- Nov 16, 2011
- 19,809
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The changes in budget are implemented from 1 april 2022 but I found a document shared online on a group
So which financial year will it start from ?
So which financial year will it start from ?
When will the 30% tax on crypto in India start ?
- Thread starter awesomewebsites
- Start date
- Oct 25, 2018
- 2,250
- 9,581
Anything declared in the budget gets applied in the upcoming financial year. So it should be FY 22-23. What document is that? What is the source?
- Nov 16, 2011
- 19,809
- 11,284
A facebook group.
- Nov 16, 2011
- 19,809
- 11,284
Sometimes you get good information also. If you research, you are fine.
Links Indexing
Power Member
- Apr 14, 2015
- 651
- 482
w.e.f. April 2022
Source
https://www.livemint.com/money/pers...ypto-tax-still-needs-work-11644338983665.html
Source
https://www.livemint.com/money/pers...ypto-tax-still-needs-work-11644338983665.html
- Nov 16, 2011
- 19,809
- 11,284
Still not government source.
getseoonline
Banned - Multiple Rules Violations
- Jun 5, 2012
- 1,563
- 826
2023 mate not this year
- Nov 16, 2011
- 19,809
- 11,284
Source ?
getseoonline
Banned - Multiple Rules Violations
- Jun 5, 2012
- 1,563
- 826
learn to google that yourself you have been on the forum since 2011
randomstrings
Supreme Member
- Feb 3, 2021
- 1,325
- 853
May be never, may be they will ask operators to get registered and deduct tax before hand. As you cant actually control flow of funds in crypto.
- Dec 11, 2021
- 2,050
- 779
Its common sense, every bill passed in Budget will effect from Next IT return so withdraw all your cryptos before March 31, 2022 to avoid 30% Tax + 1% TDS cut.
- Apr 23, 2012
- 2,875
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If you're running a company, your CA would've informed you last year itself that any gains from cryptocurrencies at a Company-level will have to be declared from 1st April, 2021 itself.
Source - Amendment to Companies Act Schedule III
//
1. 30% Crypto Tax
The above screenshot shared by @krishnaverma is from an official document titled - Memorandum Explaining the Provisions in the Financial Bill
You can access it here - https://www.indiabudget.gov.in/doc/memo.pdf
The line you're looking for is on Page 55 (PDF Page 57)
It clearly states that the tax will be applicable for Assessment Year 2023-24 - the assessment year is always one year ahead. It is basically the year in which you pay your taxes. So the taxes will be valid for all income in the financial year 2022-23 (1st April 2022 to 31st March 2023).
//
2. 1% TDS on Crypto Transactions
We should be more concerned about the 1% TDS applicable on ever transaction every. That is going to be applicable from 1st July, 2022 onwards.
If you read the next point in the above document. It asks for an insertion of a new section - Section 194S
Here's a breakdown on 194s - https://taxguru.in/income-tax/section-194s-tax-crypto-currency-nft-finance-bill-2022.html
Source - Amendment to Companies Act Schedule III
//
1. 30% Crypto Tax
The above screenshot shared by @krishnaverma is from an official document titled - Memorandum Explaining the Provisions in the Financial Bill
You can access it here - https://www.indiabudget.gov.in/doc/memo.pdf
The line you're looking for is on Page 55 (PDF Page 57)
It clearly states that the tax will be applicable for Assessment Year 2023-24 - the assessment year is always one year ahead. It is basically the year in which you pay your taxes. So the taxes will be valid for all income in the financial year 2022-23 (1st April 2022 to 31st March 2023).
//
2. 1% TDS on Crypto Transactions
We should be more concerned about the 1% TDS applicable on ever transaction every. That is going to be applicable from 1st July, 2022 onwards.
If you read the next point in the above document. It asks for an insertion of a new section - Section 194S
Here's a breakdown on 194s - https://taxguru.in/income-tax/section-194s-tax-crypto-currency-nft-finance-bill-2022.html
CloudCreator
Junior Member
- Apr 3, 2017
- 156
- 46
Perfectly Explained . All tax going to be valid from 1st April 2022
- Oct 25, 2018
- 2,250
- 9,581
I know what an assessment year is. I've clearly mentioned FY (Financial year) in my post. The new tax would be applicable for all transactions from April 1, 2022. You pay tax on income/transactions for a Financial year in the assessment year which would be 2023-2024 in this case.
Bottom-line is, all your crypto transactions become taxable from April 1, 2022.
- Nov 16, 2011
- 19,809
- 11,284
They might ban it as per statement today so that tax will never come in picture.