3 Ways to Pay ZERO Taxes on Crypto (LEGALLY)
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- เผยแพร่เมื่อ 7 ก.ย. 2024
- 3 Ways to Pay ZERO Taxes on Crypto (LEGALLY)
As per Budget 2022 - Income from transfer of crypto will be taxed at 30%. No deductions will be allowed except the cost of acquisition of digital assets. Loss on sale of digital assets cannot be set off against any other income & TDS at 1% will be levied above the threshold.
Under this pretext, how does one save taxes on Cryptocurrency Gains? In this video we have explained 3 really simple ways to save taxes on Crypto Gains - and yes all of these are completely LEGAL
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If Congress say "no crypto tax " in their election campaign I will vote for them
(Edited) Thank you for the likes and comments
Iam with you.
Lol.. same
Exactly....crores of people will vote for them!
Ye sahi tha 😂
Mee too
First : Crypto losses cant be setoff from any income (including Crypto Income)
Second: Squaring off transactions before 1st April will not attract the NEW provision. It Doesn't mean that no taxes on that. people have to pay taxes on that also as assuming that as STCG LTCG or business income similar to Shares.
She is providing wrong info 😑 I want her to look the binance document
kuch bhi bakwaas kerdiya h isne
Ye hai real tareeka tax bachane ka jo mai use karta hu,
Now Dubai ya Bahrein jaise countrya chale jao jaha koi income tax nahi lagta aur waha koi job pakad lo aur waha se crypto trading karo using international exchange aur befikar hokar p2p se apne Indian bank mai paise transfer karo,
UAE ya Bahrein mai koi income tax nahi lagta, to vaha bhi tax bachaoge aur India mai bhi koi tax nahi dena hoga.
Asli tax save karne ke tareeke aise hi complex hote hai , ye youtubers ko koi ghanta knowlege nahi.
Yhi hota haijab koi nonCA hokr bhi CA bnne ki hoshyari krta hai 🤦🏻 losses setoff nai ho skte crypto ke profit se madam video bnane ki jldi mat kro pehle ache se research kro, seems the video is clickbait
Sir, me spot me trade karta hu.yaani ki crypto acquire and then sell. Suppose sum of total profit is 110,000 and sum of total loss is 85,000 total tds deduction is 20,000 in over 200 trades. How much tax I have to pay????? Can I show it as my business income???if possible, how I can setoff these losses and gains???
What she is talking everything is wrong ...
How people do this ... I don't understand you have a responsibility when u spreading important info ... U can't be wrong bcoz it hurts Thausands of people
Be responsible...
@@UCQV_lVSt2Xlhm0amm171vZQ bro no losses will be set off be aware don't believe whatever she is taking about is wrong
5:10 incorrect . CBDT chairman , RBI Team and other Finance Secretaries are saying now also tax on crypto is applicable.. People who were booking profits did submit the ITR with Crypto profits mentioned under OTHER SOURCES / LTCG and paying taxes on it. Indian Crypto reddit pages are full of posts where people received notices from ED inspite of submitting ITR and paying taxes on crypto profits.
can you share the post link??
I appreciate your efforts in making this video, but it would have been better if you would have avoided making this video.
Reasons -
1. Currently Crypto Transactions are not exempt from taxation, They are taxable its just that any specific method of its taxation has not been defined in the Act, so it will taxed as per general method.
Gains on Crypto could be offered to tax as Income from Other Source, or Profits & Gains of Business and Profession, or Capital Gains and taxed as per normal Income Tax Slab rates.
2. You tried to distinguish between the word Transfer and Transaction in your video. Well the Income Tax Act has used the word Transfer and not Transaction. The word transfer is broadly defined under section 2(47) of Income Tax Act 1961.
3. If your set-off example was true then why should anyone trade in Crypto, because to save 30% tax you have to make a 100% loss. Isn't it kind of stupid ?
correct
What if i don't convert crypto say bitcoin to any currency (rupees, dollars), but buy stuff directly by exchanging crypto is that possible as its not possible to track exchanges ?
And cases where both parties transfer crypto between them can the gov track this?
