Top Tweets for #taxthread

12 months ago

🧵 Thread: Taxation of Cryptocurrencies in India 🇮🇳💰 1/ Crypto is NOT illegal in India. But taxation rules are very real and strict. Here's what every Indian crypto investor must know about how their gains are taxed.👇 #CryptoIndia #TaxThread 2/ 🔹 Flat 30% Tax on Profits Under Sec 115BBH, crypto gains are taxed at a flat 30%. No slab benefit, no deductions allowed (except cost of acquisition). Made ₹1,00,000 profit? Pay ₹30,000 in tax. 3/ 🔹 1% TDS on Every Trade Since July 1, 2022, a 1% TDS is deducted on every crypto trade (on Indian exchanges). Even if you're at a loss — TDS applies. This can affect liquidity & frequent traders. 4/ 🔹 No Set-Off or Carry Forward You cannot set off crypto losses against any other income. Also, crypto losses cannot be carried forward to future years. Loss is a loss. No relief here. 5/ 🔹 What is ‘Virtual Digital Asset’ (VDA)? Crypto, NFTs, and similar digital assets fall under VDAs. Any profit from these is taxed as per crypto rules. Make sure your asset falls under this definition. 6/ 🔹 Gifts in Crypto are Taxable Received crypto as a gift? It’s taxable under “Income from Other Sources” if the value exceeds ₹50,000 — unless it's from a relative. Track & disclose gifts properly. 7/ 🔹 Use Indian Exchanges? TDS Deducted If you trade on Indian exchanges, TDS is auto-deducted. Using international platforms? YOU must file & pay 1% TDS yourself. Non-compliance = penalty + interest. Accuracy = Safety from n. 8/ 🚨 Important Just because crypto is “decentralized” doesn’t mean it’s invisible. Govt is watching — via exchanges, banks, and even international platforms. Don't evade. Declare & pay. 9/ ✅ Summary: 30% tax on profits 1% TDS per trade No set-off of losses Gifts taxable Self-report if using foreign exchanges Crypto is risky. Not being tax-compliant is riskier. #CryptoTax #IndiaCrypto #ITR

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Bajaj Broking @BajajBroking

over 1 year ago

So, how many taxes do you think YOU pay daily? Let’s hear your thoughts! Reply below & share how taxes impact your life! 👇 Follow for more eye-opening insights! #TaxThread #FinanceIndia #MoneyMatters

🇬🇧 The Bitcoin & Crypto Accountant 🇬🇧🚀

@BitcoinTaxUK

over 1 year ago

📢 Following the #AutumnBudgrt Changes to Employer National Insurance (NI) are coming that could significantly impact small businesses. Let’s look at how these changes might affect a company with 8 employees. #SmallBusiness #EmployerNI #TaxThread 🧑‍💼 Here’s the setup: a company with 8 employees, each earning £30,000/year. Currently, Employer NI is 13.8% with a threshold of £9,100, meaning employers pay NI on each salary above that amount. #EmployerNI #Tax 💸 Breaking it down for 2024/25: Salary: £30,000 NI Threshold: £9,100 Taxable amount per employee: £20,900 Employer NI per employee: ~£2,884.20/year For 8 employees, that’s £23,073.60/year in Employer NI. #SmallBusiness 📈 From April 2025, changes are coming: 1️⃣ Employer NI rate will rise to 15%. 2️⃣ Threshold will drop to £5,000. This means employers pay NI on a larger portion of each salary, at a higher rate. #NIIncrease #Budget2025 💼 New calculation: Taxable earnings per employee: £25,000 Employer NI per employee at 15%: £3,750 For 8 employees, that’s now £30,000/year – an increase of £6,926.40/year. #EmployerNI #BusinessCosts 🔍 For small businesses, these "small" changes add up. An extra £6,900/year can impact cash flow, hiring plans, and growth. It’s essential for business owners to budget for these increases and plan ahead. #TaxPlanning #SmallBusinessTips 💬 If you’re running a small business, stay informed and prepare for April 2025. Even small NI rate adjustments can mean big changes to your bottom line. #EmployerNI #SME #BusinessFinance Tell me how you are planning to deal with this huge change 🤔

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Ajay Rotti

@ajayrotti

over 2 years ago

Basics of tax in our federal structure - a #TaxThread after a while! Only given the talk about taxes passed on to the States by the Central. Both Central Government and State Government levy and collect taxes in India. 1/N

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Karl Strube, CPA @KJSAcct

almost 3 years ago

I haven't made the jump yet. I'll admit to being out of touch, why are ppl leaving/mad at Twitter? Do I not use it enough to notice something wrong? Is our hashtag going to change over there? #TaxThread? I ❤️ #TaxTwitter, but it seems like that'd be "hanging onto the past."

Megan Genest Tarnow @MeganTarnow

almost 3 years ago

we’re gonna need a #TaxTwitter convo on how to use 🧵.

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Nick Albares @NickAlbares

over 8 years ago

#TaxThread https://t.co/DzZWmETxqL

Eric Billimoria CFP® @EBillimoriaCFP

over 8 years ago

Details of tax reform legislation revealed - Journal of Accountancy https://t.co/xsehW6NNP4 #TaxTalk #TaxThread #TaxReform @Trevo42

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