CA Sonu Jain (Crypto Tax Expert)
@TheWeb3CA
Crypto Tax 🇮🇳 | CA Finalist | Buidl Crypto Tax guide 🇮🇳 | Tax Advisory/ ITR Filing 📩: ca.sonupjain@gmail.com / DM
Taxation of Crypto for FY 22-23 in India
Budget 2022: #CryptoTax
Everything you need to know about 🇮🇳 Crypto Tax for FY 22-23
🧵 Covers:
⚡️Salary
⚡️Consultancy
⚡️Airdrops
⚡️Mining
⚡️Yield farming, Staking, Lending, Interest
⚡️Trading/Investing
⚡️Borrowing
⚡️NFT
⚡️QnA
@simplykashif @CryptooAdy @NischalShetty
Budget 2023: Crypto Industry Expectations
#Budget 2023 starts in 1 hour!
what changes for Crypto and Web3 Industry in Budget 2023?
⚡ Lower taxes?
⚡ TDS reduction?
⚡ Slab benefits?
⚡ Regulations on exchanges?
Let's discuss!
(1/7)
First things first, Let us recap Budget 2022 😀
Budget 2022:
1️⃣ Aggressive tax on Indian crypto Investors.
→ Tax at flat 30% on transfers
🔴 No set-off or carry forward of loss
2️⃣ TDS at 1% on transfer of crypto assets
(2/7)
Crypto tax for FY 21-22
#CryptoTax
Everything you need to know about 🇮🇳 Crypto Tax for FY 21-22
🧵 Covers:
⚡️Salary
⚡️Consultancy
⚡️Airdrops
⚡️Mining
⚡️Yield farming, Staking, Lending, Interest
⚡️Trading/Investing
⚡️Borrowing
⚡️NFT
@simplykashif @CryptooAdy @NischalShetty @cz_binance
Let us re-cap few concepts:
Capital Gains (CG)
⭐ Crypto profits may be taxed as CG
⭐ CG are of 2 types: Short term (STCG) & Long term (LTCG)
→ Sold crypto within 3 years of buying = STCG, Tax at Slab rate
→ Sold crypto after 3 years of buying = LTCG, Tax at 20%
(2/15)
Tax savings on Purchase of EVs in India
#taxsaving How to save Rs.45,000 in TAXES?
👉 Did you purchase any Electric vehicle on loan?
✅ @OlaElectric S1 Pro
✅ @atherenergy 450X
✅ @TataMotors Nexor or Tigor EV
✅ or any electric vehicle (2, 3 or 4 wheeler)
If yes, Then read 🧵 to save upto 45K in taxes.
(1/7)
Section 80EEB provides deduction of upto Rs. 1,50,000/- on Interest paid on loan for purchase of Electric vehicle (EV).
Let's understand who, when, and how can claim this deduction with examples.
(2/7) #Olaelectric #bounceinfinity #EV #FutureOfMobility
Request to Indian Govt. on Crypto Tax - Petition
Clearing some confusion on #reducecryptotax Petition: chng.it/G6SFKwp9b6
What are we trying to convey?
What is our request to Government?
@CryptooAdy @simplykashif @NischalShetty @sathvikv @smtgpt @acryptoverse @pushpendrakum @sumitkapoor16 @gauravdahake
Pls share
(1/5)
Our requests are outlined in the above petition. I would like to clarify a few things:
1. Tracking of Crypto transactions:
If Govt's Intention is to track crypto transactions.
Then we are requesting Govt to Implement SFT (Similar to Stock exchanges) rather than TDS.
(2/5)
Formal Structure for Indian Crypto Investors
Proposal to 🇮🇳 Crypto community:
The Budget 2022 tax proposals will have significant impact on the 🇮🇳 Crypto Industry and all the stakeholders.
We have been actively urging Govt as community & Individually, but we don't have a formal structure.
(1/n)
twitter.com/0xSonuJain/status/1489187551269330945?s=20&t=v7HsUaKxdEJWLSJrklOJWw
Currently, There is just one formal body for Crypto in India viz. BACC. This body consists of crypto exchanges operating in India.
However, we have no formal body, voicing concerns or lobbying with govt to put forth the views of the Crypto community.
(2/n)
Myths about Crypto tax: Budget 2022
I found a video on Youtube with thumbnail: "How to pay 0% tax on Crypto in India"
I saw it out of curiosity 😝thinking maybe some strategy..
Youtuber: Use DEX/ International exchange, govt can't track it and also no tax up to 5L crypto income.
Me: 😰🤯
(1/2) #reducecryptotax
Review of Pillow Fund: Best yields on Stables:
#crypto How to earn the best yield on your Stablecoins & Fiat ?
A simple, least risky and highest yield bearing strategy ;)
Short 🧵 on @PillowFund and it’s amazing upto 18% on USDT/USDC & 7.05% on BTC & ETH
Note: Pillow 🇮🇳 is invite only. So, read full to get access
(1/10)
What is Pillow?
Pillow is a “asset management” app which helps users earn best return on their crypto without any risks.
what does asset management (AM) mean?
AM means Pillow collects funds from various investors and invests it together to earn return.
(2/10)
TDS on Sale of Crypto in India: 194S
#Budget2022 Crypto tax: 194S TDS at 1% on Sale consideration. There seems to be a lot of confusion on what it means.
Let's put the Tax hat 🎩on & start digging :)
Note: I will try to simplify and cover in detail along with images/videos
#reducecryptotax @CryptooAdy
Reduce Crypto tax: Petition to Indian Govt.
#reducecryptotax
Why is this petition Important and why the crypto community needs to sign this? A thread 🧵
#Budget2022 @CryptooAdy twitter.com/CryptooAdy/status/1489150549211901952
Budget 2022 has proposed:
1. Tax at 30% on Crypto gains with deduction only for cost of asset. So we can't claim exchange fees, network/gas fees, NFT royalties etc. as deduction.
2. This means, Govt. is treating Crypto "at par" with gambling and betting.
(2/n) #cryptocurrency