Sithara007
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February 13, 2022, 02:17:29 AM |
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what is the average tax rate on income in India? - that would help in evaluating if 30% on crypto currency is much or not.
The top most bracket is 43% on regular income. That said, it should be noted that less than 2% of the Indian population pays any form of income tax. There are a lot of loopholes. Farmers are exempted from income tax, no matter how large is their income. The same goes for residents of certain states such as Mizoram. However gains from capital assets are being taxed at a concessional rate. For example stocks, if held for more than 12 months are taxed at a rate of 10% (and 15% in case they are being held for less than that duration).
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Anonylz
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February 13, 2022, 07:11:31 AM |
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This is too high, damn! They are really trying so hard to discourage people from getting involved in owning crypto assets with such ridiculous high-income tax, I guess it is up to the citizens to decide if they are willing to accept regardless of the high tax imposed by the government, whether big or small investors will feel the same impact of 30%, and the moment people are okay with this I don't see it changing, 10 - 15% would have been reasonable.
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LastKiss
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February 13, 2022, 10:46:43 AM |
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This is too high, damn! They are really trying so hard to discourage people from getting involved in owning crypto assets with such ridiculous high-income tax, I guess it is up to the citizens to decide if they are willing to accept regardless of the high tax imposed by the government, whether big or small investors will feel the same impact of 30%, and the moment people are okay with this I don't see it changing, 10 - 15% would have been reasonable.
Well, if Indian People don't like it they wont pay 30% income tax because they will see that regulation is ridiculous. We should be grateful if we lived in a country that still didn't take any tax from crypto income and instead they make it legal for transactions and commodities. I bet many people are okay with that regulation because they didnt pay that tax
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cheezcarls
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February 13, 2022, 11:43:30 AM |
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Even though that this is totally painful in the pockets of Indian crypto investors, traders and enthusiasts, it’s still much better than an outright ban like what China and other anti-crypto countries did. Russia also took a positive stance by regulating it and recognize them as “currencies” instead of banning it in the entire country which was proposed by the Central Bank back then.
And also back then, the India government has proposed a ban for their citizens to hold and trade cryptocurrencies. It even includes imprisonment if someone gets caught for holding Bitcoin and other cryptocurrencies.
At this state, the “change of heart” was real and India and Russia are setting a great example.
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Taskford
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February 13, 2022, 12:12:16 PM |
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This is too high, damn! They are really trying so hard to discourage people from getting involved in owning crypto assets with such ridiculous high-income tax, I guess it is up to the citizens to decide if they are willing to accept regardless of the high tax imposed by the government, whether big or small investors will feel the same impact of 30%, and the moment people are okay with this I don't see it changing, 10 - 15% would have been reasonable.
Well, if Indian People don't like it they wont pay 30% income tax because they will see that regulation is ridiculous. We should be grateful if we lived in a country that still didn't take any tax from crypto income and instead they make it legal for transactions and commodities. I bet many people are okay with that regulation because they didnt pay that tax This is really ridiculous but atleast they see it been regulated and maybe there will be changes will come in future towards it, Maybe for now they should fight and propose to the government to lower down the tax rate so that they can use it without any worries that there is a huge burden to them by using this currency. Anyways we don't know what will happen but maybe we can see some consideration on this issues.
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molsewid
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February 13, 2022, 02:01:03 PM |
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This is really ridiculous but atleast they see it been regulated and maybe there will be changes will come in future towards it, Maybe for now they should fight and propose to the government to lower down the tax rate so that they can use it without any worries that there is a huge burden to them by using this currency. Anyways we don't know what will happen but maybe we can see some consideration on this issues.
A 30% income tax in digital asset is ridiculously high I guess but yeah atleast the government allowed their people to use the digital assets. Though India's government did not want to specify the word cryptocurrency instead they used digital assets it's already good to know that they can now used their digital assets legally. I just do hope that someday digital assets will be also legally adopted here in my country so I can used it legally to purchase goods and services.
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mia_houston
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February 13, 2022, 02:15:28 PM |
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This is too high, damn! They are really trying so hard to discourage people from getting involved in owning crypto assets with such ridiculous high-income tax, I guess it is up to the citizens to decide if they are willing to accept regardless of the high tax imposed by the government, whether big or small investors will feel the same impact of 30%, and the moment people are okay with this I don't see it changing, 10 - 15% would have been reasonable.
I don't know what is in the mind of the Indian government at this time by applying a fairly high tax, in fact the intention of the Indian government to apply taxes is quite good because with the tax investors will be a little free to invest, because with this tax, of course crypto legality is at least has been recognized in India, but with the high taxes it is clear that if the Indian government actually has a hidden intention to shut down crypto in the country, of course with a 30% tax, it will make small investors and people who want to try to invest crypto more choose to quit and get out of the world of crypto than they have to pay quite high taxes and entangle their necks later.
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Bitstar_coin
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February 13, 2022, 03:14:02 PM |
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This is too high, damn! They are really trying so hard to discourage people from getting involved in owning crypto assets with such ridiculous high-income tax, I guess it is up to the citizens to decide if they are willing to accept regardless of the high tax imposed by the government, whether big or small investors will feel the same impact of 30%, and the moment people are okay with this I don't see it changing, 10 - 15% would have been reasonable.
