LindaFuentessmm
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November 25, 2023, 11:03:09 PM |
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Tax avoidance is an illegal act.
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shawonngp
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November 26, 2023, 01:13:16 PM |
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You can't skip that, they've implemented it and I guess they're telling that it's the best choice to tax it rather ban it.
I agree about the suggestion that if you don't want to pay that much tax, the best option for you is to move out of the country. That's all the best that you can do.
There is no justification to leave the country to avoid tax which implemented by the government. If ignoring centralized exchange he can might be avoid tax, dex is the best way because here no need to identity verification to transaction.
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pawanjain
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November 26, 2023, 03:04:13 PM |
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As I am a newbie in this crypto trading industry and know bit about crypto trading and truly wanted to make money through crypto trading, but as I live in india and begin an Indian citizen, we need to pay 30% tax and 1% TDS on each profit we make even on $0.1 dollar of profit we have to pay tax without any kind of set off and if we try to avoid paying tax to government they will take strict action against us.
So I just wanted to know is there any possible way to avoid tax on crypto trading in india any kind of process through which we can trade cryptos and avoid tax on trading Crypto because the if we pay 30% tax it's almost 1/3(One third) of our profit and if government ask for less tax we could have pay happily bus 30% tax is alot.
Please help I am unable to find any way through out internet and really wanted to start the crypto journey
You should have posted this thread in the Indian local board instead of posting it here. As of now there are no kind of relief on taxes on crypto and so you cannot avoid any tax. As for evading tax, you shouldn't be doing that at first place but if you are doing it then nobody will post it publicly for you.
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jaberwock
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November 26, 2023, 03:04:30 PM |
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Using cex as recognized platform by your country will definitely end up seeing your record of trades and you cant escape the 30% tax imposed. Well most suggest used dex for the trading purposed so they wouldnt see any of those figures being mouldered up. In anycase thats a huge mark up 30% isnt good. Is India really that desperate to cut profits from traders?
I have thought of this but then I'm thinking if DEX is allowed there? Because maybe their governments also think of that possibility. 30 percent is indeed huge and there is also an additional as the @OP have mentioned. I think a lot of traders there, especially the small/poor ones have quit already because what will be left for them with that kind of charges? Lol. And even if they earn big, the charges will also grow even more. And my question is, where will those huge taxes go? I know on the government, but I mean to what project? This issue about tax isn't new anymore but I think there is still no major development or improvement that happened on this country.
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cryptoaddictchie
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November 26, 2023, 03:06:44 PM |
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And even if they earn big, the charges will also grow even more. And my question is, where will those huge taxes go? I know on the government, but I mean to what project? This issue about tax isn't new anymore but I think there is still no major development or improvement that happened on this country.
Also how about if they lose a trade. Its not like everyday someone win or gain profits on trading. Does they still less 30% off lose trade or capital used? This really needed a much detailed rules cause the one will suffered there are all Indians that reside there. Might as well shift to other countries if thats the case.
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Kelward
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November 26, 2023, 07:29:12 PM |
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Please help I am unable to find any way through out internet and really wanted to start the crypto journey
This is a tricky question, I don't think that anybody on this forum will advice you to break the law of your country to avoid paying tax on bitcoin trading. If you must trade then it's better that you move to another country that is more crypto friendly. Maybe before then you can consider bitcoin investment, all you need to do is just accumulate it and hold, of cause you must know that bitcoin ATH is sometime next year, so you can sale then, at the new peak of bull run and make reasonable profit. You can sale using personal p2p instead of through centralized exchanges. This way I believe that you don't have to pay any form of tax, because the government can not monitor transactions on decentralized p2p.
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Hamza2424
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November 26, 2023, 08:19:11 PM |
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Hmm, As far as I know, most traders in India are using multiple sources to avoid heavy taxation, still brother you should pay tax if it is imposed or should protest if the tax is inappropriate.
Still, considering the risks in the count just for education purposes, most of the India traders are trading by means of P2P to avoid taxes. You can find P2P trading groups, or nay other reliable source to avoid extra taxation still its better to pay tax.
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Mpamaegbu
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November 27, 2023, 08:28:14 AM |
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So I just wanted to know is there any possible way to avoid tax on crypto trading in india any kind of process through which we can trade cryptos and avoid tax on trading Crypto because the if we pay 30% tax it's almost 1/3(One third) of our profit and if government ask for less tax we could have pay happily bus 30% tax is alot.
I also think 30% is a lot. Whoever it was that arrived at that percentage in your country must've been a hell of a person/people. How do you tax someone 30% on their earning? Invariably, what you're saying is that I earn 100,000 Rupee and then I'm forced to part with 33,000 Rupee to the state? That's crazy, if you asked me. I just don't want to believe that but then I don't actually know what obtains in your country. Tax is supposed to be a single digit. 30% is double digit. On trading, I think profit is taxed as regular income deductable at withdrawal. If one is successful at trading, one wouldn't worry about tax on it though I still insist that 30% is a hell of a figure.
