Crypto Tax Calculator India | Income Tax Calculation on Cryptocurrencies & NFT EXPLAINED Bitcoin, Ethereum with tips and all queries solved.
In this video by FinCalC TV we will see crypto tax calculator with examples and how to calculate income tax on cryptocurrencies like bitcoin, ethereum, dogecoin, etc. in India after Budget 2022 and everything about crypto news today.
In budget 2022, flat 30% tax was announced to be applied on selling of virtual digital assets in which crypto and NFT are digital assets in India.
Digital Rupee – India’s digital currency was also announced to be issued by RBI this year.
Income Tax Calculation 2022-23:
Income Tax on SIP:
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00:00 Crypto Tax Calculator Intro
00:17 Tax on Virtual Digital Assets
00:50 Digital Rupee Taxation?
01:09 Is Bitcoin Legal in India now?
02:00 crypto loss set off against income?
02:39 TDS on crypto tax
02:54 Crypto Tax vs Income Tax Bracket
03:22 Gifting crypto to save income tax?
03:54 Exemptions allowed to save crypto tax?
04:17 Crypto Tax Calculation examples using calculator
07:17 Crypto Tax Calculator Conclusion
ARE CRYPTO LEGAL NOW?
Yes & No. India still doesn’t have a crypto law. What the new taxation does is, it gives legitimacy to crypto transactions and allows the government to oversee all the transactions. In simple words, it makes cryptocurrencies legal in India. However, they still remain unregulated.
IS BITCOIN A CURRENCY NOW?
No. The finance minister has clarified that only the digital currency issued by the Reserve Bank of India will be recognized as the currency. Bitcoin and other cryptocurrencies have only been classified as digital assets. It means while you can invest in them, they can’t be used to purchase things.
HOW TO CALCULATE INCOME TAX ON CRYPTOCURRENCIES?
Based on Budget 2022, 30% tax will be applied on the profits made due to selling of virtual digital assets. Apart from this 1% TDS is also levied while selling the asset. So the profits you make on selling such assets will attract 30% income tax and 1% TDS (Tax Deducted at source).
CRYPTO TAX CALCULATOR EXAMPLE
So for example, if you buy bitcoin for Rs. 1000 and sell for Rs. 2000, thus making a profit of Rs. 1000, 30% tax = Rs. 300 will have to be paid as tax for making this transaction. 1% TDS = Rs. 10 will be levied while the transaction is being made with the crypto exchange.
Below are some more points cleared in Budget 2022:
– Gifting virtual digital assets will be taxed at recipient’s end
– No exemption allowed of any type to save any income tax on crypto
– Losses incurred while selling crypto coins or digital assets will not be allowed to set off against your income to save income tax
– Digital rupee will be the currency issued by RBI and this will not be taxed
WILL YOU PAY TAX ON ENTIRE CRYPTO INVESTMENT?
No. You will only have to pay tax on your profit from cryptocurrencies. For example, if you have purchased cryptocurrencies worth Rs 4,000 and sell them for Rs 5,000, only Rs 1,000 will be taxed at 30 per cent and not the entire investment.
IF I GIFT SOMEONE A BITCOIN, WILL I BE TAXED?
No, you will not be taxed but recipient will be taxed when he/she sells the asset to liquidate. Same rules will apply for taxation purpose when gift recipient sells cryptocurrencies.
So one cannot avoid taxes by gifting crypto coins to friends or family members!
HOW CRYPTO TAX CALCULATOR WILL HELP YOU?
Above crypto tax calculator will help you to know how much tax you’ll be paying on the profits you make after selling digital assets. This will give an idea about how much tax you are expected to pay to government along with the TDS deduction.
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Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown. It is advised to seek professional help before taking any financial decisions. The owner of this channel shall not be liable in any way.