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:
https://twitter.com/0xSonuJain/status/1507930424781131779?s=20&t=Afq5MGZI7Nm1xWsvPvrZ1g
(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)
3. Tax on Salary/Consultancy
💠 Tax at SLAB Rate on Market value at time of receiving tokens.
💠 For Consultancy Income, can claim any expenses if Incurred.
Only if you liquidate the tokens immediately into INR.
(4/4)
💠 Tax at SLAB Rate on Market value at time of receiving tokens.
💠 For Consultancy Income, can claim any expenses if Incurred.
Only if you liquidate the tokens immediately into INR.
(4/4)
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