If you seen the recent buzz on crypto lately, you might want to have a look at this one
Here’s some info for taxation on crypto currency.
- Virtual digital assets & taxation
- Deductions and losses
- Payment on Transfer of virtual digital asset
- TDS Provisions – Section 194S
- TDS not required in certain cases
Source - Mr.tax
Crypto tax - Finance bill 2022_Mr.tax.pdf (245.7 KB) (Here’s the PDF file)
Precisely. If they would want to legalise it even if not as a currency, they would have atleast allowed you to offset the gains/losses somewhere and would have considered it as gains(ltcg/stcg). Here it’s looked as a speculative income. But the government wants to get into the frenzy and ensure its getting it’s revenue in the form of taxes to make up for the shortfall in its tax collections.
who does want to earn more many ?
When it’s the government the main objective should be to regulate it so that the retail investors don’t get rug pulled. That is one of the main reasons why SEBI exists in the equity market. Taxation is a secondary matter.
You are right if there is no frame work than there should be no tds or flat 30% tax as well .Student who is not dfalling under tax bracket but invest from pocket money in crypto for fun and learn and make little more money is also geting tax to highest bracket without any protection from any agency. They say it is to discourage buying but what if people move to dark web buying (black market).