I don't know what is in the mind of the Indian government at this time by applying a fairly high tax, in fact the intention of the Indian government to apply taxes is quite good because with the tax investors will be a little free to invest, because with this tax, of course crypto legality is at least has been recognized in India, but with the high taxes it is clear that if the Indian government actually has a hidden intention to shut down crypto in the country, of course with a 30% tax, it will make small investors and people who want to try to invest crypto more choose to quit and get out of the world of crypto than they have to pay quite high taxes and entangle their necks later. 30% is absolutely too high to impose on citizens, this will really deep a hole in investors funds should they accept this imposition, I agree, it is a good thing the government has decided to give crypto assets a chance to be operated legally but imposing such high tax is not helping the citizens, the government needs tax for economic growth but there are fair ways to do this not to stress the taxpayer financially, They have to reconsider this percentage. Hopefully, the Indian citizens will speak against this unreasonable amount and request for a fairer tax.
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merchantofzeny
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February 13, 2022, 03:41:57 PM |
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It is too high. If the Indian government really want to make money from crypto, they should go after institutional investors that have also started investing in digital assets, like banks for example. Let the citizens trade without too large a tax. The government has shown what it's really after - income. First they tried to make it illegal and when they realized they can't stop it, they slapped a heft tax on it.
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Vatimins
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February 13, 2022, 03:56:23 PM |
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It is quite sad to look at this since the people of India are already suffering enough as it is, why should they burden the ordinary people with such things? Lots of people in India are forced already to do unspeakable things along with disregarding proper sanitations just to make ends meet. This is no joke, I know this because I have a friend that is Indian and he says that life is really not easy for the politicians there (according to him) are very corrupt and only care about their pockets more than anything else. He also said that some common people are just beginning to find their way into this industry. I really feel sad for the majority that has their silver lining rid off of them because of such greed from the politicians that they even target an industry that is still in it's infancy specially in their country. :/
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Flexystar
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February 13, 2022, 05:45:41 PM |
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I think it’s way better than getting criminal acts imposed on you for possessing the crypto currencies. I read somewhere that Russia is planning to take legal actions on the Russians who posses more than 8,000 USD in crypto currency. I see that India is just imposing proper taxes on the crypto currencies and they are not banning or taking any heavy charges for possessing the same. In fact it’s amazing that highly populated country like India is doing this. Their government is being reasonable for the future. They will both trying to gain more income and also letting their people to enjoy it.
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7788bitcoin
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February 13, 2022, 08:25:30 PM |
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~ The top most bracket is 43% on regular income. That said, it should be noted that less than 2% of the Indian population pays any form of income tax. There are a lot of loopholes. Farmers are exempted from income tax, no matter how large is their income. The same goes for residents of certain states such as Mizoram. However gains from capital assets are being taxed at a concessional rate. For example stocks, if held for more than 12 months are taxed at a rate of 10% (and 15% in case they are being held for less than that duration).
Are you sure only 2% of the population is paying any form of income tax. With a billion population and you are saying less than 3 million people pay their income tax which is really absurd, from where you got this calculation. There might be loopholes in the system and every country will be having those loopholes but to say that just 2% of the population paying the tax is not true even according to simple google search. A fixed 30% tax on income from digital asset is absurd, since the term loopholes were used, people will find a solution for that as well if some of them are true.
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Hamphser
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February 13, 2022, 09:30:14 PM |
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I think it’s way better than getting criminal acts imposed on you for possessing the crypto currencies. I read somewhere that Russia is planning to take legal actions on the Russians who posses more than 8,000 USD in crypto currency. I see that India is just imposing proper taxes on the crypto currencies and they are not banning or taking any heavy charges for possessing the same. In fact it’s amazing that highly populated country like India is doing this. Their government is being reasonable for the future. They will both trying to gain more income and also letting their people to enjoy it.
But there were talks about those taxation which they do have debates and argumentation about it. https://timesofindia.indiatimes.com/business/india-business/taxing-crypto-doesnt-mean-it-is-legalised-fm/articleshow/89514617.cmsBitcoin was never been legalized on India which does simply means that it couldnt be taxed.Wondering on how they would really be able to do such thing.
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YOSHIE
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February 14, 2022, 06:14:40 AM |
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The proposal by the Indian Finance Prime Minister as announced during the Budget 2022:
30% tax on all income/profit from sale/transfer of Digital Assets.
One country has a single asset of 30%, from tax revenues from one element, I dare say that country can prosper its people Economically, if the tax authorities are honest and don't do anything corrupt, not to mention the income tax on the other hand.If the Indian Prime Minister's proposal is legalized against digital currency assets, the economy, welfare india will have good economic value in the world and rise from poverty, 30% tax is the same as investing in one company, that's an example. I understand india has different level of society, i only have opinion only one 'fairness' if it has 30% tax source from digital assets.
