Thread by @AkhouriUdit

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

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.

2. Government will ask exchange to deduct 1% TDS on every of your crypto trade and hence track every single crypto that you buy.

3.
But if you buy cryptos from ICO (and private platforms), no TDS is deducted and hence no profit will be reported.

4.
The government might regulate this too but rn, it’s under grey zone.

5.
There’s a lot of correction needed by FM office and it’s obvious due to tons of things to look while making a bill.

6. But you can win this game if you are using @SentelHQ coz as per current laws, sales of crypto/NFT on private platforms are non taxable.

So, register at sentel.in waitlist if you want to build a no-code non-taxable NFT/crypto sale platform 😅

And if you have read so far, don’t make a retweet, but do a quoted retweet sharing your opinions to the public & me.

Eagerly waiting for it !

Follow me @AkhouriUdit for more.

And @SentelHQ for #buildinpublic updates.