Crypto and NFTs are responsible for a lot of money these days, which is why India is taking it more and more seriously. However, with that comes a serious income tax on crypto and NFT income.
Recently we talked about El Salvador, a country that, due to a backlog in online banking, suddenly takes a big lead by completely embracing paying in Bitcoin. It is one of many recent examples of crypto and NFTs being normalized.
India
The same is true now in India. They also want to see payment in crypto and, for example, income from NFTs as ‘normal’ income, so you can farm well if you have a little understanding of these new digital sources of income. So it’s only allowed in India. Well under one condition.
Income Tax on Crypto and NFTs
India wants to levy income tax on income from crypto and NFTs. Initially it will be 30 percent. That says the finance minister in India. However, with a tax reduction of one percent on the purchase of virtual assets. “Buying it is allowed, but income from all sources must be equal”. Since crypto and NFTs are not yet fully recognized, there are no taxes involved. That is what India wants to change.
So no more easy crypto farmers in India. India does want to become a superpower in the field of crypto and NFTs, despite the income tax. Regulated and certainly not prohibited. (through TechCrunch)
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