We buy online crypto currency India
4 months ago
we buy online crypto currency India
now time to withdrawal
the unable to do the same
asking 30% tax pay is it correct or fake
A.Dear Client,
Crypto trading is subject to taxation in India. The profits or gains generated from cryptocurrency trading are taxed at a flat rate of 30 %, with an additional 4% cess under Section 115BBH of the Income Tax Act, 1961. Section 194S levies 1% Tax Deducted at Source (TDS) on the transfer of crypto assets from July 01, 2022, if the transactions exceed ₹50,000 (or even ₹10,000 in some cases) in the same financial year. Capital Gains from Crytpo trading should be reported under Schedule VDA in the ITR and no deduction is allowed, except the cost of acquisition. It is advisable to consult with a Chartered Accountant or an Advocate practicing income tax for better clarification and steps in the matter
Crypto trading is subject to taxation in India. The profits or gains generated from cryptocurrency trading are taxed at a flat rate of 30 %, with an additional 4% cess under Section 115BBH of the Income Tax Act, 1961. Section 194S levies 1% Tax Deducted at Source (TDS) on the transfer of crypto assets from July 01, 2022, if the transactions exceed ₹50,000 (or even ₹10,000 in some cases) in the same financial year. Capital Gains from Crytpo trading should be reported under Schedule VDA in the ITR and no deduction is allowed, except the cost of acquisition. It is advisable to consult with a Chartered Accountant or an Advocate practicing income tax for better clarification and steps in the matter
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A.Dear Client,
When faced with a request for a 30% tax payment on cryptocurrency withdrawals in India, it's essential to exercise caution and verify the legitimacy of such claims. Cryptocurrency regulations and taxation can vary, but a demand for an upfront tax payment at a fixed rate seems unusual. To ensure the authenticity of this request, consult with a tax professional or legal advisor specializing in cryptocurrency taxation in India. They can provide accurate information on applicable taxes and guide you on the appropriate steps to comply with taxation regulations. Avoid making any payments without proper verification to safeguard your financial interests and adhere to legitimate tax obligations.
When faced with a request for a 30% tax payment on cryptocurrency withdrawals in India, it's essential to exercise caution and verify the legitimacy of such claims. Cryptocurrency regulations and taxation can vary, but a demand for an upfront tax payment at a fixed rate seems unusual. To ensure the authenticity of this request, consult with a tax professional or legal advisor specializing in cryptocurrency taxation in India. They can provide accurate information on applicable taxes and guide you on the appropriate steps to comply with taxation regulations. Avoid making any payments without proper verification to safeguard your financial interests and adhere to legitimate tax obligations.
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