Rule: 30% tax on profit from april 1!!!
The new financial year has started on Friday, april 1. Along with this, many rules related to tax have also come into force. This rule also includes taxes on cryptocurrencies.
Finance minister Nirmala Sitharaman approved trading in crypto with a 30% tax in the general budget. If you have the immovable property of more than 50 lakhs and you sell it, then 1 percent TDS will also have to be paid.
What is the percentage of crypto investors in India?
Comparing crypto investors from all countries, if you look at the numbers from crypto investors in india, you will find that our country has more crypto investors than any other country. india accounts for 42% of the total global cryptocurrency transfers worth $10 million. It is believed that all types of money, black, and white are included in this investment. According to the figures that came some time ago, more than 6 lakh crores have been invested in india so far.
How will the rule apply to TDS?
According to the tax rules, for 1 percent TDS, whichever is higher in the Transaction Value or Stamp Duty Value, will be considered accordingly. The government claims that this will reduce the trend of showing low prices in the sale of real estate.
Tax on cryptocurrencies
If you are investing in cryptocurrencies and your total income tax exemption is less than Rs 2.50 lakh. No deduction will be allowed on the profits made during this period. This rule will affect millions of crypto investors. The profit from crypto will decrease. It is worth noting that till now profits from cryptocurrencies were not taxed, but this rule may reduce some interest in investing in crypto.
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