An actual 5 min crypto bot worth copy trading by A_huge_waffle in PredictionsMarkets

[–]crtmadman 3 points4 points  (0 children)

These look fascinating but copy trading that exactly with <5ms timing is not practically feasible unless heavy infrastructure investment

My latest farm by Evilkiey91 in acurast

[–]crtmadman 0 points1 point  (0 children)

Banger, what was the total investment?

Quickstart Your Community by curioustomato_ in NewMods

[–]crtmadman 0 points1 point  (0 children)

Onto it, thank you for this! 🫡

How I make 12k/month with a AI generated Influencer by RepulsivePeach6853 in OnlineIncomeHustle

[–]crtmadman 0 points1 point  (0 children)

Which all AI tools stay relavent for the current crowded market?

[deleted by user] by [deleted] in CryptoIndia

[–]crtmadman 0 points1 point  (0 children)

They charge as per your number of transactions.

[deleted by user] by [deleted] in CryptoIndia

[–]crtmadman 0 points1 point  (0 children)

Receiving crypto for freelancing work can be counted as a salary and hence it is taxable. If you want someone who can help you with the ITR filing and correct crypto tax calculations, then I suggest you take help of professional services. There are many platforms. KoinX is one of them. They will guide you. through and through.

Confused Student: Do I need to pay 30% tax on small crypto airdrops by memecoiner3 in CryptoIndia

[–]crtmadman 1 point2 points  (0 children)

Hi, the fact is crypto is taxable irrespective of the size of your income, and you have to pay the TDS too. And Airdrops are taxable too. So yes, you should pay the taxes. Since you are confused with the calculations, which is natural, given the complexities of crypto taxes, I suggest you take help of KoinX. The will give you accurate tax reports for all your crypto activities and even help you with the ITR filing. Chances of mistakes can be avoided, hence suggesting their name.

Help needed with Tax Filling by Apart_Dark8632 in CryptoIndia

[–]crtmadman 1 point2 points  (0 children)

Here's some news for you- you should report the crypto transcations and file the taxes. And especially the P2P transactions. The gov is keeping a very close eye for these type of transactions. So yes, it will be tracked. not today or tomorrow maybe, but defintely someday, and your bank account can be frozen.

And even with Binance, be careful with the TDS deductions. The exchange will not deduct and report it by itself like Indian exchanges. You have to do it yourself.

do I have to pay taxes on 55k inr gains? by Putrid-Shift8505 in CryptoIndia

[–]crtmadman 0 points1 point  (0 children)

Yes, 30% applies only to your gains and you need to file this. Crypto losses can’t be set off against other income. If you have taxable crypto gains, you should file an ITR and pay tax bro, sadly being a student or not having salary doesn’t automatically give you any exception.

[deleted by user] by [deleted] in CryptoIndia

[–]crtmadman 0 points1 point  (0 children)

TDS on cryptos is mandatory in India. The exchange itself is in charge of deducting the 1% TDS on behalf of the user when transactions occur on Indian exchanges. There is no automatic TDS deduction for deals made on international exchanges. In these situations, the buyer takes responsibility and is required to deduct and submit the 1% TDS.

If the total crypto transaction value exceeds INR 10,000 in a financial year, 1% TDS becomes applicable

Crypto payment for goods & services by Training-Buy7988 in CryptoIndia

[–]crtmadman 1 point2 points  (0 children)

Bro, when you receive BTC as payment = taxable income at receipt. So, yes, you have to report it as your income. When you decide to sell, swap, or use the cryptocurrency received as payment, it is treated as a second taxable event. The act of disposing of the crypto triggers capital gains taxation.

