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The trend of crypto and digital currency is increasing in many countries of the world including India. People are also earning lakhs of rupees by investing in it. On the other hand, small investors were upset due to the heavy tax levied on it. Before the Union Budget 2023 was presented, many crypto holders were waiting for tax relief. Earlier, Finance Minister Nirmala Sitharaman had made several announcements regarding crypto currency. So far, crypto has not been considered as legal tender in the country.
Crypto holders can be affected like this
Finance Minister Nirmala Sitharaman has not made any announcements regarding cryptocurrency this time. According to the information given during the budget last time, there is a tax of up to 30% on the profits made by cryptocurrency. On the other hand, while transferring it to another account, 1% tax will have to be paid in the form of TDS. Crypto holders were sitting hoping to get exemption in these taxes. Some people adopt different methods to save this tax.
Know these things before investing in crypto
If you are also thinking of investing in cryptocurrency, then it is important to pay attention to some things. Cryptocurrency is not yet considered completely legal in India. Government takes 1% TDS to regulate it. Apart from this, there is no guarantee from the government that when it will be banned. If there is any kind of disturbance in it, the government can ban it anytime. However, more emphasis is being laid on regulating it.
Rs 60.46 crore earned from TDS in 2022
Even though the government charges 30 percent tax on cryptocurrency, its business continues to grow. According to the data released by Ycharts and Nasdaq, in the last year i.e. 2022, the number of investors in cryptocurrency has increased by about 338%. In 2022 itself, the government had earned Rs 60.46 crore on cryptocurrency through TDS. According to Finance Minister Nirmala Sitharaman, the number of investors in crypto is increasing continuously. Going forward, it is expected to grow even more.
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