India Crypto Expert Sunil Sharma: Explains New Crypto Tax Rules
Worried about crypto taxes in India? India Crypto Expert Sunil Sharma explains how the 30% tax works and tips to stay compliant.
The popularity of cryptocurrency has increased rapidly in
India. But along with this, the government has also implemented new tax rules.
Most investors and traders are still confused about these rules. In such a
situation, India Crypto Expert Sunil Sharma has explained these rules in
simple language.
30% tax rule
According to the government, a direct 30% tax will be levied
on the profit from any digital asset such as Bitcoin, Ethereum or other
cryptocurrencies. This means that whether you have earned a little or a lot,
the tax will always be 30%.
You will not get the benefit of the loss
Sunil Sharma explains that the most difficult thing
about this rule is that the loss in one crypto cannot be adjusted with the
profit of another crypto. For example, if you make a profit from Bitcoin and a
loss in Ethereum, then you will still have to pay tax on the profit from
Bitcoin.
1% TDS will be deducted
1% TDS will be deducted on every crypto transaction (above a
fixed limit), whether you make a profit or not. Whenever you buy or sell
crypto, the exchange will automatically make this deduction.
Why is compliance important?
Sunil Sharma advises that every investor should keep a
record of their transactions properly. The government is keeping an eye on
crypto activity, so it is important to be transparent. Also, it will be
beneficial to take the help of a tax expert to file tax returns correctly.
Tips from Sunil Sharma
·
Keep a record of every trade – when bought, when
sold and how much profit/loss was made.
·
Understand TDS – plan trading, keeping in mind
the 1% deduction.
·
Think long-term – Frequent small trades can
increase the tax burden.
·
Take expert help – Take professional advice to
file tax returns correctly.
Conclusion
Tax rules on crypto in India are strict, but with the right
information and preparation, you can follow them without any hassle. India
Crypto Expert Sunil Sharma says that be aware, keep correct records and
invest responsibly – this will be safe for you in the future.
Stay connected to know more
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