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Taskford
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November 27, 2023, 11:46:11 AM |
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Please help I am unable to find any way through out internet and really wanted to start the crypto journey
This is a tricky question, I don't think that anybody on this forum will advice you to break the law of your country to avoid paying tax on bitcoin trading. If you must trade then it's better that you move to another country that is more crypto friendly. . Exactly since they break the law for that situation. That's why people will not recommend anything with that since for sure he will suffer the consequences of the action done especially if the authority will find out that he is avoiding his taxes. If I where him I will comply with the law and pay the taxes what government ask so that we can avoid problems in future. If he earn small on his trades for sure government will not take a large part of his earnings so he should not worry about those since for sure legal authorities will consider how much he earn and calculate the percentage to be taken from him or any individual who earn profits from crypto legally. I also don't think moving on another country is a best choice since we are not sure if we can earn huge here that's why there's no consistency on earnings especially if we are newbie and don't know what to do about it.
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GeorgeJohn
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November 27, 2023, 12:33:03 PM |
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As I am a newbie in this crypto trading industry and know bit about crypto trading and truly wanted to make money through crypto trading, but as I live in india and begin an Indian citizen, we need to pay 30% tax and 1% TDS on each profit we make even on $0.1 dollar of profit we have to pay tax without any kind of set off and if we try to avoid paying tax to government they will take strict action against us.
So I just wanted to know is there any possible way to avoid tax on crypto trading in india any kind of process through which we can trade cryptos and avoid tax on trading Crypto because the if we pay 30% tax it's almost 1/3(One third) of our profit and if government ask for less tax we could have pay happily bus 30% tax is alot.
Please help I am unable to find any way through out internet and really wanted to start the crypto journey
I don't really know exactly that trading in you country you have to pay tax, does it mean that government of India have a radar that monitors the network service of India traders, because if their is nothing of this nature that monitors all the crypto transactions in India I don't know why you should be paying tax in your trading, secondly the tax you are emphasising on, does it mean that it happens that its the application you pay the charges to or the government of India is the one that absorbed the charge. Because I have seen so many people who trade and they have not come up with this kind of issue trading tax by the government of the country, because in my country nobody pay charges for anything concerning cryptocurrency except that it comes from blockchain technology.second question, you pay this charge or tax when you lose in trading or you pay the charges both when you make profit and when you also lose
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wiss19
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November 28, 2023, 06:18:56 PM |
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You can use a dex to avoid paying taxes on your trading profits. Another way is to use exchanges that are lenient towards KYC. But, I strongly suggest following neither because tax evasion is a serious crime and can land you in trouble (personally I never recommend that because being compliant with tax rules will give you peace of mind for sure at anyone's case).
Also, let us assume you evaded all the possible taxes, how are you going to cash the crypto then? You need to cash it at some point otherwise it's virtual wealth that cannot be cashed.
I'm in favor of using DEX in general but if tax evasion is the goal, then perhaps not.
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Silberman
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November 28, 2023, 10:39:04 PM |
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You can use a dex to avoid paying taxes on your trading profits. Another way is to use exchanges that are lenient towards KYC. But, I strongly suggest following neither because tax evasion is a serious crime and can land you in trouble (personally I never recommend that because being compliant with tax rules will give you peace of mind for sure at anyone's case).
Also, let us assume you evaded all the possible taxes, how are you going to cash the crypto then? You need to cash it at some point otherwise it's virtual wealth that cannot be cashed.
I'm in favor of using DEX in general but if tax evasion is the goal, then perhaps not.
If the amount of money that a person has accumulated over the years is significant then there is no point on trying to hide it and then live the rest of your life fearful about the tax authorities of your country finding out about it, it is better to simply be open about it and pay whatever taxes that you are due, this way you can get to enjoy the profits you obtained from this market without ever worrying about being suspected of doing something wrong and you can live your life peacefully that way.
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batang_bitcoin
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November 28, 2023, 11:36:02 PM |
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I am not sure how strict the laws there in India but if you're planning to avoid tax, you'll be punished for sure. If you haven't get caught doing that, you'll eventually gonna see the effect of it or you'll be sent some letters about showcase orders of what you've done. If you don't want to get some headaches doing so, get out of the country and withdraw you money as what people suggests you to do. Then if you don't want to, you have to obey.
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Rent this sig space so that BTC goes to $100k.
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Potato Chips
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November 30, 2023, 09:38:42 PM |
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Honestly, the percentage is too high and I wouldn't be surprised if some locals are trading underground, ahem.
But I do wonder how India is tracking these evaders. Because for laws to be effective, it should be properly enforced, no? IIRC there was an article about locals signing up on foreign CEXs to evade taxes. I have not heard anything since then so I've no idea if they were caught and fined.
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Silberman
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December 01, 2023, 11:39:36 PM |
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Honestly, the percentage is too high and I wouldn't be surprised if some locals are trading underground, ahem.
But I do wonder how India is tracking these evaders. Because for laws to be effective, it should be properly enforced, no? IIRC there was an article about locals signing up on foreign CEXs to evade taxes. I have not heard anything since then so I've no idea if they were caught and fined.
Taking into account the size of the population of a country like India, it is easy to conclude that the enforcement of a law like this should not very effective and those that may like to avoid taxes can do it with some degree of impunity, however the issue is that if someone keeps doing this then sooner or later they will be caught, and when it happens they will have a lot of explaining to do and at the time not only they will have to pay their taxes, fees, fines and even interests on that money, there is a chance they will even spend some time in jail.
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