Sumit Gupta, co-founder and CEO of CoinDCX, discussed the impact of India's crypto tax policies in a recent interview. The 2022 Union Budget classified digital currencies as virtual digital assets (VDA) under section 2(47A) of the Income-tax Act 1961, providing much-needed regulatory clarity. However, the 30% tax rate and 1% TDS on transactions have deterred retail traders, causing trading volumes to plummet and pushing the crypto economy to more tax-friendly locations. Despite this, Gupta supports the formal recognition and structured environment for cryptocurrencies. Confusion and misconceptions persist among investors regarding tax reporting, especially for staking, mining, and business transactions involving crypto.
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GRAM
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Mkt Cap $2.30T
BTC Dom 56.81 %
BTC
$64,990.00
▲ +0.70%
ETH
$1,917.05
▲ +0.30%
USDT
$0.999437
▲ +0.00%
BNB
$592.77
▲ +0.40%
USDC
$0.999677
▲ +0.00%
XRP
$1.02
▼ -1.10%
SOL
$73.70
▲ +1.30%
TRX
$0.327205
▲ +0.10%
FIGR_HELOC
$1.03
▲ +0.80%
HYPE
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▼ -3.20%
DOGE
$0.069804
▲ +1.40%
USDS
$0.999907
▲ +0.00%
RAIN
$0.012719
▲ +1.40%
LEO
$9.76
▲ +0.00%
ZEC
$511.79
▲ +3.60%
ADA
$0.201111
▲ +0.00%
XMR
$375.38
▲ +3.00%
WBT
$56.21
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LINK
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XLM
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DAI
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BCH
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▲ +1.30%
USD1
$0.999846
▲ +0.00%
USDE
$0.999794
▲ +0.00%
GRAM
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BTC
$64,990.00
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ETH
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USDT
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BNB
$592.77
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USDC
$0.999677
▲ +0.00%
XRP
$1.02
▼ -1.10%
SOL
$73.70
▲ +1.30%
TRX
$0.327205
▲ +0.10%
FIGR_HELOC
$1.03
▲ +0.80%
HYPE
$54.20
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DOGE
$0.069804
▲ +1.40%
USDS
$0.999907
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RAIN
$0.012719
▲ +1.40%
LEO
$9.76
▲ +0.00%
ZEC
$511.79
▲ +3.60%
ADA
$0.201111
▲ +0.00%
XMR
$375.38
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WBT
$56.21
▲ +0.50%
LINK
$8.20
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XLM
$0.16184
▲ +0.70%
DAI
$0.999868
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BCH
$216.18
▲ +1.30%
USD1
$0.999846
▲ +0.00%
USDE
$0.999794
▲ +0.00%
GRAM
$1.35
▼ -1.80%
Mkt Cap $2.30T
BTC Dom 56.81 %
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USDT
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BNB
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USDC
$0.999677
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XRP
$1.02
▼ -1.10%
SOL
$73.70
▲ +1.30%
TRX
$0.327205
▲ +0.10%
FIGR_HELOC
$1.03
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HYPE
$54.20
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DOGE
$0.069804
▲ +1.40%
USDS
$0.999907
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RAIN
$0.012719
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LEO
$9.76
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ZEC
$511.79
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ADA
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WBT
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XLM
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