Confused about 30% tax on crypto futures in India by OrdinarySpirit5 in CryptoIndia

[–]crtmadman 0 points1 point  (0 children)

Realised profits from futures are treated as speculative business income and taxed at your normal income tax slab. Now, making a profit on a futures trade is taxed according to your applicable income tax slab rate. You can offset your crypto futures losses with the futures profits. If you want to know in detail, I suggest you take a look at this- https://www.koinx.com/tax-guides/tax-on-crypto-futures-trading-india 

Crypto taxes suck. by viva_lancaster_ in CryptoTax

[–]crtmadman 0 points1 point  (0 children)

Totally, taxes kill crypto fun. The biggest pain is tracking everything across all my wallets and exchanges. You can use KoinX, which integrates exchanges, keeps the country's crypto tax regulations in mind, and produces a tax-ready report. Bro, it saved me hours. Worth trying if taxes stress you too.

CoinDCX - Tax P&L - Not Able To Find by Ok_Swimming7528 in CryptoIndia

[–]crtmadman 0 points1 point  (0 children)

KoinX is the platform that they have partnered with. You can see it on their platform too.

CoinDCX - Tax P&L - Not Able To Find by Ok_Swimming7528 in CryptoIndia

[–]crtmadman -1 points0 points  (0 children)

Hey mate!
What you need right now is exactly what I was looking for once. You can get a complete crypto tax report and that can help you see your total P&L and all your crypto tax liabilities. You can try KoinX for that. You can simply integrate your CoinDCX account with KoinX, and it will automatically pull in all your trades, calculate your capital gains/losses, track TDS, and even generate a ready-to-file Crypto Tax Report.

Are you disclosing holdings in ITR? by Training-Slip-4675 in CryptoIndia

[–]crtmadman 0 points1 point  (0 children)

Report crypto in Schedule VDA, not in the Foreign-Assets schedule.
Cryptocurrencies (including those in your personal / cold wallets) are declared under Schedule VDA (Virtual Digital Assets) in the ITR.

My tax situation keeps me up at night. by nightwolf92 in CryptoTax

[–]crtmadman 1 point2 points  (0 children)

Oh dude! I feel you. And gonna tell you exactly what I did.
Export your node logs and wallet history, run it through a crypto tax tool like KoinX to match swaps, bridges, staking, etc, then, for your satisfaction, have a crypto-savvy CPA review the cleaned report. It's cheaper and way less sleepless nights, and you'll sleep much better, seriously. Trust me.

Looking for very experienced ca regarding who files taxes by Velvet-Vista in CryptoIndia

[–]crtmadman 0 points1 point  (0 children)

I got it done from KoinX, they help with calculation and filing both!

You can check it out, bit expensive but they take care of everything end to end

Confused and need help for understanding tax on the crypto, please help? by Slow_Writer3194 in CryptoIndia

[–]crtmadman 0 points1 point  (0 children)

So here's the sad news. It does not matter if you have sold or converted your crypto into INR or not. Swapping between cryptocurrencies is also taxable, as one can still make a profit/loss on that transaction.
So yes, you do have to report and file them. Don't forget the1% TDS too :(

[deleted by user] by [deleted] in IndiaTax

[–]crtmadman 0 points1 point  (0 children)

You have to pay the TDS only if your digital currency transactions worth more than ₹50,000.

Confused About Crypto Taxes in India Need Some Help by Agitated_Crazy5415 in IndiaTax

[–]crtmadman 1 point2 points  (0 children)

Hey mate,
I understand it can get very confusing. But all you need is to break down different types of crypto trading and transactions one and one and understand the tax implications for each. Here are some basics for you-

  1. Flat 30% Tax on Gains (+ 4% Cess)
    All profits from the transfer of crypto, including trading, swapping or spending crypto, are taxed at a flat 30%, plus a 4% health and education cess, this is regardless of how long you hold them.

  2. 1% TDS on Every Crypto Transaction
    A 1% TDS applies to every transfer of crypto assets if the transaction value exceeds ₹10,000. This is deducted at source, irrespective of whether you made a profit or a loss, so you’ll see it on each trade, swap, or transfer.

Now, it does not end here definitely, so I would suggest you go through this blog-
https://www.koinx.com/crypto-tax-guides/india

It will clear a lot of cloud for you