On February 1, 2022, India announced 30% taxation on cryptocurrencies.
30% is a big number and as an investor and trader, I do not like it.
That's a lot. If you earn 5k and then you must pay 1,5k as your tax.
I have something in my mind, I want to create a smart contract where the contract will be controlled and will be buying and selling cryptocurrencies i.e will be controlled by the smart contract creator from different exchanges or p2p sources in such a way that it will be likely to pay taxes[ALMOST 90% of the times] to the Indian government.
That's good idea but really hard when it comes to the implementation.
This will cut down most of the transaction taxation of cryptocurrency.
is not it the taxation will be happened when you have been converting your unrealized profit to be realized profit? i meant as long as you keep your money in the cryptocurrency form and you will not be taxed. CMIIW.
Im thinking if that will need your realized profit and this data will be taken from the centralized exchange site as mostly cex was forcing their users to did KYC