@EverythingAjay I paid crypto tax by taking personal loan it's very bad situation for Indian citizens. Even I am in loss no money remaining to pay tax still I paid tax by loan.
๐๐ Hereโs my request to the Finance Minister on Current Crypto Tax:
โ Equalize Crypto Tax with Stocks! (15% for Short term & 10% for Long term)
โ Allow Loss Setoff & Carry Forward โ
โ Remove 1% TDS, opt for SFT like stock exchanges
โ Provide Tax Exemption for new Mining โ๏ธ / Validator ๐ป companies in India ๐ฎ๐ณ
โ Allow UPi access on deposit
#reducecryptotax
What am I missing?
2 trades in profit = 60000
6 trades in loss = 85000
Total P&L = -25000
Tax = 18000
Finally net loss after tax paying =
-43000
This is indian tax system
How can survive Indian crypto community
Thank you Indian Government
#reducecryptotax#ajaykashyap#rohitashyadav8177
Day 712
The Indian crypto ecosystem has gotten very active now about #reducecryptotax
Thatโs a great example of what a community must do in order to bring change in regulatory direction which negatively affects an industry such as Web3.
But this enthusiasm should not reduce after few days of efforts. Persistence is what leads to results.
I do hope that everyone continues to work on spreading the information about why these three things need to happen:
1. TDS lowered to 0.01%
2. Loss set off allowed
3. Tax according to standard slabs
#BuildWeb3 #reducecryptotax