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The cryptocurrency market is showing phenomenal growth, and this may be the beginning of a new grand bull run. Today, bitcoin has grown to $43,500, which has led to the growth of the entire altcoin market.
Investors should know how their cryptocurrencies will be taxed in the future. At the moment, there is a law on income tax, which has an amendment on the collection of tax on income from digital assets.
Cryptocurrency income in India will be taxed like any other capital gain based on this amendment. The lion's share of analysts want large amounts, namely above the threshold limit, which falls under the provisions of the TDS/TC.
This will be a very reasonable step for the government so that they can track shadow illegal operations in cryptocurrency that can sponsor terrorists, for example.
Many analysts, expressing their position, said that they would like to have a higher tax rate on a permanent basis, namely in the amount of 30%, exactly the same as for large jackpots or winnings on TV shows.
Analysts want to see clarity and transparency in the taxation of the cryptocurrency market, and the government wants the most perfect bill on cryptocurrencies for 2022.
Nishal Shetty from the WazirX cryptocurrency exchange is confident that transparency is the most important thing, and the Union's budget should clearly frame the taxation framework of the entire cryptocurrency market. This will stimulate the influx of new institutional investors, as well as open up more places for employment in a new, not yet trampled market.
The country will have to introduce a special taxation regime that will relate to the classification of cryptocurrencies. Investors in such a large market as India want to have an absolute understanding with the authorities and must clearly understand what is the fair market value of costs, what is a reasonable taxable income, and what should be the reporting requirements.
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