30% crypto tax becomes law in India following Finance Bill approval

  • 📰 Cointelegraph
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 51%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

It’s official. The Indian Finance Bill 2022 with new 30% crypto tax rules becomes a law today and will come into effect starting on April 1. (Reporting via _prashantjha)

If 30% tax was not regressive enough, the government also imposed a 1% tax deduction at source on each trade, claiming it would help them track the movement of funds. However, exchange operators have warned that the 1% TDS would dry up liquidity.The infamous bill has been scrutinized by various experts, traders and exchange operators alike. However, the government has decided to carry forward with its regressive approach without taking input from the stakeholders of the crypto ecosystem.

Another reason for the crypto community’s outrage is the fact that the new crypto tax has been heavily inspired by countries’ gambling and horse betting tax rules. This signifies that the Indian government likens the crypto market to gambling. “It is not illegal to buy/sell crypto assets in India but we have put taxation treating it like winnings from horse races..” -T.V Somanathan .

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 562. in CA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

_prashantjha ViCat_777 Zero fee Meme Protocol 💎

_prashantjha Fuck taxes that shit whack and I am not a slave nor should anybody worldwide. Miners will fix that problem for the government, lol time to pump us up.

_prashantjha 💎AtEM PRIVATE SALE: ROUND 2 💎 🧨STARTS: 10AM EST / 2PM UTC APRIL 1ST 🧨 Our first private sale sold out in 30min ✅TO ENTER: On April 1st, We will be releasing the contribution wallet in the group during an AMA and pinning it to the chat. Telegram:

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

30% crypto tax becomes law in India following Finance Bill approvalIndia’s new crypto tax policy is based on its gambling and lottery ticket win tax rules, that is set to come into effect from April 1. It’s still is overall positive. From considering it illigal to legal.. now the need to refine and make it comparable to other asset class is there.
Source: CryptoPanicCom - 🏆 563. / 51 Read more »

Mar. 30: MarketWatch - The Big Market Risks to Your PortfolioJoin Barron’s Live weekdays at noon, for timely and actionable insights tied to the coronavirus crisis. Dial-in to connect with top experts and our editors covering the outbreak, to hear the impact on markets, the economy, companies, real estate, and more. Session topics subject to change pending breaking news. Barron's senior managing editor Lauren R. Rublin, reporter Al Root and a special guest discuss the outlook for the aerospace industry.
Source: MarketWatch - 🏆 3. / 97 Read more »