Trading crypto futures/options?

Know which moves trigger tax, and which don’t.
Here’s how crypto tax on futures trading is calculated in India👇🇮🇳 Buying crypto to fund futures is not taxable.

Realised profits from futures are treated as speculative business income and taxed at your regular income-tax slab. Keep records.

Breaking🚨- Assam Implements National Generic Document Registration System (NGDRS) and introducing #Blockchain technology for land records.

A major leap towards modern governance & citizen services.

Here’s a detailed 🧵 1/ Announced by Nidhi Khare, Secretary, Dept. of Land Resources, and Syedain Abbasi, Special Chief Secy of Assam, this initiative aims to revolutionize how land transactions are recorded and managed.

🚨Important Announcement from KoinX🚨

We recently noticed a rise in Income tax queries on matters related to crypto transactions.

Have received High-Value Transactions notice?

Here’s a detailed thread on how to handle such notice🧵👇 1/ Paying income tax is a legal obligation for all taxpayers, individuals, or businesses.

The Income Tax Department employs various analytical techniques to track non-filers or those underreporting income.

This includes collaborating with banks and government departments to identify high-value transactions.

Breaking🚨: The G7, the world’s seven biggest democracies, is planning to promote tougher regulations for the crypto industry🤯

We are already witnessing the regulatory effects on crypto post-G20 India🇮🇳 finance meeting.

What happens next will have a huge impact on crypto🧵 The Group of 7 summit is an international forum held annually for the leaders of the G7 member States of :

France 🇫🇷
United States 🇺🇸
United Kingdom 🇬🇧
Germany 🇩🇪
Japan🇯🇵
Italy 🇮🇹
Canada 🇨🇦

Breaking🚨: The Finance Minister of India🇮🇳 Nirmala Sitharaman calls on an urgent meeting with MDs & CEO’s of public sector banks 👀

Here’s everything you need to know🧵 Finance Minister on Saturday chaired a meeting to review the preparedness of public sector banks on the back of the stress in the banking systems in the US & Europe after the recent collapse of Silicon Valley Bank and Credit Suisse triggered contagion fears.

Important🚨: The Arbitrum airdrop is here.

Got any Arbitrum? Did you know that Airdrops are a taxable event in India🇮🇳

Here’s everything you need to know🧵(scroll trough for an exclusive offer👀) What are Airdrops?
Airdrops are free distribution of tokens by crypto projects to their community. It is a way of promoting the project or rewarding early users.

Airdrops can be received by performing various tasks, using the Dapp or simply by holding some crypto :)

The Government of India🇮🇳 recently introduced a set of penalties for not filing or reporting #cryptocurrency TDS.

That includes jail term & penalty equal to unpaid TDS.

Here are 5 ways in which you can avoid penalties🧵 1) Accurate Book Keeping

- If you are trading on Indian Exchnages you don't need to worry about TDS

- If you are trading on International Exchnages you need to do record all your crypto transations including P2P.

Crypto TDS forms QnA

There are many questions by the Crypto community on TDS forms.

Here a short 🧵 clarifying all your doubts👇 There are 2 TDS forms. Form 26Q & Form 26QE

Form 26Q- is applicable if you have Business Income > 1 crore or Professional Income >50 Lakhs in FY 21-22.

If this forms applies to you, Please consult your CA professional for filing.

Budget 2023: Crypto TDS QnA

There are many questions by the Crypto community on TDS:
👉How to pay TDS?
👉Is TDS applicable on Foreign exchanges?
👉Is TDS applicable on P2P?
and many more...

Here’s A short educational thread🧵 clarifying all your doubts (Not Tax Advice) Q1. I am trading on Indian exchanges, Should I deduct TDS?

- No. If trading on Indian exchanges all TDS compliance will be done by Indian exchanges.

The tax payer need not file any TDS forms.

Reserve Bank of India 🇮🇳 governor Shaktikant Das sought to clarify the key differences between the CBDC & UPI🧵 E-rupee transactions will not have any intermediary, unlike UPI transactions.

CBDC, or e-rupee, is the equivalent of fiat currency in digital form, while UPI is a platform to facilitate banking transactions.

India’s🇮🇳opportunity to lead crypto regulation🧵 As India gears up for its first G-20 presidency, the first hints that the global regulation of digital assets will be a priority item on the agenda have begun to trickle in.

1% TDS On Crypto To Kick In From July 1 In India🇮🇳.

🧵 The government will implement the 1% tax deducted at source (TDS) on the transfer or consideration of every trade from July 1, 2022.

We are Back!!

You must be wondering, why after such a long time?

🔸What happened?
🔸What Next?

#KuchToBadaHoneWalaHai

Thread🧵

1/ 6th April 2018 we were born!

On this day, RBI imposed banking ban on crypto.

We came into existence the same day to spread the right information on crypto regulations.

Initially it was a MISSION without a commercial interest!

A ray of hope in those dark days!

2/

Facebook-#RelianceJio deal impact on the crypto space in India:

1) It is not a Joint venture. They will also continue to compete in other areas.

#RelianceJio 2) There is no plan of offering super-app on the lines of Chinese giant WeChat which is a messaging and ecommerce platform rolled into one.

#RelianceJio

#Crypto v.#RBI

Hearing of Crypto case has resumed.

Mr. Shyam Divan, Ld. Sr. Advocate started his arguments for RBI.

Most likely the arguments will conclude today.

This coverage is #powered by @coindcx The counsel for RBI is reading the IMC report.

And reading out the disadvantages of Crypto.

The judge interrupts and asks how you are concerned with the consumer protection, it is not your concern. It is Govt. concern and not yours.

#Crypto v.#RBI

Matter is listed in Court no. 5 as item 1 today. Court has resumed.

Crypto case hearing has started.

Mr. Ashim Sood started his arguments. Mr. Sood is arguing that the action of RBI is against the doctrine of proportionality beside being based on no study whatsoever.

#Crypto v.#RBI

Case is listed in Court no
4 as item no. 1 today.

Court about to be resumed in few minutes.

After the Court starts, few minutes will go in dealing with "urgent mentioning" matters.

Stay tuned.. The Court resumed. Urgent Mentioning matters are being dealt with.