Buy price of Crypto
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Tax you need to pay*
In India, cryptocurrencies are classified as virtual digital assets and are taxed. But how ? Cryptocurrencies in India is taxed in the following manner :
If you buy, sell or transfer any type of cryptocurrency in a year, you'll have to pay a 30% tax rate on any gains you make. Irrespective of the factors like - if you’ve held the cryptocurrency for a short or long time, or whether it's for personal or business use. The tax rate will always be the same.
For example : Let's say you invested ₹500,000 in cryptocurrency at the beginning of the fiscal year 2022. By the end of the year, you sold your cryptocurrency for ₹1,000,000, earning a profit of ₹500,000. With a flat 30% tax rate on cryptocurrency gains, you would owe ₹150,000 in taxes on your earnings from the cryptocurrency investment for that fiscal year.
Calculating taxes can be a tedious process and that’s where crypto tax calculators enter the game.
Crypto tax calculators help you to keep a track of the tax that you owe on your transaction. In order to compute your gain or loss, these calculators consider the amount of cryptocurrency you bought or sold, as well as the prices at which you bought or sold it.
To get access to these calculators all you have to do is fill in the information ie. (have to list the info needed) and that's it, now, just sit back and let the calculator do its work.
Here are a few steps that you can use to lower your tax liabilities :
You focus on investing and we'll take care of the rest
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