Crypto trading really works in our country?

[LucyFurr]

99% of the crypto users in our country are traders but I am very curious to know is it really profitable with 30% tax, 1% TDS, no tax exemption and all the bank freeze issue, difficulty tracking all the trades and report for the ITR filing?

Apart from this, influencers promote ponzi as trading and crypto investing. YouTubers promoting random shitcoins with no idea what it is even about yet we are trading cryptos in huge number as per my understanding. So we are trading cryptos even if it is not profitable or even if we got no idea what it is?

[TheUltraElite]

File tax on capital gains on your trades, you can get details from the exchange that you are using and self file the tax payments.

This is to avoid problems in future, although you can hire a CA to help with it for the initial few years, you might be able to do it yourself later.

Also youtubers and social media influencers dont come into this middle class game. They often do not have indian bank accounts but with overseas banks often held by other members of their family which they use to liquidate their money. Dont expect them to help you file taxes because they are only looking for their 10% commission.

[pawanjain]

99% of the crypto users in our country are traders but I am very curious to know is it really profitable with 30% tax, 1% TDS, no tax exemption and all the bank freeze issue, difficulty tracking all the trades and report for the ITR filing?

Apart from this, influencers promote ponzi as trading and crypto investing. YouTubers promoting random shitcoins with no idea what it is even about yet we are trading cryptos in huge number as per my understanding. So we are trading cryptos even if it is not profitable or even if we got no idea what it is?

That's a nice question. India has a large population and a lot of people do trade in crypo these days.
As far as I know many people who actually trade crypto end up making losses in one way or another.
There are some people who do make huge profits but they find their way through the taxation part.
Ponzi schemes, scams and shitcoins are a global issue now but for India, yes, we are having a good volume of trades.

[Bitcoin Smith]

~
That's a nice question. India has a large population and a lot of people do trade in crypo these days.
As far as I know many people who actually trade crypto end up making losses in one way or another.
There are some people who do make huge profits but they find their way through the taxation part.
Ponzi schemes, scams and shitcoins are a global issue now but for India, yes, we are having a good volume of trades.

Crypto trading in India thrives only on the tax evasion, and we all know hoe strict our IT when it comes to tracking and tax collection but we also can't ignore the warning/notices or penalty that will be levied on us for tax evasion after years.

I think it is just better to hold cryptos in our country since the 30% capital gains is not worthy of what we get back in returns.

[pawanjain]

~
That's a nice question. India has a large population and a lot of people do trade in crypo these days.
As far as I know many people who actually trade crypto end up making losses in one way or another.
There are some people who do make huge profits but they find their way through the taxation part.
Ponzi schemes, scams and shitcoins are a global issue now but for India, yes, we are having a good volume of trades.

Crypto trading in India thrives only on the tax evasion, and we all know hoe strict our IT when it comes to tracking and tax collection but we also can't ignore the warning/notices or penalty that will be levied on us for tax evasion after years.

I think it is just better to hold cryptos in our country since the 30% capital gains is not worthy of what we get back in returns.

Exactly. We should just let our portfolio grow in size over the years while waiting for the taxation reduced on crypto gains.
I won't encourage tax evasion but people have already found their way out of this using P2P trading.
So better to just hold funds and only exchange crypto to fiat when in emergency.