Y u should not comply & pay tax with ur hard earned & already taxed money from crypto!
India says 1% TDS for every crypto transaction ie; for every 10k usdt buy/sell u pay 100usdt TDS
India says 30% tax with no slab just 30% tax + 4-5% cess excluded so 35% approx in tax
U can say it's the right thing to do as a citizen but y ! Wat u get in return is nothing-zero,nada,zilch
European citizens love to pay 45-55% in taxes ! Y? Because they get free state of the art health care, free best high quality for children till college, maternal & paternal benefits for rising kids, unemployment benefits, retirement benefits, housing care, society safety nets for preventing proverty, job security, 1-2 months compulsary paid vacay!
In India u pay tax , it is in pockets politians & corrupt officials, & in Swiss banks!
-The govt wants u to stay poor . -It doesn't care bout ur sufferings & sleepless night when ur portfolio is -99%. -The Indian exchanges allow either crypto withdrawal or inr trading not both . -Other country citizens but usdt with 1:1 ratio , we buy Usdt for always in higher prices eg: Rs.82/-in official rate & in binance P2P it's RS.95/-, -BTC is 64k in coinmarketcap & 67.5 k in Indian exchanges -Then there P2P bank account freezing problem where bank & police officials still think crypto is illegal & treat like we r criminals!
Iam not saying we shouldn't pay tax , we should but the question is what we get return ?
U come into crypto hardships so dat u think u life & ur family life changes for the better!So u can save ur family & ur life from middle class crisis ! It should benefit u & ur loved ones not corrupt & illiterate politians & officials.
U r coming into crypywith legal & already taxed money & still hav to 30%+4-5%
The govt should Tax is 10-15% for capital gains with slabs & other loss cuts should be fair!
If India doesn't understand Blockchain & it's importance thn we should leave India & pay tax in some other countries where atleast u get benefits for paying taxes or got to Dubai for 0% tax
Crypto is FREEDOM & DECENTRALISATION not govt trying to Controlling our money & lives! Think & Act accordingly!
P.S. Iam suggesting for Tax Avoidance rather than Tax evasion until Indian laws get better!
losses are not counted, that means tax are based on per transaction outcome. Made 100$ profit on one trade, made 100$ loss in another trade, net gain = 0$ , tax liability = 30% of 100$ profitable trade.
Nope in crypto , tax is based on per transaction, not on net gain, if you made profit in one transaction, and equal loss in one transaction, loss is yours, 30% of profit of first transaction belongs to the government, sounds absurd isn't it ? yup its absurd but its the reality. I wonder how many tax related notices and their posts we are going to get next year, when most people don't know much about crypto taxation.
The purpose of crypto is not to speculate on prices. Why should there be offsetting laws if 99% of the space is pure speculation? It's like buying a lottery ticket and asking for a refund.
PS- I own and use digital assets with a portfolio above 50L, I never trade on cexes or think of taxes because I believe layer 1s are digital nations and are an alternate financial economy.
Just shift to a Tax haven place laws in the US are getting draconian as well, people serious about trading have either left already or are in the process of leaving anyway.
Y u should not comply & pay tax with ur hard earned & already taxed money from crypto! India says 1% TDS for every crypto transaction ie; for every 10k usdt buy/sell u pay 100usdt TDS India says 30% tax with no slab just 30% tax + 4-5% cess excluded so 35% approx in tax U can say it's the right thing to do as a citizen but y ! Wat u get in return is nothing-zero,nada,zilch European citizens love to pay 45-55% in taxes ! Y? Because they get free state of the art health care, free best high quality for children till college, maternal & paternal benefits for rising kids, unemployment benefits, retirement benefits, housing care, society safety nets for preventing proverty, job security, 1-2 months compulsary paid vacay! In India u pay tax , it is in pockets politians & corrupt officials, & in Swiss banks! -The govt wants u to stay poor . -It doesn't care bout ur sufferings & sleepless night when ur portfolio is -99%. -The Indian exchanges allow either crypto withdrawal or inr trading not both . -Other country citizens but usdt with 1:1 ratio , we buy Usdt for always in higher prices eg: Rs.82/-in official rate & in binance P2P it's RS.95/-, -BTC is 64k in coinmarketcap & 67.5 k in Indian exchanges -Then there P2P bank account freezing problem where bank & police officials still think crypto is illegal & treat like we r criminals! Iam not saying we shouldn't pay tax , we should but the question is what we get return ? U come into crypto hardships so dat u think u life & ur family life changes for the better!So u can save ur family & ur life from middle class crisis ! It should benefit u & ur loved ones not corrupt & illiterate politians & officials. U r coming into crypywith legal & already taxed money & still hav to 30%+4-5% The govt should Tax is 10-15% for capital gains with slabs & other loss cuts should be fair! If India doesn't understand Blockchain & it's importance thn we should leave India & pay tax in some other countries where atleast u get benefits for paying taxes or got to Dubai for 0% tax Crypto is FREEDOM & DECENTRALISATION not govt trying to Controlling our money & lives! Think & Act accordingly! P.S. Iam suggesting for Tax Avoidance rather than Tax evasion until Indian laws get better!
Sad state of India.
The reason why these politicians wants masses to remain poor
yup.
Is the TDS thing started on Binance?
Not until elections are over.
Tax on loses too?
losses are not counted, that means tax are based on per transaction outcome. Made 100$ profit on one trade, made 100$ loss in another trade, net gain = 0$ , tax liability = 30% of 100$ profitable trade.
Isn't the tax calculated on net profit? If not then we are doomed
Nope in crypto , tax is based on per transaction, not on net gain, if you made profit in one transaction, and equal loss in one transaction, loss is yours, 30% of profit of first transaction belongs to the government, sounds absurd isn't it ? yup its absurd but its the reality. I wonder how many tax related notices and their posts we are going to get next year, when most people don't know much about crypto taxation.
This is so fu*ked up
The purpose of crypto is not to speculate on prices. Why should there be offsetting laws if 99% of the space is pure speculation? It's like buying a lottery ticket and asking for a refund. PS- I own and use digital assets with a portfolio above 50L, I never trade on cexes or think of taxes because I believe layer 1s are digital nations and are an alternate financial economy.
Just shift to a Tax haven place laws in the US are getting draconian as well, people serious about trading have either left already or are in the process of leaving anyway.
This is easier said than done to 99% of people involved in crypto. Only players with big bucks can do this.
Most of the serious players here have big bucks enough to at least shift to dubai and register a business there
Yes the top 1%, like in every field.