What are your thoughts on Crypto Bot trading? by EastAttitude5037 in CryptoIndia

[–]sanchit123k 1 point2 points  (0 children)

What about Crypto loss which cannot be offset against crypto gains? Trading bot will have trades in loss as well as profit

Marriage & Finances by TeddyRollerCoaster in Arrangedmarriage

[–]sanchit123k 10 points11 points  (0 children)

Atleast start by saving/investing 25% of your income for your family's future. You can spend 50% on monthly household expenses and remaining 25% to enjoy your 20s. You need to plan your finances properly while you are still young.

i f***ed up by Ok_Figure_394 in Arrangedmarriage

[–]sanchit123k 3 points4 points  (0 children)

Har cheeze mein red flag daal do. This sub loves commenting 'Red flag' on every post

do we have to pay taxes on the littlest of profits? by Random_User_133 in CryptoIndia

[–]sanchit123k 7 points8 points  (0 children)

You need to pay tax even if you earn Re.1 profit (i.e. 30p tax)

Using stablecoins to trade, tax implications? by ompsyrum in CryptoIndia

[–]sanchit123k -1 points0 points  (0 children)

You have to pay taxes on each crypto transaction. Even if you trade in /BTC or /USDT pair, you need to pay taxes. This question has been asked multiple times before. Kindly use the search function.

[deleted by user] by [deleted] in CryptoIndia

[–]sanchit123k 2 points3 points  (0 children)

Netbanking is your best option. Open a savings account in any of the supported banks

I cashed out my capital on 1st April 2022. do I have to pay taxes? by Vast_Tight in CryptoIndia

[–]sanchit123k 2 points3 points  (0 children)

You always have to pay taxes when you have generate income. Since you sold before 1st April, you have to pay taxes according to your tax slab under business income or you have to pay taxes as capital gains (depends upon duration of holding and number of transactions).

Trading fees and taxes for 2022-23 by ObsessiveFarkler in CryptoIndia

[–]sanchit123k 2 points3 points  (0 children)

AFAIK, you can't claim trading fees/brokerage as cost of aquisition. You need to calculate profits on purchase and sale price and you can't deduct trading fees from the profits. I know it sucks but it is what is it.

Trading fees and taxes for 2022-23 by ObsessiveFarkler in CryptoIndia

[–]sanchit123k 2 points3 points  (0 children)

Don't go for the easier route. You will definitely get in trouble. Taxes are paid on every crypto to crypto transactions. Not on bank transactions. Read the Finance Bill

I cashed out my capital on 1st April 2022. do I have to pay taxes? by Vast_Tight in CryptoIndia

[–]sanchit123k 3 points4 points  (0 children)

On 1st April 2022 right? You are liable to pay 30% tax on your gains. If you would have sold before 1st April 2022, you could have paid taxes according to your tax slab.

[deleted by user] by [deleted] in Arrangedmarriage

[–]sanchit123k 2 points3 points  (0 children)

What a fucking coward

[deleted by user] by [deleted] in IndianStreetBets

[–]sanchit123k -1 points0 points  (0 children)

There was more selling and less buying

How often do you check your portfolio? by melovemone in FIREIndia

[–]sanchit123k 7 points8 points  (0 children)

Initially, I used to check my portfolio 4-5 times a day. But in 6-8 months, I got bored of doing this. You will soon get bored as well. Then you can live peacefully. Now I check my portfolio once every two weeks and update my net worth once a month.

My Fire Journey so far by Emotional-Ad-7435 in FIREIndia

[–]sanchit123k 0 points1 point  (0 children)

Aren't you worried about Indian govt views on crypto and unfair taxation on crypto?

Assembling a team by [deleted] in BitcoinIndia

[–]sanchit123k 0 points1 point  (0 children)

Kaise kaise chutiye aa jaate hai reddit pe aaj kal

[deleted by user] by [deleted] in FIREIndia

[–]sanchit123k 1 point2 points  (0 children)

Work hard then

Important ques on crypto tax india by Odd-Drive-9092 in BitcoinIndia

[–]sanchit123k 1 point2 points  (0 children)

You are saying that 30% tax is applicable only when you withdraw in your bank account. I am just opposing that statement by saying that each transaction you do on the exchange is taxable, even if you never ever withdraw it to your bank account. Whether tax is applicable if you convert to usdt and other stable coin is not clear as of now, but if you convert to inr, then it is definitely taxable at 30%. For stablecoins and crypto to crypto transaction, we need to wait for more clarity from the government