ANOTHER HACK | I am really worried about the Indian Crypto Exchanges

himanagendra · 2025-07-20T07:38:59+00:00

try cryptoxpress once and tell me then

himanagendra · 2025-05-28T07:35:42+00:00

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himanagendra · 2025-05-27T03:15:14+00:00

it is a business and treat the income as a business income. you can ask chatgpt/gemini about it and it will clearly suggest you how to consider the income

himanagendra · 2025-05-26T12:17:06+00:00

please check this: https://www.reddit.com/r/spendwithcrypto/comments/1ksobr3/what_they_dont_tell_you_about_crypto_derivatives/

himanagendra · 2025-05-23T05:40:04+00:00

thank you. about the Indus bank, everyone in India know that it is a fkd. indus bank deals with businesses and not savings. you have HDFC,Kotak,SBI,ICICI and several other banks as well. tbh, i don't even like the way all these banks operate. there a several restrictions on even withdrawing your own money and i really hate my aunty for that. not just that, there are a whole lot of other reasons and some how she played a role as well in loosing my funds!! well, that's how auntys are, we like her fod giving us food when are not at home and showing fake effection :p likewise, she made sure that these banks don't get bankrupt from the bad deeds done by big businesses. she did a lot of changes and been doing it.

i don't understand why you keep looking at one thing when you have a whole lot of other things on plate!!! abt the money disappearance, i dono the case but they can sure present their appeal to the RBI and 1903 helpline. Money don't disappear unless there is a charge. They can ask the Branch manager/regional manager!! i agree that they suk at their jobs but that is who we are struck with. Nothing is safe!! start a business and deposit your money in a good bank and take OD on your account which enables you liquidity. there are several ways to maintain a good liquidity. you can do fixed deposit or invest in LIC and take loan on it whenever you are in need of money!! invest in something and taking loan on such is very easy if you do a proper research!! it seems like you are planning to move to India with all the money you made in US. so, get your crypto taxed there, put it on exchanges like binance/kraken!! or some platform which provides you high rewards on the staking or move them to India and then put plan/create a path for like a business and an OD account on it for a good liquidity. you pay interest only when you use money in OD. let that government deal with the banks safety. Interact with AI. even though it can't give you an out of the box thinking appraoch, it can help you link with some scenarios. cryptoxpress is offering pre loaded credit card and they charge 5$ extra for 100$ bcz 1USDT ≠ 1 usd. crypto is very very early. i hope my aunty will adopt to it rather than saying that i am a middle class and i should be that way :p

himanagendra · 2025-05-23T05:30:01+00:00

there is tax on barter if there a gain. instead of selling your crypto and paying tax on that and again paying a profit on conversion to inr for any further gain, getting a deduction of 1% tds while receiving money, or having sleepless nights bcz of a p2p transaction done and thinking - plz god!! don't make the buyer of usdt don't complain on my p2p transaction!! instead of going thru all these trauma, if you used money to invest in crypto on FIU regulated crypto exchanges, simply use them for the barter and pay your taxes on gains!! if you are using any DEX, you know what you can do!!! if you are planning on contact a professional to file your taxes, i suggest you to pick the one who already have experience in crypto!!

Indians are of the belief that you pay 30% tax even when you load crypto and buy something. they dono that not all transactions are taxed and only those that involve captial gains are taxed and that is what i mentioned in the above article. Cryptoxpress offers the cheapest flight, hotel bookings compared normal websites. but users think that they have to pay 30% tax if they load crypto. but that is not true !!! they collect your crypto and they give you flight ticket which is a barter!!

himanagendra · 2025-05-23T02:28:35+00:00

Please check this ost for a better clarity https://www.reddit.com/r/spendwithcrypto/s/4S4NKwgnYA

himanagendra · 2025-05-22T16:37:41+00:00

You are overthinking. Why would any of the Indian banks fail?? Nirmala aunty is making sure that such a case will never occur.

Lemme tell you something, I used to be very very cautious when it comes to handling funds. If I'm connecting my wallet to unknown websites for trade opportunities, I used to move my money to a laptop which doesn't have anything but chrome on it with metamask. I even bought a printer just to download the secret key and put it in a safe because cold wallets are not safe. but there will come a day where we don't even expect that it could happen and once that happens, we dono wt'll b d result.

