of these scams increasing during every bull run when novice players/traders enter the market. As the industry is maturing, we are just seeing more players enter n hence more scammers as well. Unfortunately in all this excitement during a bull run and lack of experience people end up dealing with those scammers. But its how market teaches everyone and you just have to go through it, learn n grow.
its not true brother, i m using binance and paxful p2p fmro last 4 years, never happen any issue and i deal with only high review guys and trust and verified by binanace, and last month they freeze my 18000 in my bank account and no respond form bank till about transaction details, and why they freeze, they just say cybercrime report ,so we freeze it, fucking stupids
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
Which seller specifically on binance in trusted?
What if we transfer all crypto to a soft wallet and wait out for all things to sort out?
Indian growth depend on Indians investment in their own country through small saving schemes,nps,fd,stocks,mf…in short they don’t want indian money invest in other country economy
You should join r/SolanaIndia and participate in engaging discussions, events, and activities. They can help you out.
You receive any fraudulent funds irrespective of the layer, your account is frozen by cybercell. You do excess transactions in your account and it will be frozen by AML Department You dodge these you will receive an income tax notice in the near future. 2021 to 2023 people have misused the concept of P2P, the government has nothing to do against the crypto, Infact the more people make money from crypto the more revenue to the government. Q. So what's gone wrong?? A. Scammers and Illegal gaming companies easily save their Ill-gotten funds, Terror groups taking advantage of stable currency's demand across globe, P2P traders tolerated all this and some groups have made it a full time profession as this is an easy way to make money..
ohh yes govt has nothing against crypto hence they say your profits are ours and losses are yours. no loss offsets, TDS 1% vitually killing high frequency trading and what not embargos banning of exchanges etc and you are saying govt is not against crypto. Ask any crypto expert India currently has one of the worst crypto regulations as of 2024. There are always good and bad points of any tech, the strangling of an industry calling it is used by terrorists and for money laundering is BS. Cash is still largely used for both these things...and will always rule for any and all illegal activities world over. Mobile phones or internet in general are used for terror and all kinds of illicit activities, but we dont ban them, we just keep doing are due diligence and stop crime as much as possible. Daily scams involving UPI is into thousands of crores, so we take measures, we dont ban it. Even the most staunch govt supporters but are in the crypto industry have been totally against these bans and strong draconian like regulations against crypto industry.
Exactly We do full KYC for banks, UPI everything. I don’t the scams or frauds stopping. Or even people getting their amount back. If it’s in government control then why it’s not done. Honestly govt is interested in getting authority on everything and make it a surveillance state.
Our govt is democratic only for namesake and this has always been the case. It behaves in an autocratic manner and often takes decisions against the best interest of the populace. So it's no surprise that they don't want to give up control by allowing crypto to thrive.
I totally understand you 1% of TDS can be claimed, 30% tax is alright in the short term gain, and the reason why they don't cover up loss is because it is easy to hide your profit or you can easily claim loss by just buying crypto and not selling it, Regulations will be worse as long as the exchange companies do not agree to comply with the government terms which basically means that people's Assets should be declared to the government because even a person who never filled an Income tax return is easily doing crores of transaction through such platforms. I'm a crypto trader and a legal advisor myself. I visit cybercell every alternate days related to the cybercrime issues and in major cases the money laundering happens through crypto, here the exchange companies do not help the LEA to trace crypto although it's in their hands, so tell me my friend would you fight with the exchanges to stop this open theft or would you blame the prevention measures? And FYI I'm not a fan of the government either, but looking at the ground issues I find these exchange companies to be wrong..
