🔔 India's Crypto Tax Law Passed In Parliament !
The Finance Bill 2022 Of India is passed.
1️⃣ 30% tax on Crypto profit (from 1 Apr '22)
2️⃣ 1% TDS on every trade/transaction (from 1 Jul '22)
3️⃣ No Deductions
4️⃣ No Loss setoff
5️⃣ Can't carry forward loss
#Bitcoin#cryptocurrency
The Finance Bill 2022 approved and passed in Lok Sabha with new Crypto tax rules.
-> 30% Flat Tax on Profit
-> 1% TDS from July
-> No Deductions
-> No Loss Setoff
Discouraging Crypto = Discouraging Innovation
This is one of the top reason why countries around the world are taking cautious steps in Crypto taxation
Hope Indian Government hears the youth and ensures that Indian Crypto industry remains competitive ✌️
#UnfairCryptoTax
Invest Rs. 100 into Coin1
Earn Rs. 100 profit
Now you have Rs. 200
Invest this Rs. 200 in Coin2
Coin2 goes to Rs. 0 (not all ideas work)
Now you have Rs. 0
Tax Time:
According to upcoming tax law in India
You pay Rs. 30 as tax
You are now at - Rs. 30
#UnfairCryptoTax
In India, today less than 3% of the population is covered by the 30% income tax slab.
30% crypto tax by the government is forcibly dragging the remaining 97% people into higher tax rates,
This is completely unfair.
It is important to reduce tax
#reducecryptotax#fairCryptoTax
Flat 30% tax (Rich or Poor), 1% TDS, No deduction, Loss cant be carried forward.
If these tax policies are not changed.
Buidler will still buidl but they will buidl from another country, adding to their GDP. Talent outflow will continue.
#reducecryptotax#reducecryptotaxDay12
Countries across the globe are adopting a pro-crypto approach so they become crypto hubs and get the advantage
India has immense potential to become a leader in the #crypto space but 30% taxation may affect our chances by discouraging adoption and innovation.
#ReduceCryptoTax
The Govt should embrace crypto industry to take advantage of the exciting investment, innovation and employment opportunities. Proposed tax rules are not at all encouraging.#reducecryptotax#faircryptotax Day-48 #IndiaWantsCrypto@Unocoin