India will start Taxing cryptocurrency starting April 2022

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If you are an investor in cryptocurrency in India, you need to start paying taxes on your cryptocurrency investment.

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Starting from 1st April 2022, a flat 30% tax will be applicable to all digital or virtual assets sold at a profit.

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On top of 30% tax on profits, users also need to pay 1% tax deduction at source on payments made related to the buy/sell of virtual assets.

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The 1% detection will be set off at the end of the financial year. But the crypto tax cannot be set off against other business expenses.

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If you made a loss in Bitcoin, you could not set it off with profit in Ethereum. Users will not be able to offset the loss on one crypto with profit from another.

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This would apply to all digital assets, including cryptocurrencies, NFTs, DeFi and related earnings.

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Flat 30% tax is the highest tax bracket, and it has the same rate as lottery winnings.

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To get more info related to Crypto, NFTs, DeFi visit Cryptogurukul.com

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