Itr file Crypto query

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A freelancer working for a crypto casino site has earned 1.5 lakhs in a financial year and is seeking clarification on tax obligations. They specifically want to know if they need to pay 30% tax and how to differentiate salary components when paid in crypto. The discussion touches upon the process of selling crypto on WazirX, establishing its value, and the tax implications of receiving crypto as payment for services.

prakash

prakash (Querist)
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10 July 2024 Hello sir, I work as a freelancer in a Crypto Casino site as a chat moderator

The total amount of transactions came to 1.5 lac for the financial year.

Now my question is do I need to pay 30% tax?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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10 July 2024 How can you distinguish Salary part in Rupees?

prakash

prakash (Querist)
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10 July 2024 Both I sell on wazirix and I get in rupees in bank

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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10 July 2024 I want to ask when you get wazirix in lieu of your service to crypto site, how you establish its value?

prakash

prakash (Querist)
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10 July 2024 I send the crypto coin to wazirix and sell it based on the sell rate at the time of the transaction and get inr and then I withdraw to bank. But my question is do I need to pay tax on both or how>

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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10 July 2024 Yes, you have to pay tax on both but without evaluating cost of crypto received by you, you won't be able to segregate these two. If so, you will require to pay more tax.

prakash

prakash (Querist)
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10 July 2024 But why do I need to pay tax on the translation? because I have reciept for that kind of freelancing work only that i get paid in crypto, Do you know anyone or can you help in filing the same?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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10 July 2024 "Sorry, I am not a featured member."

For featured members contact....

https://www.caclubindia.com/catalogue/featured.asp

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 August 2024 You may contact any local CA..

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