Anyone invested into Cryptos ?

[AllSeeker]

I have a Doubt I am student (no Income source). I don't have knowledge about income TAX. So, Please help ne I am confused and Panic after New rules and news(100% penalties, 6 months jails news)

How I Earn-
> I do 11-12 trade whenever crypto goes in Deep and make profit.
> Also , I also get Intreste on My crypto staking for whole 365 days of year (200-600rs)

In this financial year My Capital Gain is 2.03K income 264.32 (calculated by Binocs Website). Refer Attached screenshots

●Am I need to pay 30% tax + 1% TDS?
● If Yes, then how much?
●what can happen with me, if I do not pay tax ?(because lac of information about crypto tax)

More information-
I use Binance App for trading and holding
And use P2P for withdrawal or Deposit (4-5 times in year).

If go to CA then it will cost me more than TAX or profit. Please help me, and even tag someone who can help me. I am panic coz of News and YouTube Videos, I can't bear thats penlty and Headache.

CA takes about Rs 300-3k depending on your account size and via whom you go to. If you can produce clear transaction statments and clear expenses, its not gonna cost much.

I would highly suggest consulting one. My father has been filling IT for his most of the life, he pays rs 300 + some overhead every year.

 

[Enthusiastic]

Actually I was not aware about New Tax rule. I heard but, I thought it will not applied of small amount like 2k , recently I get youtube recommended video to me. But it was too late, I already withdraw 1.6k from binance. 😔

I have mined etherium all the way from 2020 to 2022 and earned about 38 lakhs and my investments was 9 lakhs. I also started trading usdt for safe trades and earned 2% on every trade every 4-5 days after 1 year my confidence was high enough to invest in etherium and boom lost 65k of 100k investment overnight.

I don't want to scare you but before investing in crypto asset you should know one rule. The money you invest is gone from your end and now when you withdraw it can be 10% of its value or 500% of its value. So don't cry if its 10%. I know you would say just hold on to it until it grows back, yea you can do that. But if you needed those funds for anyreason you would be in great loss.

 

[Enthusiastic]

CA takes about Rs 300-3k depending on your account size and via whom you go to. If you can produce clear transaction statments and clear expenses, its not gonna cost much.

I would highly suggest consulting one. My father has been filling IT for his most of the life, he pays rs 300 + some overhead every year.

Actully, I am belonging from Village, I think my papa's CA even don't about what is crypto 😂.

 

[AllSeeker]

Actully, I am belonging from Village, I think my papa's CA even don't about what is crypto 😂.

Don't underestimate, you never know, he might have a portfolio of his own. Also, CA's usually have way to stay in touch with the things, at least to their own field.

 

[Enthusiastic]

Don't underestimate, you never know, he might have a portfolio of his own. Also, CA's usually have way to stay in touch with the things, at least to their own

Yes, that can be possible. Let's see.

 

[gabzvee]

I'm huge on news and investments in crypto/NFTs... If any fundamental doubts in that regard, do ask...
Bitcoin and Eth are the main Large caps in crypto and can be considered safer plays (still volatile since its crypto)
To save against falling INR, you could hold USDT or USDC which are stablecoins with 1:1 collateral

Other smaller caps exist too, but those require more homework to invest in them properly...
On the other hand, I was curious if I haven't withdrawn or redeemed any of my crypto investments, am I still needed to account for them or something?

Since most of the realized profit and loss is between the coin and USDT, is it still considered realization in INR? Since none of the money has been withdrawn from Binance...