Yes 30% income tax on profit earned by trading and if you sell service of some kind and earn in crypto like usdt or btc it will be consider income and you have to pay income tax on it. Selling usdt is also taxed but not alot it its 1% tds of sell of usdt
Where and to Whom we have sold usdt? Do we have to show it?
You can sell your USDT directly to coindcx They buy USDT themselves, but the conversion rate is lower and there is TDS along with a small GST charge. P2P usually offers a higher conversion rate, but it also comes with its own downsides.
if we sell usdt to friend or transfer it to client?
First, I don’t use Binance. I prefer using Trust Wallet for holding my crypto. Second, sending USDT to a friend is not taxed in my experience. If you are selling to a client outside the country, it is generally treated differently than a local sale. I use Trust Wallet to hold funds, and when I need Indian rupees, I convert them through CoinDCX and show the income as coming from a client as a freelancer. Than you have to pay low income tax
Goddamn. That's so anti crypto.
yes thats correct and 1% TDS