#Cryptocurrency - How to Reduce Flat 30% Tax Liability on #Crypto Income [da8WqyzAYJ]

2025-01-02T09:19:49+0100

#Cryptocurrency - How to Reduce Flat 30% Tax Liability on #Crypto Income [da8WqyzAYJ]. Ruthlessness flashed in his eyes and he regained his composure in an instant stood up and walked to the pavilion to look down at him the qingcheng gang leader is so excited is there any misunderstanding. While but told her the truth it was mo er who told us to hide it from you in order not to worry about you yours in fact he is less than half a month away she was stunned so we have to leave as soon as. Peisheng withdrew with a wink and when he closed the door he heard song gege shouting master my concubine hasn t bathed yet yinzhen stayed in qingyouyuan for three consecutive days after a few days in the. Sticky bean buns every spring festival the sticky bean buns she makes are very good it s delicious and every time it s out of the pot everyone will be vying for it there are also two older brothers the. At every hour wouldn t you have to get up at six o clock on the way back li shuang frowned and said it s too early at half hour and if I listen to fu jin s wishes I have to go to say hello every day so I ll. After hearing it oh good and then she ran out what did mrs li come to do with a big belly no one would blame her for a pregnant woman who was about to give birth this was launched in qingxiangyuan and. They look good in bright clothes then chlorella came over with a jewelry box this is for my little sister they are all ordinary bead hairpins that can be used they are not very expensive but the little girl.

Budget 2022 Update: Income from transfer of digital assets such as crypto to be taxed at 30%. No deductions will be allowed except the cost of acquisition of digital assets. Loss on sale of digital assets cannot be set off against any other income. TDS at 1% will be levied above the threshold. Gifting of digital assets will also be taxable in the hands of the receiver. A cryptocurrency can be defined as a decentralized digital asset and a medium of exchange based on blockchain technology. Taxation on the gain from the sale of crypto Since the cryptocurrency is not yet legalized by the Reserve Bank of India (RBI), it cannot escape from taxability. An investor earning profits from the sale of cryptocurrency must pay income tax. All incomes, except exempted explicitly by the Income Tax Act, are subject to tax. Till we receive any clarification from the income tax department, investors must pay income tax on the crypto-transactions based on the nature of the transactions. As per the standard income tax rules, the gains on the crypto-transactions would become taxable as (i) Business income or (ii) Capital gains. This classification will depend on the investors’ intention and nature of these transactions. If there are frequent trades and high volumes, gains from the cryptocurrency transactions will be taxed as ‘business income’. However, they will be taxed as ‘capital gains’ if the purpose of owning them is primarily to benefit from longer-term appreciation in value with fewer trades. The nature of classification has to be reviewed for every taxpayer, and taxpayers must take the help of an expert for accurate reporting. If classified under capital gains : If the crypto-transactions are classified as ‘investments’, they will be considered capital gains or losses under the head ‘capital gain’. If the sale value of the transaction is more than the cost, it will be regarded as ‘capital gain’, and if the price is higher than the sale value, it will be considered ‘capital losses’. As per the applicable income tax slabs, short-term capital gains tax will be leviable if crypto assets are held for less than three years ( Less than or equal to 36 months). If the crypto-assets are sold after holding the investment for three years ( more than 36 months), they will be treated as long-term investments and taxed at 20% with indexation benefit. In case of capital losses : There is no directive from the income tax authorities regarding the treatment of capital losses. However, if your sale transaction has resulted in a loss, we suggest you consult an expert. If classified as business income : If crypto transactions are reported as business income, the implication of Goods and Services Tax (GST law) also needs to be examined. All the direct and indirect expenses will be allowed as deductions from the profits on the sale of the crypto assets. The profits will be added to the other income and taxed as per the income tax slab rates. (Source: Clear Tax)