@@theunknown2090 Barter Transactions are also covered in definition of transfer.
I don't think they can track crypto transactions but they can track banking transactions, and mostly people buy crypto by transferring funds from their bank account, so yes you may have to give details of utilisation of funds.
Tracking is not possible but if your file is selected for assessment then you may have to produce all records to Income Tax Officers.
@@tarunkalra3924Hi
1. You cannot get any benefit from the loss arising on crypto trading. Neither that loss is available for set off from other income nor can be it carried forward. So there is no point of showing that loss in return of income tax.
2. With regards to crypto transactions in which you have profit, you can either disclose that profit as income from capital gain as a short term capital gain or income from other sources. Gain/Loss on Crypto trading cannot be classified as Business Income hence audit provisions do not apply also benefit of Section 44AD i.e. 6%/8% is not available to crypto transaction.
3. Lastly you cannot determine turnover for crypto transaction as no method has yet been prescribed for the same.
4. In case you still insist that crypto trading is your main occupation the only way to tax as Business Income is as a Speculative Activity in which case its Turnover will be calculated in same fashion as for Futures trading or Intraday Share transaction but no benefit for loss only profit transactions to be taken. Audit provisions and section 44AD still does not applies.
@@tarunkalra3924 You need not get audited as your total income is less than 2.5 lacs i.e. the maximum exemption limit, you can claim loss without getting a audit done.
Dubai chalo
Yup
Thanks for the forecast! A bit off-topic, but I wanted to ask: I have USDT in my SafePal wallet along with the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). What's the best way to send them to Binance?
What if you did not buy crypto from your bank.
Like crypto mining
Yes these are gains
But i have not invested anything from my pocket.
Not sure if it'll be tax free, still what do you think.
I earn 1 ETH every 3 months.
Paying government 30% of it is just unimaginable. I'm still in profit after paying full taxes as you said 42.7%.
Yet I know there will be loopholes to minimise this.
Not keeping any crypto on centralised wallets.
All are fully in decentralised wallets.
Hope you answer for this. Thanks in advance. Good video though! 👍🏻🤞🏻
Wow how much did u invested in mining set up
Miniming setup plz
Let me correct you dear...you can't offset crypto loss even with crypto gain.
What if I bought 50K crypto and now it is 100K.. my profit is 50K... if I take back 50K, It will be no profit on my crypto.. so tax for this year... will it work
Hh shi hai😀
But you haven't get your profit like this 50k is your capital and other 50k profit is still in crypto exchange
Aap ne 30%tax crypto wallet se bank account me lene pr lagega...aisa bataya jo ki wrong hai...crypto sell krne pr jo aapka profit hoga uss pe 30%tax hai...
So what is the "process" of OFFSETTING crypto gains with the crypto losses?? I mean is it the provision to be done while filing ITR...... And somehow i still thinking there lack of clarity that we can use crypto losses to offset or crypto gains....If possible can you make one more video about the same....Thanks.
The time has come you should make a video on top 5 decentralized exchanges.
Trust wallet and meta mask
@@Ash-jh3gh I want to lock my crypto assets in wallet for long term which one is better option meta mask or trust wallet??
Agar fail transaction ka refund 7 Working Days me nahi aaya tho hum RBI ko complaint kar sakte hai kya???
Answer please.........
@@vivekpatil7471failed transactions?could you explain more
@@devesh5267 hardware wallet
Thankyou for information. I had a lot of expenses so I have spend all money made from crypto so my net income is 0 = 0 income tax.
Ma'am plz make a new video & explain current rules including tax if sold but not transferred to bank in fiat form (sold & kept on exchange in stable coin form) also do we need to deduct TDS while buying usdt ?
If you want to convert Bitcoin in indian rupess without tax let me know
1st QUESTION 👇
Agar m indian exchange se crypto usdt- inr buy krta hu ... Or kisi user ko binance me tranfer krta hu to koi problem to nhi hogi like ( A/c block .. ya Indian exchange block)
2nd QUESTION IS 👇
M zada se zada kitna usdt 1 month me but kr ke kisi ko tranfer kr skta hu 2k usdt ya 3k how much please ans me 🙏🏻
I have a doubt let’s take a situation
That I got a profit of 1cr and it is in a wallet safely in INR.
