• About Us
  • Jobs
  • Contact
  • Login
  • Register
Crypto Mufasa
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us
No Result
View All Result
Crypto Mufasa
No Result
View All Result
ADVERTISEMENT
Home General News

Income Tax: How you can reduce 30% rate on Cryptocurrencies?

Hania by Hania
October 8, 2022
in General News, Bitcoin News
Reading Time: 6 mins read
A A
0
Income Tax: How you can reduce 30% rate on Cryptocurrencies?
Tweet

In Brief:

    • Related articles
    • Top 5 Metaverse Tokens You Must Have In Your Portfolio
    • “India Leads The Global Crypto Adoption with 53% Of Users In 2023”
  • What are Cryptocurrency Airdrops?
  • What are Cryptocurrency Savings Accounts?

Cryptocurrencies are associated with a variety of tax rates that an investor must pay on their buy and sell just like any other investment in market-related instruments.

However, certain tax relief is offered, particularly for digital assets like savings accounts and airdrops.

Related articles

Top 5 Metaverse Tokens You Must Have In Your Portfolio

Top 5 Metaverse Tokens You Must Have In Your Portfolio

March 21, 2023
"India Leads The Global Crypto Adoption with 53% Of Users In 2023"

“India Leads The Global Crypto Adoption with 53% Of Users In 2023”

March 21, 2023

Because of the gloomy trend in the global market this year, demand for cryptocurrencies has been on an up-and-down roller coaster. By the conclusion of the second quarter of 2022, emerging markets will predominate in the adoption of cryptocurrencies, with India coming in at number four.

Despite their complexity and highly sentiment-driven nature, cryptocurrencies remain one of the most popular investment options. Compared to stocks, cryptocurrencies are riskier.

Income Tax: How you can reduce 30% rate on cryptocurrencies?

However, this market has demonstrated a distinct way to invest in digital currencies, and many people are still duped by its charm. Cryptocurrencies have a variety of tax rates that an investor will have to pay on their transactions, just like any other investment in securities.

However, certain tax deductions are obtainable, specifically for crypto assets like savings accounts and airdrops.

The Indian government started taxing cryptocurrency assets at a rate of 30% from April 1 and extended it to 1% TDS on July 1 of this year. TDS won’t be taken into consideration when paying somewhere between 10,000 and 50,000 depending on the investors who qualify under the different tax brackets.

“Tax planning for transactions involving the transfer of cryptocurrency is a gloomy option,” said Vaibhav Gupta, co-founder of TaxCryp Technologies, “since the government has come up with a relatively watertight taxation regime of 30% tax on all gains with no set-off for loss transactions.”

But rather than being taxed at the top rate of 30%, Gupta continued, “the unilateral receipts from crypto assets like as airdrops, interest from deposits, etc. should be taxed at the applicable slab rate of a taxpayer.” This would give crypto investors some tax relief.

Also Read: How to Protect Your Investments if India’s Crypto Ban Happens

India is presently ranked fourth in the world for cryptocurrency adoption, behind the Philippines, Vietnam, and Ukraine, according to Chainalysis‘ Global Crypto Adoption Index study for the second quarter of 2022.

“While growth has become more unpredictable with the commencement of the latest bear market, worldwide adoption remains substantially above the levels that preceded the 2020 bull market,” the Chainalysis analysis from last month stated.

It said, “According to the research, a critical mass of new users who invest money in cryptocurrencies during bull markets are more likely to stick around even when prices fall, enabling the ecosystem to expand generally throughout market cycles.

The value that crypto users in emerging markets derive from it may be one factor for this.         The fact that people living in unpredictable economic environments can benefit uniquely from cryptocurrencies in these nations, which dominate the adoption index, is a major factor in this.”

What are Cryptocurrency Airdrops?

Income Tax: How you can reduce 30% rate on cryptocurrencies?

In general, crypto airdrops are a way for investors to enjoy free crypto from a cryptocurrency project.

A limited number of tokens are typically made accessible by specific cryptocurrency projects, and these tokens can be distributed to applicants who match the requirements. In order to qualify for these tokens, an investor must finish a task.

These crypto airdrops might be taken part in a variety of methods. An investor can claim the tokens or receive them in their wallet after completing the requirements.

What are Cryptocurrency Savings Accounts?

An investor can earn interest on the deposit of their digital tokens to certain crypto under a crypto savings account.

In this case, the investor chooses to deposit their cryptocurrency while agreeing to lend their tokens to others, in contrast to how traditional banks choose to use client deposits to lend to borrowers.

