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India Accepted Crypto as Legal Asset by Imposing 30% Income Tax

After a long wait, Indian government finally accepted crypto as a legal asset and imposed 30% tax on the income from crypto. Along with this, Indian government also added 1% TDS which makes a cumulative tax of 31% in total, says an experienced teacher of free cryptocurrency course for beginners.

Since long the Indian people were waiting for government’s step on cryptocurrency to accept it as a legal tender. However, even during the last Winter Session of Parliament, government didn’t introduce any regulation on it keeping the investors in dilemma.

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As per a government report, as there wasn’t any law for cryptocurrency in India, neither it was declared as ‘banned’, people weren’t submitting their income from cryptocurrency in their income tax. Rather they were hiding their crypto income completely or presenting as income from other source, making it hard for the income tax department to match the reports, said a trainer of best cryptocurrency trading course in India.

As per a report by Reuter, in India there are more than 2 crore cryptocurrency investors and the total market share is more than 40 thousand crore rupees which makes it one of the largest markets across the globe.

Being a digital asset, government understood that it’s not possible to ban cryptocurrency completely and thus they imposed a steep tax of 30% on cryptocurrency making a good source of revenue, says a senior trainer of cryptocurrency course for beginners.

It is really a big tax for the investors; though people are still happy that government has accepted virtual currencies as a legal asset and the excitement can be noticed in the crypto market with the sudden increase in demand. However government has also included that it will take no responsibility in case of any loss due to price fall, neither it will offer any discount on tax. As per a crypto expert of free cryptocurrency course for beginners, even if someone gets crypto coins as a gift, it will be taxable at the same rate.

So, probably it’s the best time for people to get benefit of this booming market more confidently, before the price goes high once again, says cryptocurrency trading course free trainer.

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