After 30% tax, cryptocurrency assets to bear 1% TDS. How taxes impact cryptos
2 years, 5 months ago

After 30% tax, cryptocurrency assets to bear 1% TDS. How taxes impact cryptos

Live Mint  

The much-needed clarification on taxation on cryptocurrency assets in India has been provided. Thereby, now investors who held onto their crypto assets for the past few months due to volatile markets as they didn't want to book losses - will face the brunt of 1% TDS ahead. For instance, any profits or gains arising from the sale of capital assets including equity shares, mutual funds, bonds, and other commodities are subject to short-term and long-term capital gains taxation. Under short-term capital gains tax, if Securities Transaction Tax is not applicable - then the short-term capital gains become other income tax return items and the taxpayer is taxed according to the income tax slab rates. However, if STT is applicable than the short-term capital gains tax is 15% In regards to long-term capital gains tax, a 10% tax rate is levied on the sale of equity shares/units of equity-oriented funds on amounts above ₹1 lakh.

India Tax Crypto Assets Income Capital Months Gains Tds Coinswitch Cbdt Crypto Assets Equity Shares Applicable Capital Assets Cryptocurrency Assets  bear  months  income  taxes  gains  30  crypto  cryptocurrency  tds  capital  tax  shortterm  cryptos  impact  assets  applicable

History of this topic

Crypto Tax Gets Clarity, ITAT Rules VDAs To Be Recognised As Capital Assets. Check Out New Framework For Profits
6 days, 10 hours ago

Crypto Tax Gets Clarity, ITAT Rules VDAs To Be Recognised As Capital Assets. Check Out New Framework For Profits

ABP News  

The Income Tax Appellate Tribunal in Jodhpur has provided much-needed clarity on the taxation of cryptocurrencies in India. By recognising crypto as capital assets, it provides much-needed relief for investors who sold crypto before 2022, allowing them to benefit from long-term capital gains tax rates. For investors, this means that any profits made from selling cryptocurrencies will now be subject …

Cryptocurrencies to be taxed as capital gains: Relief for pre-FY23 earnings
6 days, 18 hours ago

Cryptocurrencies to be taxed as capital gains: Relief for pre-FY23 earnings

India Today  

The Income Tax Appellate Tribunal in Jodhpur has clarified how cryptocurrency profits should be taxed in its ruling in Tuesday. TAXATION BEFORE AND AFTER 2022 Pre-2022 transactions: Before the Virtual Digital Assets regulations came into effect in 2022, profits from crypto sales were categorised as capital gains, much like profits from stocks or real estate. Investors holding cryptocurrencies for more …

Cryptocurrency tax in India: Know how much you will have to pay on Crypto investments
1 week, 5 days ago

Cryptocurrency tax in India: Know how much you will have to pay on Crypto investments

India TV News  

Following Donald Trump’s victory in the US presidential elections, the value of cryptocurrencies, including Bitcoin, has skyrocketed. Heavy 30 per cent Tax on Gains In India, cryptocurrencies aren't formally identified as legal tender under the Income Tax Act’s Section 2, which classifies them as Virtual Digital Assets. These provisions mandate: A flat 30 per cent tax on profits earned from …

Invested in cryptos this year? You will have to pay tax at this rate…
5 months, 3 weeks ago

Invested in cryptos this year? You will have to pay tax at this rate…

Live Mint  

If you have invested in cryptocurrencies in the financial year 2023-2024, then the chances are that you earned significant profits in the year gone by. Bitcoin rose nearly 108 percent in the past one year, while ether rose nearly 80 percent during this time. When you transfer crypto tokens, also known as virtual digital assets in the taxation lingo, investors …

TDS on Cryptos: Know How Much Govt Has Earned So Far
1 year, 8 months ago

TDS on Cryptos: Know How Much Govt Has Earned So Far

News 18  

Virtual digital assets, including cryptocurrencies, attract 1 per cent of tax deducted at source. Finance Minister Nirmala Sitharaman in the Union Budget 2022 had introduced the provision of tax deducted at source at 1 per cent levied on payments made on transfer of virtual assets. According to a CBDT notification, “The new section mandates a person, who is responsible for …

Crypto Tax In India: A Tale Of Control Or Caution?
2 years, 4 months ago

Crypto Tax In India: A Tale Of Control Or Caution?

