Tax on Crypto Investment | Budget 2022 #LLAShorts 156

30% tax will be levied on crypto. Now, understand the implications. This is a Flat 30% tax on your crypto profits. That means your tax slab won't work here. If your net taxable income was less than ?5 lakhs You were paying zero tax or you are a student and never thought about it. Now you have to because Although your total taxable income is less and there's zero tax But even if you earn ?100 from crypto You will have to pay ?30 tax flat.

You will not have the option to set off your losses. That means from 10 transactions If you made a combined profit of ?1 lakh and a loss of ?20,000 from 5 transactions You can't say your net crypto profit was ?80,000 and to stop you from hiding your income 1% TDS will be cut on every transaction. Which will be done by your app or exchange Which you use for trading. They will cut the TDS and give it to the govt And the govt will have details of your transactions, and calculate how much your profits should be To compare it to what you show. So if you show it wrong, it won't work. .