Did you report Crypto in Tax Filing? – Katoch Tubes

Crypto & Taxation

The Crypto Tax 

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

The Result

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

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 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?

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

Way Forward

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

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