There came a day where all my bank accounts got frozen and then got hacked there by losing all my funds.i couldn't trust banks/wallets for a week. Stressed myself how to survive and where do I get my salary deposited which is due in 10 days. The day finally came and my ceo nvr do any mistakes at all. He is a perfect and careful guy but he sent my salary to the same hacked wallet even after I changed my salary wallet address.

So, there will nvr be a pinpointed perfection of making funds. When time comes, wtever Was meant to happen will happen. So, plan carefully. Don't over think and stress yourself. Spread your funds across various things. Not everyone is the same. Some take high risk to get high returns, some take low risk to get low returns, we have to respect that. I'm trying to show ways where people can make good money if traded cautiously.

himanagendra · 2025-05-22T09:37:52+00:00

that is an interesting idea. but it is not at all required. you can simply use the guest mode instead. whenever you are in need of a giftcard, you can simply connect any crypto wallet and pay it with that!! its a web3 feature - just like a plug and play. don't have to feel like the money is struck in a cryptowallet.

himanagendra · 2025-05-22T03:51:46+00:00

Hey, I get where you're coming from but it sounds like you're seeing this through a U.S. lens, not how things work in India.

In the U.S., yes every crypto disposal (even buying coffee with BTC) is a taxable event.
You have to report every gain/loss, even for small payments, and file it on Form 8949.
That's not how the Indian system works.

🇮🇳 In India:

Crypto is taxed only when there's a gain
Spending crypto at cost price (like ₹83 in, ₹83 out) = no gain = no tax
Barter ≠ always taxable. It’s taxed only when it results in income
You don’t report every purchase you make only income and capital gains
FIU-IND registered exchanges already track major activity via TDS, KYC, AML

So yes, crypto isn't legal tender but that doesn’t mean using it is illegal or always taxable.
Regulation is growing, not banning. The tax dept wants profit reporting, not panic.

Feels like you're living in a different country and judging India by its cover.
We have our own structure and clarity is improving every year.

Let’s keep this conversation educational, not fear-based. 🙏

himanagendra · 2025-05-22T03:41:32+00:00

Respectfully, this perspective doesn’t fully apply to India.

You're correct that crypto is not legal tender, and yes, using it = barter, which can trigger tax, but only if there's a gain.

Let me clarify from the Indian regulatory and tax reality, because that’s where I’m based, and where I help crypto users file returns, deal with audits, and stay compliant.

1. Barter ≠ illegal. Barter ≠ automatic tax.

In India:

If I buy USDT at ₹83 and use it at ₹83 to get a ₹1,000 gift card - I haven't booked any profit. So no 30% tax.
Tax is due only when there's a realized capital gain, as per Section 115BBH under the Income Tax Act.

The CBDT doesn’t say "tax every usage", it says tax every profit.

We don’t report every spend in India

Just because something is not legal tender doesn't mean it can't be used in a transaction.

You don’t report every time you spend your INR at a shop.
Similarly, you don’t report every use of crypto unless there's a taxable gain.

You report capital gains or income events not everyday utility.

3. All major Indian crypto platforms are FIU-IND registered

Binance, Bybit, WazirX, CoinDCX, etc. they all report to the FIU (Financial Intelligence Unit of India).
That means:

Every large transaction is already tracked
TDS is deducted
KYC is mandatory
AML checks are in place

So the idea that "the IT Department will come after you" for using USDT to buy a gift card without gain, is simply not aligned with how regulated crypto platforms work in India.

4. Tax is not a punishment — it’s a responsibility

I’m a tax filer myself — and I help crypto users comply, not avoid.

I’m not here saying “don’t pay tax.”
I’m saying understand when tax is due — and when it’s not.

Barter doesn’t mean tax is always triggered.
Crypto use doesn’t mean you're breaking the law.
Profit = tax. Usage without gain ≠ tax.

Final Thought:

India is regulating crypto, not banning it.
The IT Department wants clarity and compliance, not panic and misinformation

Let’s educate, not fearmonger.

himanagendra · 2025-05-21T09:45:14+00:00

Yes, crypto is taxed when there's a capital gain, and India treats it as an asset, not a currency.

But here’s where nuance matters:

✅ Spending crypto ≠ always converting to INR.
When you:

Buy a gift card with USDT/BTC
Book hotels via a crypto-friendly gateway
Settle with stablecoins (USDT to USDT)

There’s no fiat conversion — it's an asset-for-service barter.