(The tax will be only imposed when I transfer to bank account of India)
Then what if transfer money from wallet to international bank account let’s say any Swiss banks
Please feel free to connect to me as soon as possible
Mam mere pass 10000 usdt he to me kya kru
Or me online shopping kar skta hu gift card kharid kar mujhe koi tax dena pdega ya nhi
Aapko tax nhi lgega but ITR bharna hoga
Mam i think the information you are giving is in correct
Ways to save tax.
Change bank account each time you withdraw INR. Limit 50000 which is gift non blood relative. Then change again send 50k in diffent account. Never repeat account. Unless you'll have to pay tax over 50000 amount
Jo recive krega wo jab bechega to tax to lgega hi
Mam binance par USDT bye and sell karne par seller ko hum UPI payment karke 0℅ tex 😁
Exchanges have a trading report option please check it out ...no tax evasion dude it will gives you problem
@@rcclubs6318 bro .... Agr mughe m futures krta hu crypto mai aur ek trade mai 1000$ ka profit hota hai
Dusri mai 200$ ka loss financial year mai tax mughe kitne pe dena pdega? 1000$ pe ya $800 pe
Cess calculated on 30℅ tax . And 1℅tds on total sell value. Total 32.2℅...its not 42℅
if you do spot trading it can even go above 42%
What if i purcase crypto and i got profit but i didnt sell it should i have to pay the profit on yearly basis
Or i have to pay taxes when i sold them like i buyed today and i am playing to sell it after 20 years and from day 1 i got profit should i have to oay profit on finacial year i have to pay taxes when i sold if after 20 years
@iama90skid you have to give tax when you will sell your cryoto not yearly
Use foreign exchange for crypto trading, then transfer profits to foreign stock exchange and buy foreign stock, make small gain and transfer it to your bank and pay only 10% as capital gain.
Is funding from indian banks to decentralized crypto exchange allowed?
anyone here fromm USA,
can any one tell any method to sell USDT and get USD ,without using local bank,to escape from tex.
Hi Bekifaayati,
If i plan to hold it for long time, and i decide not to sell but just buy like SIP for the next 5 years. I dont have to pay taxes right?
But one thing you can do, that is you can sell all your investment and buy that again if you are currently having profit. If you sell Before 1st April 2022 you have to pay less tax compared to 30% after 31st March(but it will depend on your income slab). This will help you to avoid 30% tax on your profit In future.
@@IncognitoSahil Thanks Sahil for your valuable advice.
But the problem is that my crypto holdings are down 20% now, so it doesnt makes sense for me to sell at a loss. Let alone there are no taxes for loss.
@@spartan5816 then there is no point of selling
@@IncognitoSahil what about if you gain profit and you know the price will go down,,, specially in winter months,,,what can we do on that time...
@@angshudas9643 that's swing trading. That's your call to take. It's advisable to not to touch the money if you are investing for a long term but If you know for sure that there gonna be a major fall due to weak fundamentals of coin then you can take some action to prevent further losses. I don't think 100% selling of would be the best solution in case of good cryptos.
Wrong information. You can set losses of same kind of crypto..like BTc with btc but not with eth...don't give false information
my total crypto gains is only 15k should I file itr ?
Leave
Thanks, Can you create a video on crypto tax based on current rules.
I trust her cuteness
hoew the gain will be calculated if we sent NRE salary to india via crypto buying in Foreign crypto exchange and selling crypto in INdia crypto exchange ...in form 26as only 194 s and the TDS deducted is mentioned will this 194S only sell considered as capital gains in this case ?
Hi Team, kindly help me to get the latest update. Suppose I have earned a profit of 1000 after selling of crypto. But I have not transferred the amount in my Bank. Its still in my exchange wallet. Please let me know whether I have to pay 30% tax on it? Thanks in advance.