The investor who selected a cryptocurrency savings account will receive the interest rates that a borrower would pay on the loaned cash. According to rumours, cryptocurrency interest on deposits typically generates higher returns than standard bank savings accounts.

Tags: bitcoincrypto airdropcrypto newscryptocurrencyTAX
Tweet47Share76ShareSendPin17ShareSend
ADVERTISEMENT
Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Top 5 Metaverse Tokens You Must Have In Your Portfolio
NFT News

Top 5 Metaverse Tokens You Must Have In Your Portfolio

March 21, 2023
"India Leads The Global Crypto Adoption with 53% Of Users In 2023"
General News

“India Leads The Global Crypto Adoption with 53% Of Users In 2023”

March 21, 2023
Airdrop Scam Alert: Arbitrum Community Warns Against Fake Arbitrum Airdrops
General News

Airdrop Scam Alert: Arbitrum Community Warns Against Fake Arbitrum Airdrops

March 20, 2023
Bitcoin ATMs Manufacturer Has Shut Down Its Cloud Service Following The Hacking Of Its Users 
Bitcoin

Bitcoin ATMs Manufacturer Has Shut Down Its Cloud Service Following The Hacking Of Its Users 

March 20, 2023
Bitcoin’s Best January In 10 Years, With A 39.6% Gain For The Month
Bitcoin

Bitcoin Hits $28k As Unpredictability Surrounds Banks

March 20, 2023
FTX Bahamas co-CEO Ryan Salame blew the whistle on FTX/Sam Bankman-Fried scandal
Business

Sam Bankman-Fried Pleas The Court To Provide His Legal Bills Reimbursement Top Priority

March 16, 2023
Euler Finance
Altcoin News

Euler Finance’s Bold Offer to Hacker: Keep $20M or Risk Prosecution

March 15, 2023
Bitcoin’s Best January In 10 Years, With A 39.6% Gain For The Month
Bitcoin News

What Caused Bitcoin (BTC) To Quickly Rise Over $26,000? 

March 14, 2023
Bitcoin Hits $28k As Unpredictability Surrounds Banks
General News

Silicon Valley Bank Collapse Might Trigger A Run On US Regional Banks

March 14, 2023
Load More
  • Trending
  • Comments
  • Latest
OKX: An all-in-one trading platform that supports cryptos, derivatives, staking, and lending

OKX: An All-in-one Trading Platform That Supports Cryptos, Derivatives, Staking, And Lending

December 27, 2022
Airdrop Scam Alert: Arbitrum Community Warns Against Fake Arbitrum Airdrops

Scam Alert: This Email Can Drain Your Crypto and NFT Wallet

January 21, 2023
Crypto Airdrops: Are They Really Safe? "The Ultimate Guide"

 A Step-By-Step Guide To Understand Arbitrum’s (ARB) Token Airdrop

March 17, 2023
HappyMiner

Earn Passive Income Cloud Mining With HappyMiner

March 19, 2023
Bitcoin ATM Rise Or Fall: In Less Than 60 Days, More Than 400 Machines Went Offline

Bitcoin ATM: How to use them?

1
All You Need To Know about Defi (Decentralized Finance)

All You Need To Know About DeFi (Decentralized Finance)

1
Robinhood enables the Web3 Wallet beta accessible to 10,000 users

Robinhood enables the Web3 Wallet beta accessible to 10,000 users

1
Mastercard Introduces a New Tool to Prevent Crypto Fraud

Mastercard Introduces a New Tool to Prevent Crypto Fraud

1
Top 5 Metaverse Tokens You Must Have In Your Portfolio

Top 5 Metaverse Tokens You Must Have In Your Portfolio

March 21, 2023
"India Leads The Global Crypto Adoption with 53% Of Users In 2023"

“India Leads The Global Crypto Adoption with 53% Of Users In 2023”

March 21, 2023
Crypto.com Will Be Laying Off 20% Of Its Workforce In 2023

Crypto.com Is One Step Closer To Obtaining An Operating License In Dubai 

March 20, 2023
Airdrop Scam Alert: Arbitrum Community Warns Against Fake Arbitrum Airdrops

Airdrop Scam Alert: Arbitrum Community Warns Against Fake Arbitrum Airdrops

March 20, 2023
Crypto Mufasa

© 2022-2023 CryptoMufasa.com
All Rights Reserved!

Navigate Site

  • Contact
  • Terms Of Service
  • Privacy Policy
  • Crypto Prices
  • Crypto Exchanges
  • Work With Us

Follow Us

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us

© 2022-2023 CryptoMufasa.com
All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In