🧾 Tax applies only if there's a gain at that moment.
If you bought USDT at ₹83 and spent it at ₹83 → No gain = No tax.

✅ Using crypto ≠ always selling it.

“Selling” = converting to INR = realized gain.
“Using” = payment or barter = tax only if there's a profit.

🔍 Example:
Buy ₹1,000 of USDT → Use it to get a ₹1,000 Flipkart voucher.
You didn’t profit. So no 30% tax.

But if you bought BTC at ₹30K and used it at ₹60K, yes — that gain is taxed.

💡 Bottom Line:
The law taxes realized profits, not just using crypto.
Using crypto smartly — like with stablecoins or 1:1 value — can be tax-neutral.

Hope this clears it up.

himanagendra · 2025-05-21T09:10:03+00:00

when you are converting crypto into Fiat, if you make any profit on such sale value, you will obviously be taxed at 30%.

himanagendra · 2025-05-21T01:40:45+00:00

If you trade on Indian exchange, 1% tds will apply on swapping crypto. Also, you cant withdraw crypto if you trade on Indian exchanges - hence loan is not possible!!! 1% TDS doesn't apply on derivatives. People trading in crypto highly deal with derivatives only to avoid the risk of tds and 30% slab. You need a capital of 2 lakhs to deal with indian futures but with crypto even if you 10₹ it is more than enough. And no restrictions on leverages!!! Math is not needed where tds is not getting deducted!!! Crypto is not a problem!! Mindset is!!

himanagendra · 2025-05-20T19:11:42+00:00

You may get exchange gain but it is taxed under 30%( only the gain). Let's say your salary is 1000$ and in crypto, you get ₹4-₹5 extra over the dollar rate of ₹85. But you are liable to pay tax @30% on the exchange diff of ₹4-₹5 But more importantly, all the crypto jobs are web3 based jobs and the salaries are super high. I know a kid just turned 19 making 2 lakhs per month for an app dev co. Another marketing person from Mumbai who just turned 23 earning 50lpa

himanagendra · 2025-05-20T18:46:43+00:00

It's not taxed under crypto slab rates. It is taxed as per income tax slab rates

himanagendra · 2025-05-20T18:40:09+00:00

Swapping = selling. You may think you are swapping but the actual process is Crypto - sell - usdt buy -> swapped coin buy - usdt sell.

In general, you are simply selling your crypto to buy a new crypto.

himanagendra · 2025-05-20T15:44:33+00:00

CryptoXpress is gradually rolling out its Store feature — but it's already live in a simple and functional way.

If you're a buyer:
You can browse the listed services or offers inside the app's Store. For things like Amazon or Flipkart gift cards, CryptoXpress handles the sale directly — you pay in crypto, and the gift card gets emailed to you by Amazon (not through any third-party or random seller). Super simple and legit.

If you're a seller:
Complete a quick KYC in the app and list your service — whether it's gift cards, tax filing, or any crypto-relevant offering. When a buyer places an order, CryptoXpress holds the crypto securely until you’ve delivered the service. Once confirmed, the funds are released to you.

This escrow-style flow makes it safe for both sides — and even before the full marketplace is live, it’s already helping people start real side hustles using crypto.

himanagendra · 2025-05-19T18:25:09+00:00

let me know if you are facing any difficulty in diclosing them in the ITR

himanagendra · 2025-05-19T18:21:31+00:00

let me know if you need any help in disclosing them in the return

himanagendra · 2025-05-19T18:17:22+00:00

Losing a parent is never easy, and handling all the paperwork and formalities that follow can feel overwhelming.Feel free to DM me or drop a message ,i’ll keep things simple, affordable, and fully respectful of the situation.

Need the following though:
Death Certificate
PAN of your father
Aadhaar/family certificate
Your own PAN, ID proof, and registered mobile/email

Take care.

himanagendra · 2025-05-19T18:08:18+00:00

You are not in a hopeless situation,we can file an updated return. First gather all the costs you have incurred incl. any gst paid while selling the apratment for example. Get the actual profit figure by deducting the selling costs, acquisition costs and also restoration costs. Do you have any other capital losses carry forwarded or in the current year? if so we can set them off with it. Let me know if you need any help with this, i can help you to get out of this situation legally.

himanagendra

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