Discover and read the best of Twitter Threads about #Cryptotax
Most recents (6)
Budget 2022: #CryptoTax
"Summary" of Tax rules effective from FY 22-23:
🧵 Covers:
1. Tax on Airdrops, Staking, Yield Farming
2. Tax on Trading/Investing
3. Tax on Salary/Consultancy
Read the detailed thread here:
(1/4) @simplykashif @CryptooAdy
"Summary" of Tax rules effective from FY 22-23:
🧵 Covers:
1. Tax on Airdrops, Staking, Yield Farming
2. Tax on Trading/Investing
3. Tax on Salary/Consultancy
Read the detailed thread here:
(1/4) @simplykashif @CryptooAdy
1. Tax on Airdrops, Staking, Yield Farming
💠 Tax at SLAB Rate on Market value at time of claiming tokens.
💠 Deduction for Gas fees incurred in Claiming & converting to INR can be taken as deduction under Section 57
Only if you liquidate the tokens immediately into INR
(2/4)
💠 Tax at SLAB Rate on Market value at time of claiming tokens.
💠 Deduction for Gas fees incurred in Claiming & converting to INR can be taken as deduction under Section 57
Only if you liquidate the tokens immediately into INR
(2/4)
2. Tax on Trading/Investing in Crypto/NFT:
💠 Tax at flat 30% only on Profits.
💠 No deduction available other than Purchase price
💠 NO setoff of loss is allowed either "within same pair/ different pair / with any other Income "
(3/4)
💠 Tax at flat 30% only on Profits.
💠 No deduction available other than Purchase price
💠 NO setoff of loss is allowed either "within same pair/ different pair / with any other Income "
(3/4)
Budget 2022: #CryptoTax
Everything you need to know about 🇮🇳 Crypto Tax for FY 22-23
🧵 Covers:
⚡️Salary
⚡️Consultancy
⚡️Airdrops
⚡️Mining
⚡️Yield farming, Staking, Lending, Interest
⚡️Trading/Investing
⚡️Borrowing
⚡️NFT
⚡️QnA
@simplykashif @CryptooAdy @NischalShetty
Everything you need to know about 🇮🇳 Crypto Tax for FY 22-23
🧵 Covers:
⚡️Salary
⚡️Consultancy
⚡️Airdrops
⚡️Mining
⚡️Yield farming, Staking, Lending, Interest
⚡️Trading/Investing
⚡️Borrowing
⚡️NFT
⚡️QnA
@simplykashif @CryptooAdy @NischalShetty
Let's first recap the Tax sections:
Sec 115BBH: 30% Tax to be paid on
⭐ Profits made
⭐ on "Transfer"
⭐of Crypto/NFT
📒Profit = Sale price - Cost of Purchase
📒Transfer = Sale, Exchange or Surrender of Crypto/NFT
(2/17)
Sec 115BBH: 30% Tax to be paid on
⭐ Profits made
⭐ on "Transfer"
⭐of Crypto/NFT
📒Profit = Sale price - Cost of Purchase
📒Transfer = Sale, Exchange or Surrender of Crypto/NFT
(2/17)
Section 194S:
⭐Buyer to deduct 1% TDS
⭐on amount of VDA purchased
⭐from "Resident" seller
📒 Resident = Stay in India for >181 days
📒Trading in Int'l exchange/DEX - No TDS (P2P - TDS applicable)
📒Transfer within own wallets - No TDS
📒TDS from 01/07/2022
(3/17)
⭐Buyer to deduct 1% TDS
⭐on amount of VDA purchased
⭐from "Resident" seller
📒 Resident = Stay in India for >181 days
📒Trading in Int'l exchange/DEX - No TDS (P2P - TDS applicable)
📒Transfer within own wallets - No TDS
📒TDS from 01/07/2022
(3/17)
Why you should be aware of increasing crypto taxation and possible implications for the use of cryptocurrencies.
#crypto #cryptotax
//THREAD
#crypto #cryptotax
//THREAD
Most politicians are still playing down or ignoring the impact that crypto has.
I think this will change significantly over the next few years.
One of the reasons is that crypto offers a big opportunity for governments to generate much needed revenue via taxes.
I think this will change significantly over the next few years.
One of the reasons is that crypto offers a big opportunity for governments to generate much needed revenue via taxes.
Let me explain.
Economic growth in most developed nations has been flat for 2 decades now.
Meanwhile debts have exploded.
The pandemic made everything worse. And contrary to what mainstream economists say, economic growth is not coming back.
Economic growth in most developed nations has been flat for 2 decades now.
Meanwhile debts have exploded.
The pandemic made everything worse. And contrary to what mainstream economists say, economic growth is not coming back.
Too much confusion about new crypto regulations?
- Do you need to pay tax on losses?
- How will the government track whether you invested or not.
- Taxing on ICO too?
✅ Read this thread -
#CryptocurrencyNews #crypto #NFT #Startup #India #CryptoTax
- Do you need to pay tax on losses?
- How will the government track whether you invested or not.
- Taxing on ICO too?
✅ Read this thread -
#CryptocurrencyNews #crypto #NFT #Startup #India #CryptoTax
1.
Here’s how it works -
Instead like stock market, where you cab adjust net tax payble, you can’t do it here.
If you invested in 2 stocks, and one gave ₹500 profit & ₹500 loss, you had to pay no tax.
But in crypto, whatever you get in loss, you have to pay tax on that ₹500.
Here’s how it works -
Instead like stock market, where you cab adjust net tax payble, you can’t do it here.
If you invested in 2 stocks, and one gave ₹500 profit & ₹500 loss, you had to pay no tax.
But in crypto, whatever you get in loss, you have to pay tax on that ₹500.
2. Government will ask exchange to deduct 1% TDS on every of your crypto trade and hence track every single crypto that you buy.
The big event begins! Track all the latest on #Budget2022 right here with @ETNOWlive
@FinMinIndia @nsitharaman kicks off talking about #disinvestment. Completion of #AirIndia, Neelachal Ispat and #LICIPO #Budget2022
Pondering the tax consequences of the #celsius #hodl and #accrued profits come tax time. I thought I'd brush up on my #cryptotax understanding I found the following blog to be really clear, concise and useful.
cryptotrader.tax/blog/the-trade… h/t @coinledger
cryptotrader.tax/blog/the-trade… h/t @coinledger
The tax framework I had assumed would be applicable was/is pretty well as I expected. Most of which I've learnt over the years the hard way by getting shit wrong (don't get me started on the pain of get pegged in the bum by the tax-office for failing rollover relief tests).
Paying the tax piper..Income tax or Capital Gains. What's not well understood by the swinging dick muppet brigade is referals fee's, staking, mining, shilling and lending ..... that's ALL income tax. You might think it all pools into one big HODL fantasy. but it don't.
