Did you report Crypto in Tax Filing?

Crypto & Taxation

The Crypto Tax

[{"selector":"#anim-c25b4864-ee38-4985-9f2e-963301ba44d4","keyframes":[{"transform":"scale(1)","offset":0},{"transform":"scale(1.5)","offset":0.33},{"transform":"scale(0.95)","offset":0.66},{"transform":"scale(1)","offset":1}],"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}]

The Result

[{"selector":"#anim-8107eaa4-5f42-481e-8ef9-6e88a2e0c52a","keyframes":[{"transform":"scale(1)","offset":0},{"transform":"scale(1.5)","offset":0.33},{"transform":"scale(0.95)","offset":0.66},{"transform":"scale(1)","offset":1}],"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}]

The Implications

[{"selector":"#anim-655b9b69-0536-4dbf-be56-d43df3f560ef","keyframes":[{"transform":"scale(1)","offset":0},{"transform":"scale(1.5)","offset":0.33},{"transform":"scale(0.95)","offset":0.66},{"transform":"scale(1)","offset":1}],"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}]

The Taxation issue

[{"selector":"#anim-9776e13c-d625-492a-b858-f27b6498a1b5","keyframes":[{"transform":"scale(1)","offset":0},{"transform":"scale(1.5)","offset":0.33},{"transform":"scale(0.95)","offset":0.66},{"transform":"scale(1)","offset":1}],"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}]

What FEMA say?

[{"selector":"#anim-54caf68f-9b10-40c3-acef-47389df69939","keyframes":[{"transform":"scale(1)","offset":0},{"transform":"scale(1.5)","offset":0.33},{"transform":"scale(0.95)","offset":0.66},{"transform":"scale(1)","offset":1}],"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}]

Way Forward

[{"selector":"#anim-80d77e11-9a74-47eb-8d24-e51ef8ebda2c","keyframes":[{"transform":"scale(1)","offset":0},{"transform":"scale(1.5)","offset":0.33},{"transform":"scale(0.95)","offset":0.66},{"transform":"scale(1)","offset":1}],"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}]

Also Read:

[{"selector":"#anim-f6618625-df4a-40db-84b8-2d48051ebb31","keyframes":[{"transform":"scale(1)","offset":0},{"transform":"scale(1.5)","offset":0.33},{"transform":"scale(0.95)","offset":0.66},{"transform":"scale(1)","offset":1}],"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}]

We're on You Tube

[{"selector":"#anim-9c287c0d-d3cc-4753-81cd-c314153ad982","keyframes":[{"transform":"scale(1)","offset":0},{"transform":"scale(1.5)","offset":0.33},{"transform":"scale(0.95)","offset":0.66},{"transform":"scale(1)","offset":1}],"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}]

Crypto & Taxation

Crypto & Taxation

The Crypto Tax

The Crypto Tax

Indian govt. in 2022 has announced 30% tax on crypto profits & 1% TDS on every crypto transaction

The Result

The Result

High taxation made crypto unfriendly to trade in India resulting in shifting crypto to foreign wallets & Exchanges

The Implications

The Implications

Transferring undisclosed assets to foreign wallets is a violation of FEMA act, that will be considered as black money.

The Taxation issue

The Taxation issue

The tax rates have been imposed by govt but there's no clarity on how to tax like location of investor or the wallet.

What FEMA say?

What FEMA say?

Acc. to FEMA any undisclosed crypto sent to foreign wallet is equivalnet to money laundering

Way Forward

Way Forward

Irrespective of the location of digital assets. It's important to declare them while filing ITR

Also Read:

Also Read:

1..USDT in danger?

1..USDT in danger?

2..FTX Issue

2..FTX Issue

3..Unstable Coins

3..Unstable Coins

We're on You Tube

Find the best Crypto content only on Katoch Tubes