Tax applicable on profit or selling for crypto currency trading
This query is : Resolved
Kollipara Sundaraiah
(Querist)
29 December 2023
Sir,
Assessess P2P trader buying and selling 1 lacs transaction daily for crypto currency trading.
Question:
Assessess tax applicable on profit or selling transaction.
Assessess P2P trader buying and selling 1 lacs transaction daily for crypto currency trading.
Question:
Assessess tax applicable on profit or selling transaction.
CA R SEETHARAMAN
(Expert)
30 December 2023
Tax applicable on profit earned.
The earnings from trading, selling, or swapping cryptocurrencies are taxed at a flat 30% (plus a 4% surcharge) for both capital gain and business income. Other than this, a TDS at 1% is also applicable on the sale of crypto assets of transactions exceeding Rs. 50,000 (or Rs. 10,000 in exceptional cases).
The earnings from trading, selling, or swapping cryptocurrencies are taxed at a flat 30% (plus a 4% surcharge) for both capital gain and business income. Other than this, a TDS at 1% is also applicable on the sale of crypto assets of transactions exceeding Rs. 50,000 (or Rs. 10,000 in exceptional cases).
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