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Ziskinberg
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February 14, 2022, 10:47:29 AM |
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I think it’s way better than getting criminal acts imposed on you for possessing the crypto currencies. I read somewhere that Russia is planning to take legal actions on the Russians who posses more than 8,000 USD in crypto currency. I see that India is just imposing proper taxes on the crypto currencies and they are not banning or taking any heavy charges for possessing the same. In fact it’s amazing that highly populated country like India is doing this. Their government is being reasonable for the future. They will both trying to gain more income and also letting their people to enjoy it.
But there were talks about those taxation which they do have debates and argumentation about it. https://timesofindia.indiatimes.com/business/india-business/taxing-crypto-doesnt-mean-it-is-legalised-fm/articleshow/89514617.cmsBitcoin was never been legalized on India which does simply means that it couldnt be taxed.Wondering on how they would really be able to do such thing. They are not legal yet but the government can impose rules in regard to crypto taxations. And this simply will apply to establishments and casinos that are accepting this. But as long as you don't declare holding/investing any cryptocurrency, I think we don't have to worry about it. However, this proposal is still on the debate as to whether it will take effect or not. But this 30% tax collection to every holder isn't really a fair amount especially for small businesses and doubted if this will be officially imposed in the situation that Bitcoin isn't legal yet.
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EdenHazard
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February 14, 2022, 01:42:46 PM |
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Such a hypocrite ..
They try really hard to ban bitcoin and suddenly move to tax everything involve crypto with insane amount. They still trying , i knew it ... Since they do aware that stopping bitcoin is like a mission impossible then they are doing this no sense. F*ck government .. they are blood sucker , ain't helping at all making everyone's life even more harder.
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Silberman
Legendary
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Activity: 2618
Merit: 1360
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February 15, 2022, 04:46:43 PM |
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Some other people think about its there way to eliminate bitcoin on their country since using it will be more expensive to them but lets also not eliminate the bright since maybe this is their way to study how bitcoin could help their economy and if they find it useful then many people will protest to lower its tax then maybe it can get a chance to have less tax percentage to be taken on their citizens.
If the intent is to eliminate Bitcoin usage, then it is never going to work. For the government, one of the issues with Bitcoin taxation is similar to what they have with other capital assets. These assets can't be taxed unless they are sold. So if some user purchases Bitcoin and keeps them in his wallet for 15 or 20 years, there is no way that the government can ask him to pay taxes. Senator Ron Wyden in United States has proposed a bill that would tax unrealized capital gains for the first time in history, but such moves are not expected from the Indian government. Those politicians do not really know what they are doing with those crazy laws that they are trying to implement, a tax of 30% is such a bad idea, but the law being proposed on the US is completely crazy, can you imagine the taxes people will have to pay just because their houses went up in value if such a tax was implemented? And even if they somehow excluded houses that kind of tax will create a negative incentive and people will being to avoid investing in anything as the tax is too punitive, weakening the economy at the worst possible time.
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carlfebz2
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February 15, 2022, 06:58:30 PM |
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This is too high, damn! They are really trying so hard to discourage people from getting involved in owning crypto assets with such ridiculous high-income tax, I guess it is up to the citizens to decide if they are willing to accept regardless of the high tax imposed by the government, whether big or small investors will feel the same impact of 30%, and the moment people are okay with this I don't see it changing, 10 - 15% would have been reasonable.
Well, if Indian People don't like it they wont pay 30% income tax because they will see that regulation is ridiculous. We should be grateful if we lived in a country that still didn't take any tax from crypto income and instead they make it legal for transactions and commodities. I bet many people are okay with that regulation because they didnt pay that tax For now we arent seeing these things on other countries but i wont get surprised that sooner or later they would really be ending up on applying it whether 30% or more or something like that. For now the best thing those crypto earners living on India wouldnt really be having no choice as long they would be touching centralized platforms or services then theres no way that they couldnt really able to avoid if they've been asked for some taxation.
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Eltharion
Jr. Member
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February 16, 2022, 10:20:26 PM |
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Seeing other tax brackets, 30% on crypto currency is definitely too high.
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Oilacris
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February 16, 2022, 11:57:31 PM |
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Seeing other tax brackets, 30% on crypto currency is definitely too high.
How about personal income tax rates? Top 10 Countries with the Highest Personal Income Tax Rates - Trading Economics 2021: Ivory Coast - 60% Finland - 56.95% Japan - 55.97% Denmark - 55.90% Austria - 55.00% Sweden - 52.90% Aruba - 52.00% Belgium - 50.00% (tie) Israel - 50.00% (tie) Slovenia - 50.00% (tie) Top 11 Countries with the Highest Corporate Taxes - Trading Economics 2021: Puerto Rico - 37.5% Suriname - 36.0% Chad - 35.0% (tie) Equatorial Guinea - 35.0% (tie) Guinea - 35.0% (tie) Iraq - 35.0% (tie) Malta - 35.0% (tie) Sudan - 35.0% (tie) Zambia - 35.0% (tie) Brazil - 34.0% (tie) Venezuela - 34.0% (tie) Source: https://worldpopulationreview.com/country-rankings/highest-taxed-countriesthat 30% would really be just a child's game. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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