Tax on Crypto Currency

[Odugu Narasimha Rao]

Hello I have buyed a shib coin on 2022 January 19 and I sold on 2024 August 24 and I got a profit 2000 am I eligible for tax 30 percent and let me know will My family ration card gets cancel or not?

 

[Dr.Anand456Dr.Anand456 is verified member.]

Hello I have buyed a shib coin on 2022 January 19 and I sold on 2024 August 24 and I got a profit 2000 am I eligible for tax 30 percent and let me will My family ration gets cancel or not?

The tax on this will be applied based on your income slab. It will be taxed according to the bracket you fall into. You will need to mention in your Income Tax Return (ITR) this year that you have sold cryptocurrency and earned a profit of a certain amount. However, since the terms and conditions regarding cryptocurrency keep changing, it is advisable to consult your Chartered Accountant (CA) for accurate and up-to-date information.

 

[NABNAB is verified member.]

Hello I have buyed a shib coin on 2022 January 19 and I sold on 2024 August 24 and I got a profit 2000 am I eligible for tax 30 percent and let me will My family ration gets cancel or not?

Yes, Crypto is taxed at flat 30%. As you made profit in Aug 24, mention the same in your next ITR.

It has nothing to do with your family ration.

 

[rajcasio]

I never filed ITR
I sold some DOGECOIN by sep 2024 purchased during 2018.
Do i need to worry regarding this PROFIT i made?

 

[faucetgames]

I never filed ITR
I sold some DOGECOIN by sep 2024 purchased during 2018.
Do i need to worry regarding this PROFIT i made?

depends.. if you sold in p2p then no need to show it as crypto gains if the seller has not deducted TDS against your PAN.
If you sold using centralised indian exchanges like Coindcx then you need to pay 30% tax as they by default deduct TDS