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This is the first time the government has disclosed the information on crypto taxes collected since it was implemented in 2022.
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Over the past few weeks, many crypto investors received income tax notices for non-payment of taxes on peer-to-peer (P2P) trades through foreign exchanges. A Binance spokesperson told Moneycontrol that the exchange has been closely monitoring and reporting suspicious trades to FIU-Ind.
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While the global landscape for cryptocurrency continues to evolve, the Indian government is taking a cautious approach
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The new requirements aim to crack down on crypto users who may be failing to pay their taxes, and stem from the $1 trillion bipartisan 2021 Infrastructure Investment and Jobs Act. At the time the bill was passed, it was estimated that the new rules could bring in close to $28 billion over a decade.
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Letters sent out to the finance ministry last month by Bharat Web3 Association and CoinDCX highlighted concerns over the 30 percent VDA tax burdening small Web3 and crypto businesses and the need for a level playing field by bringing offshore exchanges under TDS regulations.
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Investors should disclose all their centralised exchange wallets, international wallets as well as decentralised finance wallets in the income tax form, says Indy Sarker, co-founder of TaxCryp.
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Given the lack of clarity over certain aspects of crypto taxation, investors would be better off taking a chartered accountant or tax portal’s help in filing their taxes for this year.
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In this segment of the crypto live show with Manisha Gupta, we will talk about all the news, views and analysis of the cryptocurrency markets. Punit Agarwal, Founder of KoinX, talks about crypto in India and its tax filings. Watch!
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A bunch of crypto tax compliance firms have sprouted to help with India’s hairy crypto tax laws. But like the crypto, their survival may also be in question.
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While the government introduced crypto taxation in the last budget, it did not address the legality of such assets, a long-standing demand of the sector.
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The framework ensures "the collection and automatic exchange of information on transactions for relevant crypto" assets. It covers exchanges, brokers and ATM operators that facilitate exchanges between crypto assets.
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The framework, which was approved in August, ensures "the collection and automatic exchange of information on transactions for relevant crypto". It covers exchanges, brokers, and ATM operators that facilitate exchanges between relevant crypto assets.
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One problem with cryptocurrencies is that the tax community is not entirely versed with the nature of many crypto assets. With many software programs being released to help investors with tax calculations, here are some points they should keep in mind while choosing such tools.
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The government introduced a tax regime for digital assets in February, consisting of the TDS and a flat 30 per cent tax on income from crypto investments
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A daily round-up of the most interesting articles to help jump-start the day.
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TDS on cryptocurrency will be effective from today. The new tax rules of crypto created much confusion. Moneycontrol simplifies crypto taxation with these FAQs
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The release of the crypto consultation paper would put an end to some of the uncertainty that has gripped the sector.
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The firm said that starting Wednesday, its tax compliance and portfolio tracking products will be available to all crypto users across the country
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The set of Frequently Asked Questions (FAQ), which is being drafted by the Department of Economic Affairs (DEA), RBI and Revenue Department, would also be vetted by the law ministry, the official added.
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Coinbase, which is listed on the Nasdaq in the US, had launched its Indian tech hub in 2021 which currently has over 300 employees.
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Last week, Moneycontrol reported that this new move of crypto tax will be a major hurdle for the smaller investors and is anticipated to drive the retail investors to the grey market.
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What is disheartening is that India possesses immense potential to effectively become a leader in the cryptocurrency space. A 30 percent taxation impedes such possibilities
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While tax loss harvesting is completely ruled out, the legitimisation of crypto trading is a positive for India
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This would mean that loss from the transfer of virtual digital assets (VDA) will not be allowed to be set off against the income arising from the transfer of another VDA.
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The industry has deemed this move as 'detrimental' to investor sentiment and has asked the government to reconsider the decision. MoS Finance Pankaj Chaudhary also clarified that costs incurred for mining infrastructure will not be deductible as costs of acquisition.