Didi tum bahut age chala gaya mujhe garv he app por I love ur international brain
Wrong medam cry to loss can not be set off from crypto also
Hey I am new to mining and I made profit of avg 20000 very month since may 2023 so I was wondering what is tax on mining crypto ?
will money automatically deducted while transferring money from wallet to bank account ? or we have to pay by filling ITR form🤔
Fillling itr. No such tax things in international so far but it will come soon
Mam apki setoff wali baat galat hai aapne dhyan se nhi padha waha pe ye bhi mentioned hai any other virtual assets
According to my knowledge,even if we transfer crypto we will be in the 30% tax right???
Mera NRE bank account hai sbi mein.
Agar mein International exchange se crypto buy ya sale karta hun p2p se
To kya mujhe tds 1% katwana hoga aur kya mujhe 30%tax v dena hoga ?
Please suggest me the better option to invest in crypto as a NRI.
So if I sell a 10 rupee CSGO skin on steam the government wants me to pay 30% on that ?
Wrong information...
Will the 30 percent cut off from the exchange or when it ll transfer to the bank account then we ll hv to pay and what if I don't pay tax?
Didi ye jo 30% tax he students ke upar bhi lagega kya ??
Agar tax lagega ,Kuch minimum amount of profit pe lagega ya fir jitna bhi profit ho 30% Dena padega ??
I want you to read the document by Binance it says loss will not matter
consult with your Tax Advisor don't rely on TH-cam majority of channels are providing wrong information
Mam.. Mein neptune app maine defi mein investment kiya hua hai.. Wo every five days mein kuch interest release krta hai (in$).. Mein usey apni currency mein convert kr leta hu.. Ise itr mein dikhana to ni hoga na ya taxable hai ye.. Please help?
No set off allowed miss get your facts check
What about people who do crypto mining?
you sure no taxes on selling and gaining capital income, all will be zero taxed... omg... or i understood wrong... i am in 10k profit, would selling before april 2022 and gaining 10k have no taxes
U need to declare ur income as 'income from other sources' and pay STCG/LTCG tax
what about crypto miners ??
I dont think Govt will not track any p2p transactions
They cant be gave as that much of a loophole.
modi bal chirbe..
right, there are many exchanges which let us do p2p without any kyc
Say something new. Taxes are applicable from 1 April.
i have only one solution..
don't use Indian exchange...
can u explain ?? even if u get it in another wallet, how will u get it in ur bank account and avoid paying high taxes ?
Can one buy crypto using funds from indian bank. Will they require kyc for the same? Wish to use a decentralized exchange and a cold wallet to store for long term.
hello sir mera ek question hai pls bta do bhot video dekhi lekin kuch samaj mein nahi aaya.
mene binance se RS 1,00,000 ka p2p kara or crypto buy kari or vo crypto mene ek nft p2p/m2e project mein mein daldiye or 1 nft buy karli or dailyke earn karne laga.
CASE.1 mene 1.5 lakh bnaye us project se or jab mein funds apne project wallet(jo create kara tha us project ke liye) se send karunga binance wallet mein to kitna tax dena padega tax kese calculate hoga.
CASE.2 jha mene 1 lakh lagaye the us project mein loss hogya or vo project band ho gya
fir mene 1 lakh or lagakaar dusre nft earning p2e/m2e game project mein entry li or usme mene 2.5 lakh bnaye
to ab mujhe kitne amount par tax bharna padega
pls bta do sir ji. IMPORTANT🙏🙏
Hi if someone sale coins and don't transfer the profit money in bank and hold in exchange then what happen , let me know.
Losses offset is not possible with the same Crypto coin also. False information.
efforts are there, but it is misleading and incorrect
You r tooo goood...💞💞💞
Please let me know.. can we avail normal Deductions over Crypto taxable income and also claim refund of deducted TDS..
Mam surcharge toh 50 lakh+ wale income ko dena hota h har koi garib Aadmi bhi surcharge dega toh bachega kya uske paas esa daraya mat karo
Big time incorrect !! I wish this was true but it isn't. "Transfer" does not just mean putting value into the bank account.
Agar fail transaction ka refund 7 Working Days me nahi aaya tho hum RBI ko complaint kar sakte hai kya???
Answer please.........
What if we accept Crypto from clients?
