Tax Implications on Crypto Trading in India
Taxes in crypto are quite complicated and I have said on multiple occasions that if you are making profits in crypto then you should most definitely pay taxes according to your tax bracket. The reason why I am once again talking about Crypto Taxes is that there has been news heard that the Finance Minister of India has formed a Cabinet to discuss possible taxes to be implied on Crypto Trading Profits and they have also given a short deadline for this task to be completed, which means we might get an official Tax draft Bill for Crypto Trading Profits in India by the end of October 2021.
This has me really excited as finally, we can get some clear set of Tax rules for Crypto in India and I am happy for that but there is also a part of me that is scared of this news as the Government of India might tax this heavily to get a nice Income out of Crypto. The reason I feel like that is a possibility is that I have always debated with myself about how the Government should look for possible Income Sources other than Oil Taxes, Income Taxes, and Liquor Taxes so getting Tax Money from Crypto might be the solution.
I will speak about the Tax Split in India in another post but for now, if you are a Crypto Investor/Trader in India then this might be the time to pay up all your taxes so that you don't get dragged down when and if a new Tax Rule comes for Crypto Traders especially.
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