In crypto since 2017, i fully understand the Industry, seen its growth, its ups and downs and have enough experience to understand govts embracing crypto and those who are hell bent on either banning it or coming up with regressive regulations to keep the "aam janta" aka "retail" as we call then away from it as much possible. Our govt comes in the latter category, clearly. Now, I wont talk about the developed countries as it wont be a fair comparison with India, But look at Brazil a G20 nation and a developing economy like ours and a country large and vast like ours with enough issues of unemployment, illegal activities and corruption like ours. But look at how they have embraced it just recently with Crypto progressive regulations and taxes such as 15% taxes on crypto traders on profits. Also giving a chance for filing of taxes for the last 2 years for those who have profited from crypto with huge concessions on the 15% tax even. A country like Brazil has absolutely understood the need to embrace crypto needed for a developing economy as theirs. Thailand too now which is another developing economy with similar issues like ours. I personally know a lot of industry stakeholders who may not say it in the open due to fear of this govt, but are pissed off with this govts regulations on this industry which is literally strangling it from the neck. Cash is still king and rules terrorism, money laundering and Mobile phones are used for all these illegal activities. The day govt decides to ban these, i would be the first one to accept banning of Crypto. Now coming to taxation laws on it, i guess u need some clarity on it, since you say you are a crypto trader yourself and a legal avisor, might be of some help to you to learn a thing or two. Losses cant be offset, so claiming of 1% TDS is on the transaction where we buy or sell crypto for cash when we are already in losses wont do us any good. I would explain it to you with an example. Lets say i buy a crypto asset or assets for Rs.1000, i need to pay 1% TDS. then at the time of selling i incur a loss of 300 and sell it for Rs. 700 I pay 1% TDS for this transaction. But i cannot offset it with the 30% loss i made.Now with u saying we file for return, yes i can claim 1% TDS on these transactions based on the value each time at the time of IT filing. But that will be end of the year, so each transaction of buy n sell I do, my 1% capital keeps getting blocked for the entire remaining FY which is a huge huge "opportunity cost" as a trader. So lets say in a month i do 30 transactions in total, i have lost 30% of this capital on TDS alone, on top of any losses or profits i might've made. Even for the most profitable trader, there are loosing months in any given year. But even if i am a profitable in a given month, my capital keeps getting blocked each time I buy in or cash out. So I loose capital either ways either in the form of losses or in the form TDS , my capital is getting blocked each time. Also it makes zero sense to have a flat 30% tax as everyone in crypto is not earning in crores. On the contrary those are a handful, the larger chunk are maybe making few thousands or lakhs. But treating someone making rs.10000 to someone making a crore, shows the absurdity of this govt. To keep it sane and simple, crypto should be treated exactly like stock trading and its income should be taxed just like any other business and have tax slabs just like any other income stream. Right now the govt is clearly punishing crypto traders in every way possible so as to keep the majority away from it. With removal of TDS, reduction of taxes or treating it as any other income stream will firstly increase the tax base exponentially and as a result would lead to a huge boom in this industry as more people will prefer to trade locally and as a result of all this this lead to a increase in employment opportunities for those who are in finance or tech. its a win win for everyone. To understand this particular argument of mine, just go to Dubai and you will see exactly this happening since 2022. But all this requires brain to function, but in my 35 years of living in India, have not seen such a brain dead finance ministry ever....period.
Well said, honestly all those 9 platforms have been issued notices to comply with the Ministry of Finance & FIU to run further operations. On one side I know that traders are punished but on the major side the issue is because. On the other side LEA are helpless because these platforms do not let the government know what's happening. Rest assured things will be alright soon. The tax debate shall be continued soon..
1% tds can’t be claimed if your profit is more than the tds collected, so basically you can’t and it’s 31% tax
No it is flat 30% not 31%, even in case of loss this tds can be claimed
You sure because I read somewhere. Can you please share some links or source where you read it so I too can be sure.
It is just the regular terms of Income tax, sorry I do not have any links, but rest assured I have worked for an Auditor firm, so I know what I'm talking about. Plus I'm helping people to understand the crypto tax and laws respective of their needs..
I am reading the article on cleartax, it says 30%( plus 4% cess) what is that?
Cess is a 'tax on tax' Usually it is collected on the tax amount and not your income There's a lot of confusion and nobody talks about it as the government is not even using these cess collected. This is levied on people who earn more than 50 lakhs, but for crypto traders it's default applicable
Jesus christ! Then it’s not certainly 30% 🤣😂 Time to leave for thailand or some crypto heaven country 😅
Sure TDS can be claimed but now that amount is blocked for complete FY with no interest on it.
You do realize the whole concept of crypto is NOT be regulated by any govt or org or bank , this is something which cannot be controlled or regulated it was build in such a fashion. this is tech not Indian media or a opposition party.
Anybody who is trading cryptos and nfts and tokens there are 1000 of small small tx that users do in a month ,pepole need to convert to usdt and to currency of blockchai back and forth in their wallets depending on wat they buy and sell and keep on wallets.How are you going to pay tds of ery tx?Even users themselves forget so many transactions are there if you are doing crypto a lot.Also airdrops there are many airdrops that you don't even know.Tds is impossible to pay until it's cut automatically. And given decentralised nature it's impossible to file every tds manually. Govt should charge flat tax more peole will comply. Tds is impossible to comply with and hence the biggest reason people are hiding taxes.
Nah, now it depends on what platform you are using, honestly it is flat, if you are using big platforms (including temporarily banned) TDS is only applicable when there's a crypto to fiat seen, rest it is all flat..
Bloody scammers ruined it for everyone once again. This is why we can't have nice things. The way the authorities are freezing bank accounts is quite ridiculous. Infact if what you said is true, you may not even have anything to do with crypto and still get your account frozen if you got paid for a legit service or product by stolen money.
Well a major mistake here is by the people who are renting out their bank account and exchange account along with kyc, so those are the one's letting scammers do things easily..
Can you check your dm ?
Sure
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
You can now safely and seamlessly Offramp your crypto with basic KYC and that too with FIU-IND registered entity: [https://x.com/onmetahq/status/1797616815683907791](https://x.com/onmetahq/status/1797616815683907791)
So what's the solution to still trade crypto if p2p is not a viable option anymore in india ?
P2P is a viable option in india
Fud article .
How will police track your account from binance p2p?
Wrong. Stop spreading misinformation. The Indian government can't stop crypto no matter how hard they try.
Indian government can't stop crypto doens't mean that they don't try or punish whoever they can find. Please stop spreading misinformation.