click here if you want to see your banner on this site

Author Topic: India eyes 20% taxation on DeFi gain  (Read 50 times)

florencewolfe

  • Sr. Member
  • ****
  • Posts: 272
  • Karma: +0/-0
    • View Profile
India eyes 20% taxation on DeFi gain
« on: May 04, 2022, 12:25:30 PM »
India’s tax department wants to implement a 20% tax on DeFi gains that could be withdrawn from the source.


India is looking to extend its crypto taxations to include gains made from decentralized finance (DeFi) activities.

India’s tax department was looking at how it could apply a 20% tax on the interest earned by Indians from crypto platforms that aren’t based in the country.

Indians would now have to pay taxes on earnings from deposits or trading activities in DeFi.

India’s Central Board of Direct Taxes (CBDT) has reportedly been talking to tax experts on how it can implement this. there are also indications that the department is considering whether such transactions should also attract an equalization levy.

The government could be looking to withdraw these taxes from the source. especially in cases where one of those involved didn’t submit their PAN card details.

Girish Vanwari the founder of tax advisory firm transaction said

Read full story at: https://cryptounity.news/india-eyes-20-taxation-on-defi-gains



momo3HC

  • Novice
  • *
  • Posts: 35
  • Karma: +0/-0
    • View Profile
Re: India eyes 20% taxation on DeFi gain
« Reply #1 on: May 04, 2022, 03:23:35 PM »
20% sounds a bit too much.  ???

Muneeb

  • Garden Hero
  • Sr. Member
  • *****
  • Posts: 334
  • Country: ch
  • Karma: +0/-0
  • Gender: Male
    • View Profile
    • Bitcoin Exchange Hub - All About Crypto
Re: India eyes 20% taxation on DeFi gain
« Reply #2 on: May 05, 2022, 05:39:35 AM »
In India crypto market is legal i think and thats the main reason that the government could apply the tax. This is good for the indian people becasue they make good money and when they make the withdraw they pay tax and through this way the earned money is totally white.

.P A R A D I G M A.
.▰ ▰ ▰ ▰ ▰. NFT METAVERSE
    ``  `  `   ███████████████
  ``  ` .▄██████████████████████▄
 `  `.▄████████████████████████████▄
 ` .██████████████████████████████████
  .████████████████████████████████████
 .██████████████████████████████████████
.████████████████████████████████████████
██████████████████████████████████████████
██████████████████████████████████████████
██████████████████████████████████████████
,████████████████████████████████████████
 ?██████████████████████████████████████
  █████████████████████████████████████
  `.██████████████████████████████████
      █████████████████████████████
 `  `  `▀███████████████████████▀
            ▀██████████████▀
        ▄▀▀▀▀▀▄▄▄▄▄▄▄▄▄
    ▄█       ▄███████▀
   ▄███▄▄▄▄█████▀█▄▀
 ▄████████▀▀█▄▄▀█▄▄▄▄
███▄▄█▄▄█▀▀▀▀█     ▀▀
       █     ██
      ██
  PARADIGMA  NFT  METAVERSE
is an NFT marketplace + SCI-FI +
an innovative P2E gaming platform
                   ▄▄▄▄▄▄
            ▄▄████████████▄▄
          ▄███▀▀        ▀▀███▄
         ███▀   ▄██████▄   ▀██▄
        ▄██▀   ██████████   ▀██▄
   ▄▄██████▄   █▄ ▀██▀ ▄█   ▄██████▄▄
▄██████████████████████████████████████▄
██████   ▀████████████████████▀   ██████
▀█████▄ ▄▄████████▀  ▀████████▄▄ ▄█████▀
  ▀▀██████████████▄  ▄██████████████▀▀
      ▀▀▀▀▀██████████████████▀▀▀▀▀

    ▄██▀                        ▀██▄
   ███▀            ██            ▀███
 ▄███              ██              ███▄
 ▀▀▀               ██               ▀▀▀
                   ▀▀
  .▰ ▰ ▰TOTAL ITEMS..777!.......

 
       ▄▄█▀▀ ▄▄▄▄▄▄▄▄ ▀▀█▄▄
    ▄███▄████████████████▄███▄
   ████████████████████████████
  ██████████████████████████████
 ▄████████▀▀▀▀██████▀▀▀▀████████▄
 ████████      ████▀     ████████
▄█████████▄  ▄██████▄  ▄██████████
██████████████████████████████████
▀▀██████▀▀▀████████████▀▀▀██████▀▀
   ▀▀▀█████            █████▀▀▀
 
..J O I N..
  ...MINT NOW...

 

Bitcoin Garden 2013-2022, All rights reserved | Privacy Policy | DMCA | About Bitcoin Garden | Support & Services