nhnhbg Cryptocurrency Tax Came into Effect from 1st April for Indian Investors – Money Up Down
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Cryptocurrency Tax Came into Effect from 1st April for Indian Investors

During the budget session 2022, Finance Minister, Smt. Nirmala Sitharaman said that cryptocurrency trading will be taxable in India and from today (1st April) it will be implemented.

 

In Union Budget 2022, when Finance Minister announced that from April 2022 onwards investors need to pay a tax of 30% on their income and 1% TDS on every transaction. At that time people thought that Government has accepted cryptocurrency as a legal tender. However, later she clarified that government will take this tax as its right and that doesn’t mean that government has made cryptocurrency legal in India.

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Today this tax slab got implemented and any transaction now made on digital asset will be taxed at 1% and any profit gained will be taxed at 30%.

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Meanwhile, due to the war situation among Russia and Ukrain the crypto market has been disturbed drastically and it has become little unpredictable. Government also facing trouble in business transaction with Russia due to the several bans imposed by America.

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Since last two days Russia’s Foreign Minister Mr. Sergey Lavrov’s trip at India PM Modi discussed on these matters in details. Hopefully, this meeting may lead to some conclusion and help ending the war. Let’s see what results come out from this in the next days.

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