Hello mam.. What if I buy crypto with different currency of any other country and sell it in INR???
does 30% rate applicable if i sell through p2p on binance?
Is tax applicable on P2P?
I don't think you have consulted any expert to discuss the bill before making the video.
Tax cut hoga kaise saari amount mein se 30% ya profit ka 30%
I am getting a feeling that you misunderstood lot of things or just making use of tax saving topic.
Mam if we are keeping it for long run only 1 trade of buying then no need for tax only when I sell ???????
Buying things with crypto is also considered a tax event
What if convert any crypto currency profit in USDT and then sale can we should pay 30% tax on this situation
BS video, bkws kri h poore me ye nhi btaya ki profit ko bina tax diye kese nikale inr me
Mam kya aapse baat ho sakti hai ????
C Ho kya? TDS alag se nhi lgta... Jo tax bnta h.. whi as a tds kat jaata h.. gyaan pelne se phle gyaan ko smj lo.
Humne pesa wallet me add kiya, profit bhi wallet me aya lekin account me withdraw nahi kiya. To 30% tax kisme dena padega? wallet me ya bank me withdraw krne ke baad 30% tax krna padega?
government is not a fool they have mentioned transfer of vda.
Bitrefill, cryptreffil se gift card kharid sakte hai?
Taxable or not?
Nonsense.The only foolproof way to save tax is by making equal loss.
Mam best multicap fund se related video banao please
THis video is old. Please update us with new rules
Make Video on Pi coin
Some points are incorrect
I think.. ,, tax ki condition to yehi hogi na k indiaa ke citizens par indians id card,indian kyc Indian Bank hogaa.... But but but. Agar hum kisi apne n.r.i. relative frnd kaa binanc account osi ki email osi kaa kyc osi ke id proof ho,,, us se id password leker apne phones me use tranding binace kre aur transfer of money bhi osi ki bank me hogaa... To baad me voh hme banking transfer krdegaa... Fir to hum tax se bach hi jayege..??
There are lots of easy way to trade in crypto without coming in the radar of tax department,,
@@angshudas9643Can one buy crypto using funds from indian bank. Will they require kyc for this? Wish to use a decentralized exchange and a cold wallet to store for long term.
How can we pay tax 30 persent please tell some process
How govt will know i got the profit from crypto if i use p2p
Can you explain profit of more the one crypto account.
You r too good
You are underrated
Yaar mera investment sirf 5000 ka hain vo bhi mere pocket money se Kiya hu me student hu kiya Meko v income tax pay krna pdega kiya???
Iska answer kahi nhi milega bro mai bhi sb jagah search kar chuka hu
@@shubrsthore5099 sachi me broooo. But don't worry mene pucha financial consultant se hame koi dikkat nhi hogiiiii because ye hamari income se nhi invested 😆😆so no worries
@@Vnsotoly so zero tax 10k tak mera bhi 5000 hai investment
@@shubrsthore5099 yups no worries
@@Vnsotoly Bahut bahut dhanyawad Bhai 👍
3 kon se tareeke the
Kuchh samjh nhi ayaa
Bss video chlte rhe gya
Nobody is giving direct solution to save tax
Should we have to have to pay taxes for staking crypto
If i earn profit investing in Indian exchange and convert it into usdt than transfered in international exchange will i have to pay taxes??
If money comes to your bank account then you have to pay tax. Or else withdraw asset from exchange and keep it in wallet then sell on any international exchange 😅
@@Just_a_humanbeingbro, have a question. How to buy crypto using INR in indian bank in a DEX. Don't wish to use a centralized exchange and want to store it in a cold wallet for long term.
Is tax payable on crypto investment only??
May chala estonia 🇪🇪 crypto sell karnay tax free😎 Oor USDT ko US dollar me convert karnay.
Video ya to hindi main hi bana deti ya english main Devi G
will money automatically deducted while transferring money from wallet to bank account ?
If you want to convert Bitcoin in indian rupess without paying tax let me know, i can help you with that
It's funny how crypto was made to decemtralize currency but India..
India is greedy n chutiya
Transfer crypto to dex and sell offline
Thank you ma'am