ABP News  

Cryptocurrency gains face a tax of 30 percent in India. The taxation of cryptocurrencies is also considered a way to legitimise crypto assets in India, without banning them outright, allowing investors and traders to continue dealing with crypto without much worry. Compared to some countries, India’s tax structure might seem a little bit more relaxed, whereas compared to some other …

TDS on crypto payments: All your questions on 1% tax rule answered
2 years, 5 months ago

TDS on crypto payments: All your questions on 1% tax rule answered

Live Mint  

Crypto investors are facing a hard time as they move from one setback to another. The Central Board of Direct Taxes has released a set of guidelines to clear the doubts that tax payers and crypto investors may have with regards to TDS on virtual digital Assets. It is an individual or Hindu undivided family who does not have any …

TDS On Crypto Assets From July 1: Income Tax Dept Issues Guidelines; Know Rules Here
2 years, 6 months ago

TDS On Crypto Assets From July 1: Income Tax Dept Issues Guidelines; Know Rules Here

News 18  

The Central Board of Direct Taxes has issued detailed guidelines on the levy of tax deducted at source on virtual digital assets or crypto assets, which will be effective July 1. The CBDT said, “This deduction is not required to be made in the following cases:- the consideration is payable by a specified person and the value or aggregate value …

ITR filing: Income tax rules for crypto, virtual digital assets you should know
2 years, 8 months ago

ITR filing: Income tax rules for crypto, virtual digital assets you should know

Live Mint  

The government is working on an FAQ on taxation of cryptocurrencies, which will give a nuanced clarification on the applicability of income tax and GST on virtual digital assets, an official said. The DEA, Revenue Department and the Reserve Bank are working to ensure that the taxation aspect is clear both for field tax offices as well as those who …

Crypto Tax rules in India: How will cryptocurrency assets be taxed from April 1?
2 years, 8 months ago

Crypto Tax rules in India: How will cryptocurrency assets be taxed from April 1?

India Today  

Cryptocurrency investors in India will have to pay tax under the new scheme for Taxation of Virtual Digital Assets from April 1. Financial Minister Nirmala Sitharaman in the Union Budget 2022 announced that "any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent." The minister also added that in order to …

ITR column for Cryptocurrency Income: All you need to know
2 years, 10 months ago

ITR column for Cryptocurrency Income: All you need to know

India Today  

Income tax return forms from next year will feature a separate column for making disclosures on gains made from cryptocurrencies and paying taxes. GAINS FROM CRYPTOCURRENCIES Revenue Secretary Tarun Bajaj said gains from cryptocurrencies were always taxable and what the Budget proposed is not a new tax but providing certainty over the issue, according to a PTI report. CRYPTO COLUMN …

Crypto Tax: Pay income tax for cryptocurrency transactions done before April 2022
2 years, 10 months ago

Crypto Tax: Pay income tax for cryptocurrency transactions done before April 2022

India Today  

Crypto investors involved in the transaction must take note that there is a taxability of the crypto-currency for the ongoing financial year ending on March 31. Crypto investors should know that the transactions done before April 2022 will not be tax-free," Central Board of Direct Taxes Chairman JB Mohapatra said. Earlier, Revenue Secretary Tarun Bajaj said that income tax return …

No rationale for lowering 30% tax on crypto profits: Revenue Secretary Tarun Bajaj
2 years, 10 months ago

No rationale for lowering 30% tax on crypto profits: Revenue Secretary Tarun Bajaj

The Hindu  

The government is open to resolving genuine problems and reservations of crypto-trading players arising from the new taxation regime for virtual digital assets, but is of the firm view that there is no economic rationale for lowering the proposed 30% tax on profits from crypto assets’ trading. While a review of the 1% TDS rate for all virtual assets’ trades …

Crypto Tax Proposed in Budget 2022 Explained: How and When you have to Pay Tax on Crypto
2 years, 10 months ago

Crypto Tax Proposed in Budget 2022 Explained: How and When you have to Pay Tax on Crypto

News 18  

Finance minister Nirmala Sitharaman in Union Budget 2022 announced that India will levy a steep tax at a flat rate of 30 per cent on virtual assets including cryptocurrency and Nonfungible tokens or NFTs. “Accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at …

How cryptocurrencies are taxed around the globe
2 years, 10 months ago

How cryptocurrencies are taxed around the globe

India Today  

Finance Minister Nirmala Sitharaman on Tuesday announced that any income from cryptocurrencies will be taxed at 30 per cent. If your crypto is taxed as a capital gain, you'll only pay Capital Gains Tax on half of any profits of a crypto transaction. Instead, your crypto will either be subject to Capital Gains Tax or Income Tax. Germany Cryptocurrency is …

Discover Related