I am a Business Consultant based in India. I get my consultancy fee (gross revenue) from my Hong Kong client via USDT. Its gross revenue received as Consultancy Fee(professional income) and not profit.
Under new Crypto Bill will I pay 30% tax on the gross USDT Crypto I receive or I will pay tax as per tax slab on my actual income? Like I said this fund I receive for my service I am not trading/investing or making any profit from trading/investing in crypto. How will my tax calculated?
Please consult an expert on the above issue or approach Auditor or chartered accountant and claim benefits accordingly. Lawyers are unable to answer your questions.
As you’re not trading in crypto and just consulting regarding it. Thus, you’ll have to pay consultancy tax for the service you’re providing.