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Author Topic: India eyes 20% taxation on DeFi gain  (Read 29 times)

florencewolfe

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India eyes 20% taxation on DeFi gain
« on: May 04, 2022, 12:25:30 PM »
Indiaís tax department wants to implement a 20% tax on DeFi gains that could be withdrawn from the source.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.

Indiaís tax department was looking at how it could apply a 20% tax on the interest earned by Indians from crypto platforms that arenít based in the country.

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

Indiaís 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 didnít 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

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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

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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.
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