Crypto Tax

[Enthusiastic]

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)
> Crypto Airdrop, Binanace Learn & Earn

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.

 

[Chaitanya-a]

You don't have to think about income tax filing unless earning more than 3 lacs per year (inclusive of all source of income). According to old tax regime.

And according to new tax regime, its even higher i.e. 7 lacs per year.

 

[Slayer]

If the payout is TDS-ed then you need to file IT to get tax returns

 

[Enthusiastic]

You don't have to think about income tax filing unless earning more than 3 lacs per year (inclusive of all source of income).

Actually, I heard, there is no Tax Slab for Virtual Digital Assest.

Even some my Coindcx withdraw are Showing in form 26A.

 

[caabhi]

Actually, I heard, there is no Tax Slab for Virtual Digital Assest.

Even some my Coindcx withdraw are Showing in form 26A.

Explained: New crypto tax rule doesn't differentiate between income slabs, will impact trading volumes - Times of India

India Business News: The crypto tax may convert day traders into long-term investors, while some may abandon the crypto space altogether to invest in traditional assets li

timesofindia.indiatimes.com

This would help you in answering questions you posed

 

[Chaitanya-a]

Actually, I heard, there is no Tax Slab for Virtual Digital Assest.

Even some my Coindcx withdraw are Showing in form 26A.

Yeah oops I'd forgotten about the seperate condition for crypto assets. Its 30% after 31st March 22. Thank god I took out money before that and closed the accounts before crash.

 

[Enthusiastic]

Explained: New crypto tax rule doesn't differentiate between income slabs, will impact trading volumes - Times of India

India Business News: The crypto tax may convert day traders into long-term investors, while some may abandon the crypto space altogether to invest in traditional assets li

timesofindia.indiatimes.com

This would help you in answering questions you

This article is really Helpful for me.

After reading whole articles, After reading this article I have come to the conclusion that I also have to pay tax even on this 2k profit. Am I Correct?

But This Tax rule really not making any scene, I make 739rs loss in 20-21 and 21-22, and 2.03 k profit in 22-23. If paid pay tax then I will decently go in loss.

2030-739= 1291 ( All time Net profit without tax)
2030 - 609rs (*30%) -739= 682rs (All time Net profit with after paying Tax)

Even I don't have knowledge about how to file IT.
I think I should not file any tax, and decided to leave on my fate😅.

But I am little scared because they really gatherings information from Indian exchanges, I an able to see my 149rs (Coindcx) in Form 26A

 

[Enthusiastic]

Yeah oops I'd forgotten about the seperate condition for crypto assets. Its 30% after 31st March 22. Thank god I took out money before that and closed the accounts before crash.

You are lucky, I was not Aware from about this rule recently I withdraw some amount and invested in 12% Club. That's why , I'm stuck in it.

 

[Chaitanya-a]

This article is really Helpful for me.

After reading whole articles, After reading this article I have come to the conclusion that I also have to pay tax even on this 2k profit. Am I Correct?

But This Tax rule really not making any scene, I make 739rs loss in 20-21 and 21-22, and 2.03 k profit in 22-23. If paid pay tax then I will decently go in loss.

2030-739= 1291 ( All time Net profit without tax)
2030 - 609rs (*30%) -739= 682rs (All time Net profit with after paying Tax)

Even I don't have knowledge about how to file IT.
I think I should not file any tax, and decided to leave on my fate😅.

But I am little scared because they really gatherings information from Indian exchanges, I an able to see my 149rs (Coindcx) in Form 26A

Its not that much amount. They won't do anything coz its new rule for everyone. Just let it be for the time being.