India Will Take 30% Tax❗
30 percent tax will be appliedIndia announced: Income from cryptocurrencies will be taxed at 30%.
The taxation of cryptocurrencies is an important issue that many countries deal with today, and many countries continue to work on this issue. So much so that India acted quickly in this regard and made a statement on the taxation of cryptocurrencies during the day. Here are the details…
🟥India Will Take 30% Tax
Indian Finance Minister Nirmala Sitharaman shed light on the tax obligations for digital assets such as cryptocurrencies, in a statement Tuesday.
Sitharaman, with his statement during the day, announced that investors will be taxed at a rate of 30% on income from any cryptocurrency .
Nirmala Sitharaman also stated that she is proposing a 1% tax deduction on payments made related to the purchase of digital assets to capture the details of all cryptocurrency transactions made in the country.
🟥In the continuation of his statements, the Minister gave the following statements;
“In the calculation of such revenues, no deductions may be made from expenditures or allowances other than the cost of acquiring. In addition, the loss resulting from the transfer of the digital asset cannot be offset against any other income. On the other hand, it is recommended that income from digital assets be taxed while in the investor's portfolio.
The taxation of cryptocurrencies came at a time when the purchase of cryptocurrencies and NFTs began to spread rapidly in India despite the regulatory uncertainty in the country.
🟥WazirX Records 1,735 Growth
On the other hand, WazirX , owned by Binance , the world's largest cryptocurrency exchange in terms of market volume, said in a statement made at the end of the year that the annual transaction volume on its platform exceeded $43 billion in 2021 with a growth of “1.735” compared to 2020.
Also, WazirX's native cryptocurrency, #WazirX ( WRX ), posted an increase of around 50% as the possibility of bans on cryptocurrencies disappeared.
🟥India to Introduce Its CBDC Next Year
In addition, the central bank of India is also expected to introduce the digital currency in the coming fiscal year. The country's central bank has been testing its CBDC in the country for several months in a series of controlled trials and is examining its impact on the banking and monetary systems.
In his statement with the CBDC , the head of the Reserve Bank of India made the following statements;
“The launch of the central bank digital currency will give a huge boost to the digital economy. The digital currency will also lead to a more efficient and cheaper currency management system.”
https://unsplash.com/s/photos/tax-crypto